Tax – Recent experience
Recent tax experience includes:
Dual-listed companies
Provided extensive tax advice for all three Australian dual-listed company
transactions: Rio Tinto, BHP Billiton and Brambles GKN. Our role in these
mergers included familiarising Australian regulators with the difficult issues
that arose in these unusual transactions and advising on new financing
arrangements. We continue to provide these companies with tax advice relating to
their specific status as dual-listed companies.
TABCORP's takeovers
Provided income tax, stamp duty and GST advice for TABCORP's A$2.3
billion takeover of TAB Ltd. Previously we had advised TABCORP on the tax issues
arising from the takeover of Jupiter's Casino, Star City and the acquisition of
an 85% interest in management rights to the Star City Casino.
Macquarie Bank and Westpac – financial products
Have provided advice in relation to the structure and tax implications for
instalment warrants issued by various entities including Macquarie Bank Limited
and Westpac Banking Corporation. We also obtained the first product rulings in
relation to instalment warrants and high-yield instalment warrants.
General Property Trust – Lend Lease $10 billion merger proposal
Provided stamp duty advice for their significant property
portfolio as a result of the merger proposal. This has involved consideration of
stamp duty issues, in different jurisdictions, throughout Australia.
Cross City Tunnel – $1.03 billion infrastructure project
Advised on all the indirect tax implications of the Cross City Tunnel
infrastructure project in New South Wales, which included complex stamp duty and
local tax issues.
Tax appeals in the Federal Court and Administrative Appeals Tribunal
Have conducted a number of tax appeals on behalf of major clients in the High
Court, Federal Court, Administrative Appeals Tribunal and Supreme Court of
Victoria. These cover issues such as capital gains tax, the capital/revenue
distinction in respect of both income and deductions, loss transfers and stamp
duty issues.
Goldman Sachs JB Were – Merger of Australian operations
Advised on tax issues involved in the merger of the Australian operations of
JB Were and Goldman Sachs. This major transaction involved consideration of
Australian tax, stamp duty, GST and US tax issues.
Western Sydney Orbital
This is the largest urban road project undertaken in Australia. We advised on
all the tax aspects of the financing of this project, which was done through a
note issue.
Macquarie Bank and Australian Leisure and Entertainment Property Trust
Advised on all tax aspects of the Foster's Group Divestment of its
portfolio of 105 hotels. This included consideration of stamp duty in different
jurisdictions and GST issues related to divestment of the portfolio. This A$1.4
billion transaction was the second largest float in Australia in 2003.
Foxtel
Provided stamp duty, GST and taxation advice on the new distribution
arrangements between Optus and Foxtel. This involved considering tax issues
related to licensing agreements. We also provided tax and stamp duty advice in
relation to raising funds for digitalisation of cable TV.
ABB Grain & AusBulk merger
Provided advice to United Grower Holdings Ltd (50% Shareholder of AusBulk)
in relation to the tax issues that arose from the proposed merger of ABB Grain
(grain marketer) and AusBulk (grain handler), to create one of the largest grain
corporations in Australia. This transaction involved two interconditional
schemes of arrangement each qualifying for scrip-for-scrip rollover relief from
capital gains tax.
