Tag: GIC

13
Oct

ATO Interest Charges Are No Longer Deductible – What You Can Do?

Leaving debts outstanding with the ATO is now more expensive for many taxpayers. As we explained previously, general interest charge (GIC) and  shortfall interest charge (SIC) imposed by the ATO is no longer tax-deductible from 1 July 2025. This applies regardless of whether the underlying tax debt relates to past or future income years. With GIC currently at 11.17%, this

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