From www.acuitymag.com: Starting from 1 July 2025, the general interest charge (GIC) and shortfall interest charge (SIC) on tax debts may become non-deductible under proposed legislation, significantly increasing the cost of tax debt for SMEs.

This change aims to ‘incentivise’ businesses to pay their taxes promptly, with the government expecting an additional A$500 million in revenue in the first year.