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Media Release 5026/02/2016

Board of Taxation – Chief Executive Officer Appointment

I am pleased to announce the appointment of Karen Payne as the inaugural Chief Executive Officer of the Board of Taxation effective from 31 March 2016. Ms Payne is a highly respected tax practitioner having recently been a senior partner of Minter Ellison and specialising in the Financial Services Industry. Ms Payne will remain an executive member of the Board of Taxation where she is currently chairing an important project reviewing the implementation of anti-hybrid rules in Australia.

This appointment is a significant step in recognising the increased role that the Board of Tax is playing in the development of long term tax policy. The Board is delighted that a person of Karen’s calibre has accepted this important role to work with Treasury, the ATO and the private sector.

Ms Payne has over 20 years’ experience as a specialist taxation advisor at top tier legal and accounting firms. Prior to her commencement as Chief Executive Officer of the Board of Taxation she was a Partner in the Sydney practice of Minter Ellison, specialising in corporate and international tax and taxation of funds, managers and investors (domestic and international). She has extensive experience managing complex tax-related matters for major multinationals, publicly listed companies and Australian IPOs across the financial services, property, mining, energy and utilities sectors.

Her key expertise includes taxation of domestic and international funds (property, infrastructure, equity and private equity), due diligence, structuring for corporate mergers, reorganisations, takeovers and acquisitions, including cross-border finance arrangements and global loan facilities. She has particular skills in managed investment trusts, debt, equity and thin capitalisation provisions.

Ms Payne was appointed to the Board in May 2015. Ms Payne has been a member of the advisory panel of the Board of Taxation since 2010. She has assisted as a member of the expert panel in the following reviews by the Board of Taxation – Tax Arrangements applying to Managed lnvestment Trusts, Taxation Arrangements under the Venture Capital Limited Partnership regime, Taxation Treatment of Collective lnvestment Vehicles, Investment Manager Regime and the Thin Capitalisation arm’s length debt test.

Ms Payne is a Solicitor (admitted in NSW and HCA), Chartered Tax Adviser and member of Chartered Accountants Australia and New Zealand. She has a degree in Law and Commerce and Masters Degree in Taxation, all from the University of New South Wales.