The superannuation sector has welcomed the announcement that section 899 of President Trump’s ‘One Big Beautiful Bill’ will be removed from the final legislation.
The provision would have imposed additional taxes as high as 20% against companies from countries that imposed what the US deemed as discriminatory taxes, and would have negatively affected Australian superannuation accounts.
Australian superannuation investments in the US are around the AUD$700 billion (USD$450 billion) range.
Mary Delahunty, CEO of the superannuation sector’s peak body, ASFA, thanked the Australian Government for its engagement with the US on the matter.
“The removal of section 899 from the One Big Beautiful Bill removes a threat to Australian superannuation accounts.
“The Australian Government’s engagement with US counterparts has been skillful and productive, and Australian retirement savers are the winners,” Ms Delahunty said.
Australia’s investments in the US help support the US economy including through direct investment in infrastructure like roads and bridges, providing a win-win for US citizens and Australian superannuation account holders.
Section 899 would have negatively impacted both US and Australian citizens.
ASFA was pleased to be able to work with the Australian Government in its efforts to ensure the One Big Beautiful Bill did not impact retirement savers
For further information, please contact:
ASFA Media Manager Richard Garfield, 0451 949 300.
About the Association of Superannuation Funds of Australia (ASFA)
ASFA, the voice of super, has been operating since 1962 and is the peak policy, research and advocacy body for Australia’s superannuation industry. ASFA represents the APRA regulated superannuation industry with over 100 organisations as members from corporate, industry, retail and public sector funds, and service providers. We develop policy positions through collaboration with our diverse membership base and use our deep technical expertise and research capabilities to assist in advancing outcomes for Australians.
We unite the superannuation community, supporting our members with research, advocacy, education and collaboration to help Australians enjoy a dignified retirement. We promote effective practice and advocate for efficiency, sustainability and trust in our world-class retirement income system.
