The Australian Taxation Office (ATO) has announced that the government will amend the tax law to deny deductions for ATO interest charges, including general interest charges (GIC) and shortfall interest charges (SIC).
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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 Fiscal Outlook (MYEFO), the Government announced it will amend the tax law …