Under the Treasury Laws Amendment Bill 2024, businesses and individuals will no longer be able to claim tax deductions for General Interest Charges (GIC) and Shortfall Interest Charges (SIC) as of 1 July 2025.
As we approach the end of financial year, tax planning becomes essential for businesses and individuals aiming to understand their tax liability and understand their deductions. By taking a proactive approach with tax planning ahead of the end of financial year you can end up making smarter financial decisions, improving cash flow and long-term financial security.