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January 2010
Dear AVCAL Colleague

Happy new year to you all.

Last year ended on a very busy note with the third submission regarding the taxation of Managed Investment Trusts being sent on the afternoon of Christmas Eve. The momentum hasn't slowed down with Australia's annual summer shut-down, as we now need to produce a response to the draft tax determinations by the end of January. And finally, the "Australia as a Financial Centre" report was released on Jan 16th and there will be a need to interface with the Government and the proposed financial centre taskforce to enable the implementation of some of the recommendations.

We are keeping the website posted with all of the latest on these matters and our Legal and Tax Working Group and Communications Group are working on the issues.

Any enquiries should be made to me directly.

Our working groups and committees make an important contribution to AVCAL's work, as they make recommendations to Council and oversee specific outputs for the secretariat. They comprise a mixture of Council members and additional members. Most committees/working groups are established at the beginning of the year but sometimes one will be convened on an ad hoc basis to cover a specific project.

This year, we've a very energetic and committed group of people involved in the following groups:

Private Equity
Venture Capital
Limited Partner
Communications
Responsible Investing
Research
Professional Standards and Development
Legal & Tax
Conference
Member Services
CFOs

Networking and training

Conference registrations will open this year on 11 May. So mark your diaries and please update your details via the website so that we can keep in contact. Bernard Salt, the renowned demographer and a partner with KPMG, will give the opening keynote this year and of course Bill Evans from Westpac will be back to give his annual view of the year to come. If you're interested in partnering with AVCAL for the conference or other programs, please contact Shana Pascoa.

Stay tuned for our networking and training program for 2010. We'll publish the program shortly.
Regards



Katherine Woodthorpe
Chief Executive

Latest Policy and Research News

The latest mergermarket Private Equity alert

AVCAL welcomes the Johnson report on Australia as a Financial Centre
AVCAL welcomes the Johnson report on Australia as a Financial Centre which contains comprehensive, timely and critical recommendations for Australia's financial services sector

Commercialisation Australia Program Direction No. 1
Minister for Innovation, Industry, Science and Research, Senator Kim Carr, recently released the first directive for the Commercialisation Australia Program. It has been developed under the Industry Research and Development Act 1986 to provide direction to Innovation Australia (the Board)

AVCAL submission to Treasury on MIT capital treatment
AVCAL's submission to Treasury on Tax laws Amendment (2010 Measures No.1) Bill 2010: MIT capital treatment

Commercialisation Australia prepares to take applications
Commercialisation Australia is now preparing to accept applications from Australian innovators as it launched a range of online and telephone resources to assist potential applicants with a pre-application checklist and other relevant information

AVCAL's call to the Federal Government to restore international investor confidence
The release of draft rulings/determinations from the Australian Tax Office gives the Australian Government an opportunity to clarify their tax policy in relation to TD2009/D17 and TD2009/D18. Click on the above link for AVCALs media release on the subject

Draft Taxation Determinations and Rulings on ITAA
The ATO has released several draft determinations and rulings in relation to the Income Tax Assessment Act

View past AVCAL submissions

Value Creation in Private Equity
A study by the Centre for Entrepreneurial and Financial Studies, and Capital Dynamics looks into the affects of the sub prime crisis on the private equity business model. Was high leverage the only reason why private equity firms were successful or was there real value created due to noticeable operational changes in portfolio companies? As a result, how will the private equity model behave in the face of significant reduction in debt issuance over the coming cycle?

Input requested

Input is being called for by the Rural R&D Council, in the development of Australia's National Strategic Rural R&D Investment Plan. The RRDC's terms of reference require it to develop an investment plan that will "improve the productivity, profitability, sustainability and global competitiveness of Australia's agricultural, fisheries, forestry and food industries with benefits for individual rural businesses, the environment and the wider community". To this end, the RRDC would welcome your views regarding how greater investment can be encouraged. Click here to view more information. Responses need to be in by 19 February 2010.

Mark your diaries

AVCAL Corporate Golf Day will be held on 27 May 2010 at Concord Golf Club, NSW.

Annual Conference Golf Day will be held on Tuesday 21 September 2010 at The Glades, Robina QLD

Annual Conference will be held on 22 - 23 September 2010, held on the Gold Coast, QLD.

Registrations for these events will open soon.

Other Events

National Growth Summit'10 - Going Global, Getting Lean, Sydney Convention Centre, 17- 18 February 2010. Australia's leading executive event for entrepreneurs and leaders of growing companies. Register here.

6th AustralAsian Cleantech Forum 2010, 22-24 March 2010, Crown Conference Centre, Melbourne. Register here
The 7th annual Australia & New Zealand AVCJ Private Equity & Venture Forum, 3-5 March 2010, The Westin Sydney. As an extension of its past six highly successful forums, it is already regarded as the meeting place by the industry experts across the region. Register now.

AAAI 2010 National Angels Conference, Stamford Grand, Glenelg, Adelaide 17-19 February, 2010.
Meet Angel investors and innovation experts from across Australia and around the world. Register now

Australian Investment Network
The Australian Investment Network is holding its first Speed Pitching events in Sydney and Melbourne in March 2010. Please write to Dr. Tania Peitzker if you'd like to experience this successful, Dragons Den inspired format for meeting entrepreneurs in a face-to-face, exclusive environment.

"Open for Business" New Zealand-Australia Investment Forum, 10 and 11 March 2010, Hyatt Regency Auckland, New Zealand. For more information click here.



AVCAL 2009 PARTNERS

AON

Archer Capital

BOS International

Castle Harlan

CATALYST

Coller Capital

Champ Private Equity

CM Capital

Credit Suisse

GE Commercial Finance

Intralinks

Ironbridge

INVESTEC

KKR

LEK

Maddocks

NAVIS

Next Capital

NBC Capital

Pacific Road Capital Management

Pacific Equity Partners

Propel Investments

Quadrant

RMB Capital Partners

ROTHSCHILD

Westpac


RESEARCH PARTNER

Ernst & Young


REGIONAL PARTNER

Gallagher

Disclaimer:

AVCAL is the professionally managed industry body that promotes the Australian private equity & venture capital industry.

The information contained in this e-mail, and any attachments to it, is intended for the use of the addressee and is confidential. If you are not the intended recipient you must not use, disclose, read, forward, copy or retain any of the information. If you have received this e-mail in error, please delete it and notify the sender by return e-mail or telephone. AVCAL does not warrant that any attachments are free from viruses or any other defects. You assume all liability for any loss, damage or other consequences which may arise from opening or using the attachments.