The Australian Taxation Office (ATO) has announced a proposed measure that will deny the deduction of general interest charges (GIC) and shortfall interest charges (SIC) for income years starting on or after 1 July 2025. A consultation on the measure is being held until 16 October 2024. --- Deny deductions for ATO interest charges After 1 July 2025 taxpayers will no longer be able to claim for ATO interest charges. On 13 December 2023, as part of the 2023–24 Mid-Year Economic and Fiscal Outlook (MYEFO), the Government announced it will amend the tax law to deny deductions for ATO interest...