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ARTICLE · 12 SEPTEMBER 2007

Private Equity Update - ATO Focus On Private Equity To Heat Up

Gilbert + Tobin
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The ascendency in recent years of the private equity sector has brought with it some unwelcome public profile and resultant scrutiny evidenced by the fiscal and regulatory reviews currently being undertaken in a number of prominent countries.

AustraliaFinance and Banking
David Watkins
David Watkins
Mark Goldsmith
Mark Goldsmith

The ascendency in recent years of the private equity sector has brought with it some unwelcome public profile and resultant scrutiny evidenced by the fiscal and regulatory reviews currently being undertaken in a number of prominent countries.

This scrutiny has now extended to Australia with both the Treasury and the ATO taking an active interest in the sector and a Senate Inquiry being established to review the sector. The Senate Inquiry is yet to release the results of its review, although this is expected on 16 August 2007.

On the tax side, there is no doubt that the ATO is gearing up to commence thorough reviews of the private equity sector as part of its 2007/2008 compliance programme. We are aware of the ATO forming particular teams to up-skill and obtain a detailed knowledge of the sector presumably as a precursor to the conduct of risk reviews and possibly detailed audits.

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