- Advocacy
SMSF Association Submission
Chartered Accountants Australia and New Zealand (CA ANZ), the Institute of Public Accountants, National Tax and Accountants Association and the SMSSF Association appreciate the opportunity to provide a submission to the Senate Standing Committees on Economics regarding Treasury Laws Amendment (Tax Incentives and Integrity) Bill 2024 (theBill).
The Bill makes changes to the Luxury Car Tax Act 1999, extends the mandatory notification period within which the Commissioner of Taxation must notify a taxpayer of their decision to retain a business activity statement refund and denies tax deductions for the general interest charge (GIC) and shortfall interest charge (SIC). This submission discusses the proposed non-deductibility of GIC and SIC.