Following an unsuccessful attempt to recover tax on the AUD 1.58 billion profit realized by the Texas Pacific Group (TPG) from the 2009 float of the Myer Retailing Group, the Australian Tax Office issued on 1 December 2010 four Taxation Determinations targeting tax minimization structures commonly used by foreign investors, especially private equity funds. The authors consider the impact of the TDs (two of which have been finalized while another two remain in draft form) on management of private equity funds.