23 July 2025
Courtesy of Rural Finance Counselling – Southern Qld
From 1 July primary producers need to be aware of the potential impact on cashflow resulting from how the Australian Taxation Office (ATO) is treating interest charges.
The law change means primary producers can no longer deduct general interest charge (GIC) and shortfall interest charge (SIC) in relation to assessments for income years commencing on or after 1 July 2025.
If you have concerns about how this change will impact your farm business, get in touch with your local Rural Financial Counsellor or visit the ATO website for more detailed information.