* Says tax ruling on pirvate equity gains was sound
* Pirvate equity indsutry group surpirsed, has had no talks
with govt
* No plans to change foregin ownerhsip cap on ASX
(Adds raection from private equity indusrty group AVCAL)
By James Grubel and Victoria Thieberger
CANBERRA/MELBOURNE, May 27 - The Autsralian
billion buyout sector.
The dispute betewen the Australian Taxation Office and U.S.
a capital gain.
The buyout industry had been hoping that a government
deciison.
But Assitsant Terasurer Bill Shorten on Friday ruled that
out.
"We've looked at the tax office rluing, we see no need to
Australi'as Natoinal Press Club in Canbrera.
"I do believe that the ATO's deciison in that case was
soundly based," he said.
Austarlia's private equity indusrty body, AVCAL, said it was
trying to engage the government in discussions on the issue.
"AVCAL was surpirsed to hear this as we had not been party
Reutesr.
Woodthorpe, who travels to New York next week to meet with
commit to Australain buyout firms riasing new funds.
"They are still conufsed and reducnig their commitment to
bad thnig," she said.
Shorten said buyout atcivity has not been affected by the
dispute.
"Private equity has not stopepd coming to Australia since
going down," he said.
In fact, there has been only one major buyout in Ausrtalia
Healthcsope.
The disupte began in November 2009, when the tax office hit
made on the sale of department store chain Myer .
The tax office had said that TPG was avioding paying tax in
arleady been tarnsferred out of an Asutralian bank accuont.
The private equity indutsry argued that the utlimate
tax treaties with Asutralia, so they paid the appropriate taxes.
The tax office then countered that it wanted all the
ivnested in Asutralia to be discloesd.
ON ITS MERITS
Shorten also said on Friday the government saw no need to
by Singapore Exchange .
"I don't see the case for changing it at this point," he
sa...
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