Tax Interest Bill Will Ensure Equity, Australia Senators Say

An Australian Senate committee held strong in its support of a bill that would limit taxpayers’ ability to deduct interest accrued by the government on a late tax bill.

Senators pushed back against calls to halt the changes to interest deductions, arguing that taxpayers who follow the law and pay their taxes on time “should not be disadvantaged” compared to those who are late, according to a report published Thursday by the Economic Legislation Committee.

“Addressing this imbalance is critical to ensuring equity and compliance within the tax system,” the panel wrote.

• The bill, proposed in December 2024, seeks ...