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The Government has announced that GIC (interest on ATO debt) which is currently 11.17% will no longer be tax deductible from 1 July 2025 which means the true cost to the business is even higher. The ATO historically might have cancelled the interest upon request but now because of the high levels of ATO debt they are becoming less likely to do so. https://www.ato.gov.au/about-ato/new-legislation/in-detail/businesses/deny-deductions-for-ato-interest-charges
All estimated 2.5 M Directors in Australia from November 2021 will need to verify their identity as part of a new director identification number (Director ID) regime. The Director ID will be a unique identifier that a director will apply for once and will keep forever.
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