image of Ben FurnerBen Furner

Clayton Utz Special Counsel , Melbourne T +61 3 9286 6380 +61 431 296 729 https://www.claytonutz.com

Ben assists financial sponsors and infrastructure clients throughout the acquisition, hold and divestment phase of their global portfolios.

With particular expertise on Australian outbound investors, Ben has extensive experience advising on the income tax and international tax aspects of cross-border investing, financing and capital raising.

Having spent an extensive amount of time at a large superannuation fund, Ben understands the key commercial drivers and regulatory environment impacting financial sponsors, enabling him to give practical tax advice. Given his extensive experience with US investments, Ben has a sound knowledge of the US tax system and the key issues facing Australian investors deploying capital in the US.

Ben provides commercial transaction advice to clients via advising on the following key tax issues:

  • Foreign hybrid limited partnerships / companies
  • Foreign income tax offsets
  • Debt / equity
  • Taxation of financial products
  • Thin capitalisation
  • Treaty eligibility
  • Anti-hybrids
  • Permanent establishments

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Expertise

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Taxation

Transurban Chesapeake: Led the Australian and US tax structuring and due diligence for AustralianSuper’s 25% acquisition of Transurban’s US toll road portfolio and ongoing management of tax issues.

Westconnex: Led the tax structuring and due diligence of AustralianSuper’s participation in the 2018, and 2021 privatisation of Westconnex from the NSW government to Sydney Transport Partners and ongoing management of tax issues.

Sydney Airport: Led the tax structuring and due diligence of AustralianSuper’s participation in the take private of Sydney Airport via participation in the Sydney Aviation Alliance consortium.

Lumen LATAM: Led the Australian and foreign tax structuring for AustralianSuper’s acquisition alongside Stonepeak Infrastructure Partners of Lumen Technologies Latin American operations.

Generate Capital: Led the Australian and US tax structuring and diligence for AustralianSuper’s multiple rounds of investment into the US sustainable infrastructure portfolio, Generate Capital.

Quinbrook Infrastructure Partners: Led the Australian and US tax structuring and diligence for AustralianSuper’s fund and co-investment in Quinbrook’s US renewables platform.

National Infrastructure and Investment Fund: Led the Australian and foreign tax structuring for AustralianSuper’s investment in the Indian government’s National Infrastructure and Investment Fund.

National Australia Bank: Advising on the tax implications of NAB’s demerger of the UK Clydesdale Bank and associated class ruling application.

Private credit: Advising on the establishment of AustralianSuper’s US mezzanine debt platform, including leading the tax diligence of multiple mezzanine debt and preferred equity transactions.

Securities lending and repurchase transactions: Advising on the tax implications of securities lending and repurchase transactions, including entering into global master securities lending agreements and global master repurchase agreements and the interaction with subdivision 295-B.

Brookfield Infrastructure Partners: Led the Australian and US tax structuring and diligence for AustralianSuper’s investment in Brookfield Infrastructure Fund IV and co-investment in US freight business Genesee & Wyoming.

Private equity fund investments: Led AustralianSuper’s tax structuring and diligence for multiple fund investments, including investments with KKR, Roark, BGH and TPG.

Private equity secondary transactions: Advised on the tax implications associated with AustralianSuper’s divestment of limited partnership interests in private equity funds.

Hybrid financing: Led the structuring of multiple of AustralianSuper’s hybrid financing transactions including a number of convertible note investments. 

See Taxation

Knowledge

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