A new tax deal struck by the Group of Seven finance ministers will not necessarily translate into much bigger Australian tax bills for technology giants such as Facebook, Google, Apple and Amazon, which have for years shifted revenue offshore into more favourable jurisdictions, tax experts say.

The G7 deal includes a minimum global tax of 15 per cent, levied by the home country of companies, that will boost US coffers. But details of the second change – a so-called “destination tax” levied by the country where goods or services are consumed – have yet to be worked out. The final levy is likely to be far lower than the 15 per cent minimum global tax.