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Accountants Desktop GIC & SIC no longer deductible from 1 July 2025

GIC & SIC no longer deductible from 1 July 2025

Taxpayers can no longer deduct general interest charges (GIC) and shortfall interest charges (SIC) incurred on or after 1 July 2025.

This change applies to GIC and 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.


Posted

4 Apr 2025

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