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.