From www.accountantsdaily.com.au: From 1 July 2025, taxpayers in Australia will face a significant financial shift as deductions for the General Interest Charge (GIC) and Shortfall Interest Charge (SIC) will be denied, increasing the cost of tax debts.

This change is aimed at encouraging timely tax compliance and is part of the Treasury Laws Amendment (Tax Incentives and Integrity) Bill 2024.