The Australian Taxation Office (ATO) has issued a reminder on the upcoming changes in the deductibility of interest charges. From 1 July 2025, interest charged by the ATO for late payments and underpayments will no longer be tax deductible. For taxpayers that do not have a 30 June year end (i.e., do not follow the standard income year), the changes apply from their next income year starting after 1 July 2025. Click the following link for more information on the change from the ATO.
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