The government has announced that from 1 July 2025, deductions will be denied for ATO interest charges, specifically the General Interest Charge (GIC) and Shortfall Interest Charge (SIC), where incurred in income years starting on or after 1 July 2025.
The Commissioner will continue to have the ability to consider individual circumstances and remit these charges where appropriate.
The information in this blog is intended only to provide a general overview and has not been prepared with a view to any particular situation or set of circumstances. It is not intended to be comprehensive nor does it constitute advice. While we attempt to ensure the information is current and accurate we do not guarantee its currency and accuracy. You should seek professional advice before acting or relying on any of the information in this blog as it may not be appropriate for your individual circumstances.
Today’s financial environment demands a regular review of strategy and a focus on execution.
