Super funds spared multi-billion dollar ‘revenge tax’
Treasury Secretary Scott Bessent announced that the US retirement funds of Australian retirement funds survived billions of dollars after announced that the US would leave the so -called revenge tax ”.
Super Industry, President Donald Trump’s proposed beautiful bill of beautiful bill was ringing alarm bells on the 899th episode, which would increase the tax to foreign organizations while retaliation to other countries’ unjust taxes ”to foreign organizations.
However, Mr. Bessent announced that after an agreement with the G7 countries, which allowed the US to withdraw from a global minimum tax rate, it would be removed from an early social media invoice on Friday.
“OECD will announce a common understanding between other countries related to the Global Tax Agreement and the productive dialogue that lasted for months for months, between the G7 countries defending American interests, X he wrote.
“OECD Batteries 2 Taxes will not be valid for US companies, and we will cooperate in the coming weeks and months to implement this agreement within the OECD-G20 inclusive framework.
“Based on this progress and understanding, I asked the Senate and the Assembly to remove the 899 protective measures by taking into account a great, beautiful invoice.”
Considering that the announcement has more than $ 600 billion dollars, the Australian retirement industry of $ 4.2 trillion was met with a relaxation that would be subjected to tax.
Modeling made by the consulting firm Mandala for the Australian Pension Fund Association could reduce 3.5 billion dollars from returns in the first four years.
Treasurer Jim Chalmers, journalists in the coming days, he said that he hoped for my positive development.
“When it comes to developments in the US Congress, we do not want to see our investors and funds unfairly treated or disadvantaged,” he said.
“And once again, I am very grateful for hearing me to Scott Bessent, and at the same time I am very grateful to how much progress to solve and solve these problems.
“I’m sure you understand these problems.”
In a speech in June, future fund President Greg Combet said that the US investments were a less attractive offer for the Egemen Renist Fund due to the recommended tax hike in the Big Beautiful Invoice of Mr. Trump.
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