Exemptions for late tax payment fees to be scrapped, sparking concerns

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Exemptions for late tax payment fees to be scrapped, sparking concerns

A measure proposed by Treasurer Jim Chalmers has sparked controversy. It aims to end, by 1 July 2025, a tax exemption that allows businesses and workers who fail to pay their taxes on time to deduct late payment fees from their tax bill. The general document that discusses the proposal described the removal of tax deductibility of the laGIC (general interest charge) and SIC (shortfall interest charge) imposed by the Australian Taxation Office as…