Episode 8: Code changes, Payday Super Seven-Day Requirments, Tax Deductibility of the ATOs General Interest Charge

Episode OverviewWelcome to the first BKPod episode of 2025! In this episode, we dive into important industry updates for bookkeepers and BAS agents, including new legislative changes, compliance obligations, and key government proposals that could impact your clients.Topics Covered1. Updates from the ABN TeamNew Engagement Letter Template – Now updated for recent TASA changes. Make sure to review and implement before 1 July 2025.Refreshed Website & Member Centre – Includes an improved global search feature for easier navigation.Online Coffee Club Recap – Covers key updates on CPE requirements and the QMS system changes coming in July 2025.2. Breach Reporting Obligations (with Kelvin Deer)Breakdown of new breach reporting rules under TASA, in effect from 1 July 2024.Who must report breaches and what qualifies as a “significant breach.”Timeframes and obligations – reports must be submitted within 30 days of awareness.Implications for BAS agents and failure to report.Practical tips: Record-keeping and compliance steps to stay on top of the new requirements.3. Payday Super Update (with Peter Thorp)New seven-day rule requiring super contributions to be received by the employee’s fund within seven days of payday.Current issues with clearing house delays and processing times, making compliance difficult.The ATO’s increasing role in enforcing compliance through data-matching.Potential penalties for employers, even if they initiate payments on time.Advocacy efforts to push for a more practical implementation of the rule before it becomes law.4. Changes to Tax Deductibility of ATO Interest (with Darren Hagarty)Government proposal to remove tax deductions for ATO interest charges (SIC & GIC) from 1 July 2025.Impact on businesses with ATO tax debt.Strategic steps bookkeepers can take to help clients manage their tax obligations ahead of the changes.