Tax debt changes will punish honest taxpayers

by

Ed.

From financialnewswire.com.au: Key Australian accounting and financial planning groups have expressed concern that making the Shortfall Interest Charge (SIC) and the General Interest Charge (GIC) on tax debts non-deductible will unduly burden honest taxpayers, particularly small businesses.

They argued in a submission to the Senate Economics Legislation Committee that this change would not effectively improve tax compliance and could be seen as a penalty on taxpayers regardless of their culpability.

The groups emphasized existing measures the Australian Taxation Office can use to enhance tax collection without increasing compliance costs for honest taxpayers.

Filed under: Tax - General

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