Tax debt will increase in 2025! What you need to know.
Starting July 1, 2025, significant proposed changes are likely coming to the tax landscape that will impact businesses across Australia. The general interest charge (GIC) and shortfall interest charge (SIC), currently deductible, will become non-deductible.
This change is set to dramatically increase the cost of tax debt for businesses, prompting a shift in how companies approach their financial management and tax planning strategies.
Are you feeling the weight of tax debt looming over your business? With proposed changes on the horizon, now is the to plan ahead. As the government considers making GIC and SIC charges non-deductible, businesses are faced with a potential shift in the tax landscape.
While these changes are not yet law, they signal a need for proactive financial management, particularly for businesses with existing tax debt. If your business is grappling with tax debt uncertainty, don’t navigate it alone. Our team at Sphere is here to offer experienced tax advice and tailored solutions to help you navigate these challenges.
Whether you’re seeking guidance on cash flow management, financial analysis, or exploring alternative financing options, our experts are ready to assist.
Reach out to us today for a confidential consultation. Don’t let tax debt hold your business back.
To learn more about the proposed changes view the full article CLICK HERE
Expert Business and Tax Advisors: We work for YOU, not the ATO!
About Sphere Accounting & Advisors-
At Sphere Accountants and Advisors, we’re more than just accountants. We’re protectors of your wealth, steadfast in our commitment to keep as much of your money in your hands as legally possible. Remember, we always work for you, not the ATO.
When you seek our tax advice, you’re not just getting a service; you’re partnering with a team. We consider the complete picture and are always on the lookout for ways to help you to create, safeguard, and grow your wealth. This commitment holds whether you approach us as an individual or a business entity.
Our expertise isn’t confined to just taxation. We span across the realms of accounting, strategic planning, tax advisory and beyond, delivering a whole solution to fit your needs. With Sphere Accountants and Advisors, you gain a dependable ally in navigating the complex accounting landscape.
For more information, please visit our website, give us a call at (03) 8899 6399, or drop us an email. We look forward to assisting you on your financial journey.
