From 1 July 2025, interest on unpaid tax debts will no longer be tax-deductible—even if the debt relates to an earlier financial year.
However, any interest charged by the ATO before 1 July 2025 can still be claimed as a deduction in your 2024–25 tax return.
If you have outstanding ATO debts, we strongly recommend booking a consultation with us. We can help you explore your repayment options, including tailored ATO payment plans. While general interest charges (GIC) will still apply, clearing the debt sooner can significantly reduce future interest costs.
To avoid these unnecessary charges, it’s now more important than ever to stay up to date with your tax obligations. As part of your strategy, we can also guide you on improving cash flow planning—for instance, setting aside GST, PAYG withholding, and superannuation contributions in advance.
Let us help you stay compliant and financially prepared. Talk to a tax adviser who understands the needs of healthcare professionals.
A GP contractor we spoke with recently had just made the move from employee to contractor. More money each month, no tax withheld — it felt like a pay rise. Then we asked what she'd set aside for her tax bill. She hadn't. That's the gap this checklist is built to close.
Tonight's Budget didn't just change tax rates. It changed the architecture of wealth accumulation in Australia.
Three reforms. One structural shift.Negative gearing quarantined. The 50% CGT discount replaced. A 30% minimum tax on discretionary trusts.
Full analysis below — including what changed, what didn't, the key dates you need to know, and what the full Budget Paper reveals that
the headlines missed.
EOFY is not just about lodging tax returns. For doctors earning through an ABN, company, or mixed income arrangement, June 30 is the point where tax, super, structure, and deductions all need review. Here are four financial decisions worth getting right before the new financial year starts.