The Australian Taxation Office (ATO) is reminding taxpayers that from 1 July this year, interest charged by the ATO for late payments or underpayments will no longer be tax deductible.
Under the Treasury Laws Amendment (Tax Incentives and Integrity) Act 2025, any general interest charge (GIC) incurred on and after 1 July 2025, regardless of whether the debt relates to an earlier income year, will...
