From www.accountantsdaily.com.au: Parliament has passed amendments that will prevent taxpayers from deducting general interest charge (GIC) and shortfall interest charge (SIC) from 1 July 2025, aimed at encouraging timely tax payments.

The measures also extend the time frame within which the Commissioner must notify taxpayers about refund amounts related to BAS, increasing it from 14 to 30 days to enhance the ATO’s fraud detection capabilities.