Key Documents
The government is consulting on a measure from the 2023–24 Mid‑Year Economic and Fiscal Outlook to deny deductions for general interest charge and shortfall interest charge incurred from 1 July 2025.
Currently all entities can claim a deduction for the:
- General interest charge (GIC) – for late payment of a tax liability
- Shortfall interest charge (SIC) – when incorrect self‑assessment led to a shortfall in tax paid.
The government is seeking views on the effectiveness of the exposure draft legislation (and accompanying explanatory material) implementing this measure.
Responding
You can submit responses to this consultation up until 16 October 2024. Interested parties are invited to comment on this consultation.
While submissions may be lodged electronically or by post, electronic lodgement is preferred. For accessibility reasons, please submit responses sent via email in a Word or RTF format. An additional PDF version may also be submitted.
All information (including name and address details) contained in submissions will be made available to the public on the Treasury website unless you indicate that you would like all or part of your submission to remain in confidence. Automatically generated confidentiality statements in emails do not suffice for this purpose. Respondents who would like part of their submission to remain in confidence should provide this information marked as such in a separate attachment.
Legal requirements, such as those imposed by the Freedom of Information Act 1982, may affect the confidentiality of your submission.
View our submission guidelines for further information.
How To Respond
Post
Address written submissions to:
Personal Deductions and Fringe Benefits Tax Unit
Treasury
Langton Cres
Parkes ACT 2600
Enquiries
Email: deductions@treasury.gov.au