The Australian Taxation Office (ATO) has announced a proposed measure that will deny the deduction of general interest charges (GIC) and shortfall interest charges (SIC) for income years starting on or after 1 July 2025. A consultation on the measure is being held until 16 October 2024.
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Deny deductions for ATO interest charges
After 1 July 2025 taxpayers will no longer be able to claim for ATO interest charges.
On 13 December 2023, as part of the 2023–24 Mid-Year Economic and Fisc…