Australian Tax Body May Harden Stance on Private Equity

MELBOURNE (Reuters) - The Australian tax office has delayed two critical rulings on how private equity firms are taxed, in a move that tax experts say means the office is hardening its stance against private equity. Private equity firms argue the two rulings, if upheld, would chill foreign investment in Australia by treating gains on asset sales as taxable income. The decisions, which had been originally expected in early April, were due on May 5, but the Australian Taxation Office said on its Web site the final rulings were now due on May 26.

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