On 13 December 2023, the federal government announced it will amend the tax law to deny deductions for Australian Taxation Office (ATO) interest charges. 

Starting 1 July 2025 taxpayers will no longer be able to claim deductions for general interest charges (GIC) and shortfall interest charges (SIC) for income years starting on or after 1 July 2025.

Consequently, as the deductions will be denied, any GIC or SIC that is later remitted will no longer need to be included as assessable income.

McNamara & Company - Chartered Accountants, located minutes from the Melbourne CBD
www.mcnamaraandco.au/contact-us
Phone +61 3 9428 1062
Email admin@mcnamaraandco.au

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