Legislation Update
New General Interest Charge (GIC) Changes in Effect from 1 July 2025
Aug 05, 2025
From 1 July 2025, interest charged by the Australian Tax Office (ATO) – the General Interest Charge (GIC) and Shortfall Interest Charge (SIC) – will no longer be deductible under the new section 26-5(1A) of the Income Tax Assessment Act 1997.