Tax

Global enterprises, corporations and business operating or investing in Australia have to comply within an ever-changing tax landscape, at both a federal and state level, overseen by a well-resourced regulator focused on compliance and early engagement on any matters which might adversely impact the Australian tax base.

Ongoing amendments to Australian tax laws, as well as increased emphasis on compliance from Australian taxation authorities, require a proactive focus in order to manage risk.

We act for a wide range of clients and have particular experience in the energy, mining, real estate, infrastructure, private equity and venture capital sectors. We act as core advisers, working with clients on their largest transactions as well as on their day-to-day, business as usual requirements.

Our capability includes M&A, capital management, internal restructures and employee incentives and managed funds, across income tax and stamp duty, as well as tax audits, reviews and disputes.

Representative experience

• IFM Investors in relation to the establishment and operation of investment function, including the Long Term Private Capital Fund and Growth Funds.
• EnergyAustralia on the tax aspects of the structuring, financing and equity sell-down of the 350MW BESS. 
• CSR Limited on its A$4.5 billion acquisition by Saint Gobain. 
• AustralianSuper on the acquisition of Moorebank Logistics Park and a 15% stake in Perth Airport, as well as private equity and take private structures. 
• Seven Group Holdings on its successful 2024 takeover bid for Boral Limited. 
• Chemist Warehouse on its A$34 billion merger with Sigma Healthcare. 
• Ki Corporation on its A$1.9 billion bid with Public Storage (NYSE:PSA) to acquire all of the outstanding stapled securities in Abacus Storage King by way of inter-conditional schemes of arrangement.  
• The Carlyle Group on its acquisition of Waste Services Group from private equity firm Livingbridge via a competitive auction process. 
• Iluka on the project financing of its Eneabba rare earths project as well as on the income tax and stamp duty aspects of its demerger of its MAC royalty. 
• Santos on the income tax, stamp duty and PRRT aspects of its acquisition of Conoco’s Australian assets and its acquisition of Quadrant. 
• A large Australian based private technology company on its global restructure. 
• Origin Energy on the income tax, PRRT, stamp duty and royalty aspects of its sale of Lattice Energy to Beach Energy. 
• Oxford Properties on its participation in the Sydney Metro Pitt Street over-station project.

Our European team of tax lawyers advises companies, private capital investors and investment banks on a wide range of direct and indirect tax issues with an unrivalled depth of experience across a number of fields including insurance, investment funds, energy, outsourcing, asset management, real estate, corporate rescue and restructuring finance. 

Our extensive experience spans a diverse range of clients, whether international corporations, large businesses or family businesses, in a wide variety of sectors. We have also developed a significant clientele of banks, investment funds, asset managers and individuals whom we advise on strategic, financial, tax and legal issues that arise in the context of their daily activities and transactions. 

Our tax team has developed particular experience in transactional taxation in the context of mergers and acquisitions, disposals and reorganizations of listed and unlisted companies.  

Our know-how covers all stages of these transactions, from the due diligence phase to tax structuring, including the implementation of recommended structures and their defence in the event of tax litigation 

Global reach 

Our ability to draw upon the experience of tax lawyers across our international network builds on the strength for our global tax offering to clients. Our lawyers play a pivotal role in sourcing and applying foreign tax advice to transactions and disputes in which our clients are involved.  

The global nature of our tax practice also reflects the “internationalisation” of certain aspects of tax law. 

Representative experience 

France 

• Maurel & Prom on the acquisition of a 40% operating interest in the Sinu-9 gas license in Colombia 
• Boluda Corporación Marítima, the world leader in port towing, through its subsidiary Boluda France, in the acquisition of Les Abeilles International, a maritime salvage company 
• Imerys on the acquisition of Chemviron's European diatomite and perlite business 

Germany 

• Deutsche Lufthansa Group on tax aspects of the sale of LSG Group to private equity investor Aurelius Group (global business) and to airline caterer gategroup (European business) 
• Avedon Capital Partners on tax aspects of the acquisition of all shares in IoT platform provider Cumulocity GmbH from Software GmbH 

Spain 

• a Spanish major bank and other partners on the incorporation of a private equity fund investing in AGRO assets, to be distributed to retail investors in Spain and Portugal 
• Peninsula Capital on the tax aspects related to the acquisition of a majority stake in Dorsia, owner of the greatest chain of cosmetic surgery clinics in Europe, from Capza and Nexxus Iberia 

Our multijurisdictional team of tax advisers offer clients unrivalled experience in multiple fields including insurance, investment funds, energy, outsourcing, asset management, real estate, corporate rescue and restructuring finance. 

In parallel with the “internationalisation” of certain aspects of tax law, our team has developed significant cross-border experience – working with tax lawyers from our international network, and other local counsel, to provide seamless strategic advice in a global context.  

The team is recognised regularly for the breadth and depth of skill and capability in mainstream areas such as Corporation Tax, VAT, Stamp Duty, SDLT and SDRT.  However, we are also one of only few London firms who advise regularly on more esoteric regimes, such as the Aggregates Levy, Air Passenger Duty, Carbon Reduction Commitment / Energy Efficiency Scheme, Climate Change Levy, Customs Duty, Insurance Premium Tax, Landfill Tax, and the Community Infrastructure Levy.  

In addition to our advisory and transactional offering, we have a market leading Tax Investigations and Disputes practice. 

Representative experience 

• British Land on the tax aspects of its new development at Canada Water.
• Australian Super on its investing €1.5 billion in Vantage Data Centers Europe, Middle East and Africa ("VDC EMEA") one of the fastest growing hyperscale data centre platforms in the region.
• Blackstone and its portfolio companies (including St Modwen, Industrials and Mileway) on numerous tax related matters in relation to the acquisition, disposal and financing of its property portfolios. 
• Hotel Chocolat on tax aspects of its recommended cash acquisition valued at £534 million by Hive Bidco, Inc, a subsidiary of Mars. 
• Berkley Group Holdings on tax appeals to the First-tier Tribunal and Upper Tribunal in relation to stamp duty land tax charged on an intra-group transfer of a development property.
• Waverton Investment Management on its merger with London and Capital Group to create a wealth management firm with £17 billion in assets under management. 
• Inchcape on the sale of its UK Retail Business to Group 1 Automotive for £346 million. As part of the transaction, we led all tax advice on disposal and pre-sale restructuring. 

With a clear understanding of our clients’ business needs and a deep knowledge of the ever-changing tax laws, we develop creative and practical client-specific solutions to help our clients accomplish their goals. 

We advise public and private companies, including private equity firms and hedge funds, as well as high-net-worth individuals, on a broad range of domestic and international transactions.   

We are particularly well-known for our experience in the financial services, insurance, real estate, life sciences, pharmaceuticals, energy, entertainment and consumer brands industries.  

While we routinely handle the tax issues inherent in virtually every type of US and cross-border transaction in these and other industries, our team is responsible for groundbreaking tax work in middle-market M&A, bankruptcy and out-of-court restructurings, private credit, real estate and other joint ventures and capital asset monetization and optimization. We also are highly regarded for our NY state and local tax practices. 

Representative experience 

• The Ad Hoc Committee of multiple state attorneys general and municipalities in the  bankruptcy cases of Purdue Pharma and the renewed mediation with the Sackler family in  an effort to construct a resolution that comports with the decision of the Supreme Court of  the United States and facilitates substantial recoveries for the trillions of dollars in  governmental claims against the debtors and the Sackler family.  
• The majority shareholders of Energy Harbor, funds of Nuveen Asset Management and  Avenue Capital, in its $6.5 billion acquisition by Vistra Corp and a $3.5 billion equity  investment in Vistra Vision, which holds Energy Hartbor and specified assets of Vistra.  
• Mitsui Fudosan in multiple real estate related joint-venture investments, including a $2 billion recapitalization of its real estate joint venture with Related/Oxford for 50 Hudson Yards.  
• Private equity firm Stone Point Capital and its portfolio companies in multiple platform acquisitions, add-on, recapitalizations and exit transactions, including the recent sale of ARC Excess and Surplus and the multi-billion recapitalization of Alliant Services.
• The Official Committee of Unsecured Creditors of pharmacy chain Rite Aid Corporation in connection with the debtors’ $4 billion reorganization.  
• VICI Properties Inc in multiple real estate transactions, including the acquisition of 38  bowling entertainment centers from Bowlero Corp and the acquisition of an interest in the  land and buildings associated with Rocky Gap Casino Resort.
• BlackRock and its affiliates in multiple investments involving various industries and sectors.  
• The majority shareholders of LATAM Airlines Group on the company’s $460 million Re-IPO and NYSE Relisting.  
• Regularly advise underwriters and issuers with securitizations aggregating billions of dollars, including solar loan and tax equity securitizations.