Section 899 of Trump's Big Beautiful Bill makes US assets ‘less attractive' to Aussie investors
AMP economist My Bui has claimed she is 'quite concerned' about the impact of section 899 of US President Donald Trump's Big Beautiful Bill on Australian businesses.
Treasurer Jim Chalmers spoke to his American counterpart Scott Bessent this morning and used the call to lobby him over the Section 899 tax proposal, which forms part of Donald Trump's Big Beautiful Bill.
If the Bill passes, it could result in Australia being deemed a 'discriminatory foreign country', which could result in Australian businesses investing in America being charged higher taxes.
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The Advertiser
39 minutes ago
- The Advertiser
G7 agrees to avoid higher taxes for US, UK companies
The United States and the Group of Seven countries have agreed to support a proposal that would exempt US companies from some components of an existing global agreement, the G7 says. The group has created a "side-by-side" system in response to the US administration agreeing to scrap the Section 899 retaliatory tax proposal from President Donald Trump's tax and spending bill, it said in a statement from Canada, the head of the rolling G7 presidency. The G7 said the plan recognises existing US minimum tax laws and aims to bring more stability to the international tax system. United Kingdom businesses are also spared higher taxes after the removal of Section 899 from Trump's tax and spending bill. The UK government said businesses would benefit from greater certainty and stability following the agreement. Some UK businesses had in recent weeks said they were worried about paying substantial additional tax due to the inclusion of Section 899, which has now been removed. "Today's agreement provides much-needed certainty and stability for those businesses after they had raised their concerns," finance minister Rachel Reeves said in a statement, adding that more work was need to tackle aggressive tax planning and avoidance. G7 officials said that they look forward to discussing a solution that is "acceptable and implementable to all". In January, through an executive order, Trump declared that the global corporate minimum tax deal was not applicable in the US, effectively pulling out of the landmark 2021 arrangement negotiated by the administration of his predecessor Joe Biden with nearly 140 countries. He had also vowed to impose a retaliatory tax against countries that impose taxes on US firms under the 2021 global tax agreement. This tax was considered detrimental to many foreign companies operating in the US. The United States and the Group of Seven countries have agreed to support a proposal that would exempt US companies from some components of an existing global agreement, the G7 says. The group has created a "side-by-side" system in response to the US administration agreeing to scrap the Section 899 retaliatory tax proposal from President Donald Trump's tax and spending bill, it said in a statement from Canada, the head of the rolling G7 presidency. The G7 said the plan recognises existing US minimum tax laws and aims to bring more stability to the international tax system. United Kingdom businesses are also spared higher taxes after the removal of Section 899 from Trump's tax and spending bill. The UK government said businesses would benefit from greater certainty and stability following the agreement. Some UK businesses had in recent weeks said they were worried about paying substantial additional tax due to the inclusion of Section 899, which has now been removed. "Today's agreement provides much-needed certainty and stability for those businesses after they had raised their concerns," finance minister Rachel Reeves said in a statement, adding that more work was need to tackle aggressive tax planning and avoidance. G7 officials said that they look forward to discussing a solution that is "acceptable and implementable to all". In January, through an executive order, Trump declared that the global corporate minimum tax deal was not applicable in the US, effectively pulling out of the landmark 2021 arrangement negotiated by the administration of his predecessor Joe Biden with nearly 140 countries. He had also vowed to impose a retaliatory tax against countries that impose taxes on US firms under the 2021 global tax agreement. This tax was considered detrimental to many foreign companies operating in the US. The United States and the Group of Seven countries have agreed to support a proposal that would exempt US companies from some components of an existing global agreement, the G7 says. The group has created a "side-by-side" system in response to the US administration agreeing to scrap the Section 899 retaliatory tax proposal from President Donald Trump's tax and spending bill, it said in a statement from Canada, the head of the rolling G7 presidency. The G7 said the plan recognises existing US minimum tax laws and aims to bring more stability to the international tax system. United Kingdom businesses are also spared higher taxes after the removal of Section 899 from Trump's tax and spending bill. The UK government said businesses would benefit from greater certainty and stability following the agreement. Some UK businesses had in recent weeks said they were worried about paying substantial additional tax due to the inclusion of Section 899, which has now been removed. "Today's agreement provides much-needed certainty and stability for those businesses after they had raised their concerns," finance minister Rachel Reeves said in a statement, adding that more work was need to tackle aggressive tax planning and avoidance. G7 officials said that they look forward to discussing a solution that is "acceptable and implementable to all". In January, through an executive order, Trump declared that the global corporate minimum tax deal was not applicable in the US, effectively pulling out of the landmark 2021 arrangement negotiated by the administration of his predecessor Joe Biden with nearly 140 countries. He had also vowed to impose a retaliatory tax against countries that impose taxes on US firms under the 2021 global tax agreement. This tax was considered detrimental to many foreign companies operating in the US. The United States and the Group of Seven countries have agreed to support a proposal that would exempt US companies from some components of an existing global agreement, the G7 says. The group has created a "side-by-side" system in response to the US administration agreeing to scrap the Section 899 retaliatory tax proposal from President Donald Trump's tax and spending bill, it said in a statement from Canada, the head of the rolling G7 presidency. The G7 said the plan recognises existing US minimum tax laws and aims to bring more stability to the international tax system. United Kingdom businesses are also spared higher taxes after the removal of Section 899 from Trump's tax and spending bill. The UK government said businesses would benefit from greater certainty and stability following the agreement. Some UK businesses had in recent weeks said they were worried about paying substantial additional tax due to the inclusion of Section 899, which has now been removed. "Today's agreement provides much-needed certainty and stability for those businesses after they had raised their concerns," finance minister Rachel Reeves said in a statement, adding that more work was need to tackle aggressive tax planning and avoidance. G7 officials said that they look forward to discussing a solution that is "acceptable and implementable to all". In January, through an executive order, Trump declared that the global corporate minimum tax deal was not applicable in the US, effectively pulling out of the landmark 2021 arrangement negotiated by the administration of his predecessor Joe Biden with nearly 140 countries. He had also vowed to impose a retaliatory tax against countries that impose taxes on US firms under the 2021 global tax agreement. This tax was considered detrimental to many foreign companies operating in the US.
Herald Sun
39 minutes ago
- Herald Sun
Victoria: Priciest homes revealed including Toorak record-buster
New and old rich-listers splashed an eye-watering $540m-plus on Victoria's 20 most expensive homes of the past 12 months. A record-busting sale reported to fall between $115m to $135m for Toorak mansion Coonac topped the pile. It was also the nation's biggest deal for the 2024-25 financial year although industry sources indicated the transaction likely fell at the range's lower end. RELATED: Arrotex boss billionaire Dennis Bastas firming as buyer of $100m+ mansion PropTrack: Melb six months from record prices Geelong trophy home Raith on track to break record at circa $9m Other Toorak listings clocked up individual circa-$70m and $40m sales. Elsewhere, luxurious pads in Canterbury, South Yarra, Brighton and the Mornington Peninsula scored eight-figure sales. But it was the circa-1867 Italianate mansion Coonac that smashed Melbourne's $80.88m benchmark. Industry insiders linked the off-market sale to Kay & Burton managing director Ross Savas and chair Gerald Delany. While it's not been officially confirmed, billionaire Dennis Bastas was widely tipped to have purchased Coonac. Mr Bastas runs a healthcare empire through his leadership roles at Arrotex Pharmaceuticals, myDNA and DBG Health. Mr Savas said the upper end of the Melbourne market has remained resilient. 'Many are taking a generational view — prioritising long-term security, lifestyle alignment and legacy over short-term market fluctuations,' he said, 'At the same time, favourable economic conditions, including the low Australian dollar, continue to attract international interest — particularly from expatriates and global buyers looking to establish roots in Melbourne.' The luxurious six-bedroom mansion at 2-4 Macquarie Rd fetched a figure in the vicinity of $70m shortly before Christmas. Automation platform Neota chairman John Lord and his wife Sue sold the home where visitors are greeted with a sweeping marble staircase, and are likely to enjoy a dedicated basement cinema or the home's temperature-controlled wine cellar and tasting room. Forbes Global Properties' Michael Gibson handled the listing – along with another $40m Toorak pad that changed hands off market. Mr Gibson said there was often multiple buyers for homes prices at $10m to $30. 'The premier market over the past year has been as strong as ever … one thing we are short on is properties to sell,' he added. When it came to luxury features it wasn't uncommon for homeowners to want double-level basements for entertaining, exercising and storing car collections, said Forbes Global Properties director Robert Fletcher, who oversaw a $29m Toorak deal in March. 'I think people who have a large amount of cars tend to look for space for between six to eight cars,' he said. Forbes colleague, senior associate Tracy Tian Belcher said some buyers were more hesitant to buy amid uncertainty about many cuts will be made to Australia's official cash rate across the second half of 2025. Ms Belcher said that even if clients were quite well off, the 13 hikes interest rates across the nation between May 2022 and November 2023 had affected many of them – while reporting on current economic conditions could impact people's emotions. 'Last year, one of my buyers was involved in a six-month long negotiation process for a Toorak home,' Ms Belcher said. Melbourne Sotheby's International Realty managing director Antoinette Nido and colleague Max Ruttner oversaw a $25.6m South Yarra transaction in December. 'Look at me addresses' were important to many recently cashed-up buyers, Ms Nido said. 'What's notable is that a lot of young business people who have made money in IPOs are doing very well,' she said. 'People who you have never heard of will call and when you ask how much they want to spent, it can be $40m to $50m.' Marshall White group sales director John Bongiorno said demand in the Melbourne prestige market's top end had consolidated in the past 12 months as the city's population boomed. 'I think that there are more buyers in the $10m-plus category,' Mr Bongiorno said. 'The amount of people out there with substantial wealth, it's a far bigger than what it was 12 months ago, two years ago, five years ago.' Marshall White handled the $30m-plus sale of a French Provincial-inspired Canterbury house boasting a 16-car showroom, eight bathrooms, a cinema and day spa with a sauna in March, listed by agents Andy Nasr and Marcus Chiminello. Many top-end buyers were taking a long view, prioritising the security, prestige and practicality of homes over price movements, Kay & Burton Stonnington director Darren Lewenberg said. 'These aren't short-term flips, they're generational homes,' Mr Lewenberg said. Many homes that transacted had been fully rebuilt or renovated by architects and interior designers well before being listed. 'Buyers at this level don't want to lift a finger. They want to walk in and start living,' Mr Lewenberg said. Industry Insider Property founder and prestige buyers agent Andrew Date said the surge in off-market deals was one of the most notable shifts in 2024–25. 'Most of the biggest sales never hit the portals. They're done over lunch, through networks, and only involve a few key people,' Mr Date said. 'These homes are so rare, they're not just about location, but land, architectural pedigree, and lifestyle.' Mr Date said prestige demand had also crept further afield especially towards the Mornington Peninsula. Additional reporting by David Bonaddio VICTORIA'S MOST EXPENSIVE HOME SALES, 2024-25 FINANCIAL YEAR Coonac, Toorak Price: $115m-$135m Agents: industry sources linked the off-market sale to Kay & Burton's Ross Savas and Gerald Delany. 2-4 Macquarie Rd, Toorak circa $70m Agent: Forbes Global Properties' Michael Gibson Address withheld, Toorak $40m Agent: Forbes Global Properties' Michael Gibson 38 Monomeath Ave, Canterbury circa $30m+ Agents: Marshall White's Andy Nasr and Marcus Chiminello. 27 St Georges Rd, Toorak circa $29m Agent: Forbes Global Properties director Robert Fletcher 177-181 Walsh St, South Yarra $25.6m Agent: Melbourne Sotheby's International Realty Antoinette Nido and Max Ruttner 5 St Ninians Rd, Brighton $23m Agents: Marshall White's Ben Vieth and Andy Nasr 10 Struan St, Toorak $22m Agents: Marshall White's Marcus Chiminello and Nicole French Address withheld, South Yarra $21.2m Agency: Withheld 12 Lansell Rd, Toorak $21m Agent: Kay & Burton's Gowan Stubbings 7 Gawith Court, Toorak circa $20-22m Agents: Marshall White's Marcus Chiminello and Nicole French 3520 Point Nepean Rd, Sorrento $20m+ Agents: Kay & Burton's Liz Jensen and Gerald Delany 6 Macquarie Rd, Toorak circa $20m Agents: Marshall White's Marcus Chiminello and Nicole French 10 Highgate Hill, Toorak $19.3m Agent: Kay & Burton's Oliver Booth 4 Grant Ave, Toorak $19m Agent: Forbes Global Properties' Mike Gibson 8 Robertson St, Toorak $19m Agent: RT Edgar's Mark Wridgway 3786 Point Nepean Rd, Portsea $19m Agents: RT Edgar's David Gillham and Ilze Moran 11 Berkeley Street, Hawthorn $18,888,999 Agents: Jellis Craig's Perry Zhou and Elsa Li 11 Kent Court, Toorak circa $18m Agents: RT Edgar's Tim Brown and Sarah Case 14 Grandview Grove, Hawthorn East $17.5m Agents: Marshall White's James Tostevin and John Bongiorno 444 Musk Creek Road, Flinders circa $17.5m Agency: Forbes Global Properties Sign up to the Herald Sun Weekly Real Estate Update. Click here to get the latest Victorian property market news delivered direct to your inbox. MORE: Leo's Fine Food & Wine Kew sale linked to James Packer Time-capsule house of Aussie artist to the stars for sale Luxe hotel hits market for just $2 — but there's a catch
Perth Now
an hour ago
- Perth Now
Over 80 killed in Gaza strikes as Trump flags possible truce
At least 81 people have been killed and more than 400 injured in Israeli strikes across Gaza over the past 24 hours, according to the Hamas-run health ministry. Among the dead are at least 11 people, including children, who were killed near a stadium in Gaza City that was sheltering displaced families in tents. In another incident, a strike on a tent in the al-Mawasi area killed three children and their parents while they slept, relatives told the Associated Press. Further attacks on Saturday afternoon in Gaza City's Tuffah neighborhood killed at least eight people, including five children, at a school sheltering hundreds of displaced Gazans. Witnesses described frantic efforts to rescue victims buried under rubble, with civilians and emergency crews digging through sand and debris by hand. 'We didn't do anything to them, why do they harm us? Did we harm them? We are civilians,' one witness told Reuters. The latest round of violence comes as US President Donald Trump has said a ceasefire could be agreed 'within the next week.' Speaking to reporters in the Oval Office, Mr Trump said, 'We're working on Gaza and trying to get it taken care of.' Qatari mediators have expressed hope that US pressure could help secure a deal, building on momentum from the recent truce between Israel and Iran. An official with knowledge of the situation told The Associated Press that Israel's Minister for Strategic Affairs, Ron Dermer, will arrive in Washington next week for talks on Gaza's ceasefire, Iran, and other subjects. Negotiations have been on and off since Israel broke the previous ceasefire in March, continuing its military campaign and deepening Gaza's humanitarian crisis. Some 50 hostages remain in Gaza, fewer than half believed to still be alive. They are part of the 250 hostages taken during Hamas's attack on Israel on October 7, 2023, which sparked the ongoing 21-month war. More than 56,000 Palestinians have been killed in Gaza since then, according to the health ministry, which does not distinguish between civilians and combatants. Over half of the dead are reported to be women and children. There is hope among hostage families that Mr Trump's involvement in securing the recent ceasefire between Israel and Iran might increase pressure for a deal in Gaza. Israeli Prime Minister Benjamin Netanyahu, buoyed by public support for his handling of the Iran conflict, may have more room to move toward ending the war in Gaza, though his far-right coalition partners remain opposed. Hamas has repeatedly said it is prepared to free all hostages in exchange for an end to the war, while Netanyahu insists he will only end the war when Hamas is disarmed and exiled—a condition the group rejects. Palestinians have been shot and wounded while trying to access food at aid sites run by the US- and Israeli-backed Gaza Humanitarian Foundation, according to reports from health officials and witnesses. Israel's military says it is investigating incidents in which civilians were harmed while approaching these sites. - with AP
