Tag: interest charges
- ATO Interest Charges No Longer Deductible: What It Means for YouFrom 1 July 2025, a key change to tax legislation is now in effect: interest charges imposed by the ATO are no longer tax deductible. What’s Changed? Previously, interest charges from the ATO, such as the General Interest Charge (GIC) and Shortfall Interest Charge (SIC), were tax deductible, reducing your taxable income. Now that the…