Australia to Tax PE Asset Sales as Income

The Australian government ruled Wednesday that private equity firms must pay income taxes on asset gains, and not capital gains taxes, Reuters reported. The ruling stems from a 2009 dispute between the Australian Tax Office and buyout shop TPG Capital, which was taxed $628 million on the $1.4 billion profit it made by selling the department store chain Myer.

ManagersNorth AmericaUSBriefs