The Australian Taxation Office (ATO) has issued a notice on the denial of deductions for general interest charges (GIC) and shortfall interest charges (SIC) incurred from 1 July 2025, in respect of outstanding or late payments of tax for income years both before and after 1 July 2025. Any GIC and SIC already incurred prior to 1 July 2025 remains deductible for the 2024–25 and earlier income years. The non-deductibility of interest charges was introduced by the Treasury Laws Amendment (Tax I…