Blog Q&A Calculators Students Logbook Contact
CLOSE
Get Inland Revenue Tax Dates and Deadlines in your Inbox
 

We'll tell you when tax season is open and when it closes. Nothing more.

Are interest on underpaid tax deductible?

Posted 19 July 2016 under Tax Q&A
George says:
19 July 2016 at 11:57

Are interest on underpaid tax deductible? With other words interest paid to the Receiver for taxation underpaid. Can I include these interest as an expense in my current year. Are they deductible on my tax calculation.

This entry was posted in Tax Q&A and tagged . Bookmark the permalink.

TaxTim TaxTim says:
19 July 2016 at 12:22

Unfortunately the interest paid on taxes is not tax deductible. The Act prohibits certain expenses and interest and penalties paid on taxes are specifically prohibited.


Get Inland Revenue Tax Dates and Deadlines in your Inbox
 

We'll tell you when tax season is open and when it closes. Nothing more.

Let TaxTim
help you
submit your
Tax returns!



TaxTim will help you:
  • Do Your Tax Return Easily
  • Avoid penalties
  • Save money
Tim uses your answers to complete your income tax return instantly and professionally, with everything filled in in the right place.

Get started