Denying all claims made by a local Australian newspaper, TPG's unit in Australia has said that it has not been contacted by the Australian Taxation Office over a possible non-obligation of tax rules with regards to the A$452 million ($417 million) generated with the Myer Holdings IPO.

TPG, which has its headquarters in Fort Worth, Texas, has shared that if there are any probes, the company will completely assist ATO and fulfill any obligations there might be. It has been reported that on November 11, ATO obtained court orders to freeze the National Australia Bank Ltd. bank account which was holding sale funds, but the transaction had already been sent overseas. Although, there is no evidence to support that the money had been shifted to avoid a possible tax payment.

"While we have not been contacted by the Australian Tax Office regarding the matter raised by the ATO yesterday, we intend to cooperate fully with any inquiry they make as we have done so in the past”, TPG said in its statement.

TPG has asserted that it has always complied with all Australian tax obligations and will continue to do so.