BK Pod

In this month’s BK Pod, we cover two key developments affecting the bookkeeping profession. First, we provide an update on the proposed Tranche 2 Anti-Money Laundering (AML) reforms and what they may mean for BAS agents and bookkeepers. A practical decision-tree approach is discussed to help practitioners determine whether their services may trigger a requirement to register with AUSTRAC. The discussion focuses on three potential “hotspots”: acting as a director or trustee for a client, providing a registered office or business address, or receiving, holding or controlling a client’s money as part of executing transactions. Importantly, it is clarified that simply preparing ABA payment files or having limited authority where the client still approves payments will not generally constitute control of client funds.The episode also explores recent developments following the Tax Ombudsman’s report into ATO agent services. The report identified several areas where the ATO’s engagement with tax and BAS agents could be improved, particularly in relation to digital services, phone support and overall interaction with the agent community. In response, the ATO has acknowledged many of the concerns raised and committed to addressing the issues through a structured consultation process.As part of this response, a new consultation forum known as the Tax Practitioners Implementation Consultation (TPIC) group has been established. The group brings together ATO representatives, professional associations and practitioners to work through the report’s recommendations and develop practical improvements. While meaningful reform will take time, the early meetings indicate a clear commitment to improving systems and strengthening the relationship between the ATO and the agent community.Key TakeawaysAML Tranche 2 reforms may require some BAS agents or bookkeepers to register with AUSTRAC, depending on the services they provide.Three key AML “hotspots” include acting as a director/trustee, providing a registered business address, or controlling client funds during transactions.Preparing ABA files or payment batches alone does not constitute control of client funds, meaning AUSTRAC registration is generally not required in those cases.The Tax Ombudsman’s report identified major issues in ATO agent services, particularly digital systems and phone support.The ATO has established the TPIC consultation group to work with industry bodies and agents to implement improvements and address the report’s recommendations.

The latest episode of the BK Pod is out now—bringing you practical insights and updates to support your practice as we move into 2026. Kelvin Deer (ABN Director) steps through a suite of new and upcoming tools for BAS agents, including the BAS Agent Readiness Checklist, AML/CTF Kit, Supervision & Review Playbook, Breach Reporting Guide, and the soon-to-be-released Payday Super Kit. Then Peter Thorp and Kerrie Jarius unpack the ATO’s recent changes to the General Interest Charge (GIC) remission process. They explain what’s new, how to lodge remission requests using the new form, and what bookkeepers can expect when dealing with debts under—and over—$2,500.In this episode:Your 2026 Toolkit for AML, Payday Super, QMS, plus staff/contractor supervision, and the updated breach reporting rulesHow to use the new ATO remission form and where to lodge itWhy small debt cases under $2,500 may now be faster and easier to resolveWhat the new written outcomes mean for you and your clientsWhich remission claims still rely on individual case officer discretion

In this episode of the BK Pod, we cover three key developments impacting bookkeepers and their clients: the evolving legal tests distinguishing contractors from employees, the upcoming closure of the ATO’s Small Business Super Clearing House (SBSCH), and important reminders around cyber security heading into the new year.The episode focuses on the recent Dickerson v Kagura Games case, which examined whether a remote Australian worker—contracted by a US gaming company—was an employee under the Fair Work Act. Despite the contract being labelled “independent contractor,” the Fair Work Commission applied the new section 15AA test, introduced in August 2024. This test looks beyond the contract to the true nature and substance of the working relationship. In this case, the Commission found that Ms Dickerson was, in fact, an employee, due to the control and direction imposed on her by the company.We also discuss the closure of the SBSCH, which will be permanently decommissioned at 11.59 pm on 30 June 2026. Bookkeepers should begin preparing clients now for this transition. The ATO has confirmed that access to the system and its stored information will cease at that time, with no guarantee of post-closure access. However, SG payments can still be made using previously generated payment references until 28 July 2026—as long as the submission was made before the June deadline.The final segment focuses on cyber security risks, particularly around ATO systems and client portals. While the ATO will usually cover fraudulent activity when a breach occurs without agent or client fault, the administrative burden and reputational risk remain significant. The key message here is that proactive cyber hygiene—including strong passwords, multi-factor authentication, and client education—is essential heading into the new year.Key Takeaways The section 15AA test under the Fair Work Act looks at the real working relationship, not just the contract terms.Even if someone is labelled a contractor, they may still be an employee for Fair Work purposes—bringing super, leave, and unfair dismissal rights into play.The ATO’s SBSCH will close permanently on 30 June 2026—ensure clients extract reports and transition to a new clearing house well before then.SG payments submitted before 30 June can still be paid up to 28 July 2026 using existing PRNs.Cyber attacks on tax and BAS agents are rising—now’s the time to review and reinforce your digital security systems.

In this episode, Kelvin Deer, Peter Thorp and Kerrie Jarius tackle two of the biggest upcoming changes impacting bookkeepers and BAS Agents — the expansion of Anti-Money Laundering (AML) rules and the introduction of Payday Super (PDS). These reforms are reshaping compliance and cash flow planning, and while both carry uncertainty, the message is clear: preparation and perspective are key.Kelvin opens by cutting through the noise around the upcoming AML reforms. There’s been confusion online about whether BAS Agents will be captured from 1 July 2026. He notes it’s not about job titles, but rather the services that are provided. He notes that Table 6, Item 3 is intended for scenarios where a professional controls or manages client funds in connection with executing a transaction and poses the question whether routine bookkeeping activities — including payroll and standard AP workflows — , on their face value, fall into that category, but it depends on the facts.Kelvin emphasises that the ABA are working with CPA Australia, to actively engage with AUSTRAC to clarify these boundaries for BAS Agents, particularly around payroll and accounts payable. The message to listeners is to treat sweeping claims with caution, stay calm, and look out for formal guidance when known.The discussion then shifts to the Payday Super reforms and what they mean for small business cash flow. Pete and Kerrie highlight that from 1 July 2026, employers will need to pay super on payday instead of quarterly — a change that effectively brings forward about one-third of a business’s annual super liability. For many, especially in hospitality, construction, and seasonal industries, this could create a serious short-term cash strain. They walk through practical ways to prepare, such as progressively moving SG payments forward now, setting aside funds, or adjusting credit facilities. The ATO’s transitional guidance (PCG 2025/D5) introduces a “traffic light” system, offering leniency for employers making genuine efforts to comply. However, bookkeepers should help clients plan early to avoid penalties once the hands-off period ends.Key TakeawaysAML reform from 1 July 2026 focuses on what services you provide, not your job title.Routine bookkeeping, payroll, and admin appear incidental and not captured — but final AUSTRAC clarification is pending.ABA working with CPA Australia to actively engage AUSTRAC to confirm practical implications for BAS Agents.Payday Super will require employers to pay SG on payday — a permanent shift bringing forward ~⅓ of annual SG costs.Industries with tight or seasonal cash flow will need tailored planning to meet the change.ATO’s PCG 2025/D5 provides a one-year grace period with reduced compliance action for genuine attempts to comply.Bookkeepers should start conversations with clients now to manage both compliance uncertainty and cash flow impact.The overarching message: don’t panic — plan early, stay informed, and adapt proactively.

In this edition of BK Pod, Peter and Kerrie discuss Ordinary Time Earnings (OTE). The Payday Super (PDS) legislation also introduces an adjacent term, Qualifying Earnings (QE), that, together with OTE, will drive key elements of PDS. That means a very clear working knowledge of OTE becomes essential. Interpretive material on the ATO website has been enhanced to assist in this improved understanding, particularly in areas such as allowances, leave, and terminations. The second half of the podcast previews the Build, Grow, Succeed Roadshow, taking place in five cities this October. The event delivers practical, non-software content for bookkeepers, including sessions on succession planning, compliance updates, and business growth strategies. Dale Dixon highlights MYOB’s support of the event, emphasising its educational focus. A live panel session, interactive learning, and CPD hours make the roadshow a valuable development opportunity, alongside networking with fellow professionals.Key TakeawaysOTE explanatory material now updated: better and clearer explanations and examples regarding ‘all things OTE’ now available on the ATO website. Bookkeepers must be well versed in OTE inclusions & exclusions in order to properly deal with the Pay Day Super regime. The Build, Grow, Succeed Roadshow runs across five cities in October, offering CPE and practical content tailored to bookkeepers.Sessions include succession planning, compliance updates, Scaling Sharp, and a live Q&A panel—with a focus on learning, not software demos.

In this edition of BK Pod, Peter and Kerrie provide an update on the confirmed closure of the SBSCH, which will occur at midnight on 30 June 2026, regardless of Payday Super legislation timing. With over 250,000 employers needing to transition to a new Clearing House, bookkeepers will play a crucial role in educating clients, offering advice, and in some cases, implementing new solutions. The focus now is communication, with the ATO expected to ramp up messaging in the lead-up to the shutdown.The second half of the podcast previews the Build, Grow, Succeed Roadshow, taking place in five cities this October. The event delivers practical, non-software content for bookkeepers, including sessions on succession planning, compliance updates, and business growth strategies. Dale Dixon highlights MYOB’s support of the event, emphasising its educational focus. A live panel session, interactive learning, and CPD hours make the roadshow a valuable development opportunity, alongside networking with fellow professionals.Key TakeawaysSBSCH will shut down on 30 June 2026; bookkeepers should prepare clients now by identifying users and helping transition to a new Clearing House.Bookkeepers may be called on to advise on or implement CH solutions depending on client needs and engagement.The Build, Grow, Succeed Roadshow runs across five cities in October, offering CPE and practical content tailored to bookkeepers.Sessions include succession planning, compliance updates, Scaling Sharp, and a live Q&A panel—with a focus on learning, not software demos.

STP Finalisation & GIC Remission Reform: Two Critical Topics for BookkeepersIn this edition of BK Pod, Pete, Kelvin, and Kellie cover two key issues that every BAS Agent and bookkeeper should have on their radar as EOFY wraps up and a new financial year begins.First, Pete and Kellie discuss GIC remission reform, with an update on the ATO’s planned changes to how General Interest Charge remission requests are processed. From inconsistent outcomes to long wait times, the current system is causing real headaches for agents and clients alike—but help is on the horizon.Then, Kelvin tackles a common year-end dilemma: can you finalise Single Touch Payroll (STP) when wages haven’t actually been paid yet? Drawing from a real-world helpline query, he unpacks how the rules differ depending on whether the worker is a director or a standard employee—and what to do in each case to stay compliant.Key Takeaways:Unpaid director wages can still be finalised through STP if they’re redirected to a loan account—this counts as a “constructive payment” under tax law.Closely held payees (like directors) get extra time—you have until 30 September to finalise STP for them.Arms-length employees must be paid before 30 June for wages to be included in that year’s STP report—otherwise, it rolls into the new year.GIC and SIC are no longer tax-deductible from 1 July 2025, making late payments significantly more costly.The ATO is overhauling the GIC remission process, with interim improvements coming and full practitioner consultation expected later in 2025.BAS Agents are seeking clearer rules, faster turnaround, and fairer outcomes, especially for small remissions that shouldn’t be a burden to claim.If you’re dealing with June and July payrolls—or preparing to lodge GIC remissions—this double-topic episode is packed with practical insight, legislative detail, and a look ahead at important reforms on the horizon.

Professional Conduct, GIC & PAYG: What Bookkeepers Need to KnowIn this episode of BK Pod, Kellie, Pete, and Kelvin unpack two critical updates every BAS Agent and bookkeeper needs to know. First, Pete and Kellie discuss the big shift in how the ATO is treating General Interest Charges (GIC) and Shortfall Interest Charges (SIC). From 1 July 2025, GIC and SIC are no longer tax-deductible, making late payments a much more expensive risk—around credit card interest rates. The team shares why remission requests are now far less likely to succeed and outlines practical steps bookkeepers can take to help clients avoid unexpected GIC bills.Key Takeaways:GIC and SIC are no longer tax-deductible as of 1 July 2025—late lodgments now carry serious cost risks.ATO remission practices have tightened: assume remissions are rare and build client processes accordingly.BAS Agents now have six new code obligations including record-keeping, QMS, and transparency with clients.Regular client education and internal planning are essential for both GIC risk management and code compliance.Kelvin then runs through the six key changes to the Code of Professional Conduct for BAS Agents that also took effect from 1 July 2025. These changes cover everything from ethical standards and supervision requirements to quality management systems and client communication obligations. The team emphasizes why solo BAS agents and small practices need to update their processes now to stay compliant and protect their professional standing. Darren talks about PAYG Instalment Variations in the latest episode of Getting Technical.  If you want clear, practical tips on staying ahead of these changes, this is an episode not to miss!

QMS – TPB PerspectiveIn this episode of BKPod, Peter Thorp sits down with Deb Anderson from the Tax Practitioners Board to unpack one of the newest compliance obligations facing bookkeepers—Quality Management Systems (QMS). Now a requirement under Section 40 of the 2024 Code of Professional Conduct Determination, QMS is more than a buzzword—it's a practical system every BAS agent needs to understand.Deb explains how the TPB has consulted widely with the profession to develop realistic, proportionate guidance for practices of all sizes. She breaks down what a QMS is, why it matters, and what bookkeepers can do to get started.The conversation also explores key considerations, including:What the QMS requirement actually covers - and why it goes way beyond client workHow existing checklists, templates, and client onboarding processes can form part of your QMSWhy risk management and consistency are the heart of quality assuranceWhat sole practitioners can do to comply without overcomplicating thingsEnd of Financial Year TipsAs EOFY approaches, Kerrie Jarius shares practical tips to help bookkeepers squeeze 2 month’s work into one around EOFY. Managing deadlines, understanding deferrals, managing teams and clients as well as managing stress are all important. Peter & Kerrie also look at ATO & TPB changes that will affect the New Financial Year. There are immediate ATO impacts of GIC and SG changes as well as the TPB’s Code of Conduct changes including the QMS kick in from 1 July.  Whether you’re a solo bookkeeper or part of a larger team, this episode offers some practical, jargon-free tips to negotiate the EOFY ‘workload crush’ and come out smiling. Use the EOFY as a springboard for stronger compliance and start FY 20026 on the right foot.

In this episode of BK Pod, Kellie Powell, Leanne Lewis and Darren Hagarty shine a spotlight on one of the most misunderstood areas in bookkeeping—accounting for travel expenses. As the end of financial year approaches, we unpack the nuances that bookkeepers need to understand when it comes to travel-related claims and entitlements.They begin by clarifying the difference between a travel allowance and a living away from home allowance (LAFHA)—two similar-sounding concepts with very different tax treatments. Darren explains when a travel allowance is considered "reasonable" by the ATO and why this matters when substantiating claims.The discussion also touches on broader travel-related issues, including:What qualifies as business travel (and how to prove it)When a travel diary is requiredHow poor documentation can jeopardize tax-free treatmentAnd why distinguishing between “travel” and “relocation” is essential

In this episode of BKPod, we’re tackling three urgent topics that every bookkeeper and BAS agent needs to have on their radar.First up, Kelvin Deer joins us to unveil ABN’s upcoming QMS Intensive. With new TPB regulations requiring all BAS agents to maintain a documented Quality Management System (QMS), Kelvin explains what this means for bookkeepers—regardless of business size. He breaks down the seven key elements of a compliant QMS, why an Operations Manual alone isn’t enough, and how ABN’s new manual and intensive program will save you time, reduce compliance stress, and even contribute to your CPE hours.Next, Peter Thorp and Kerrie Jarius dig into the ATO’s aggressive new stance on small business debt. From firmer recovery actions and warning letters to DPNs, garnishees, and wind-ups, the ATO is shifting gears post-pandemic—and bookkeepers are on the frontlines. Kerrie shares practical tips on managing tax debt, dealing with tighter payment plan rules, and educating clients on the rising cost of using the ATO as a ‘bank’, especially with GIC interest now non-deductible from 1 July 2025.Finally, Darren Haggerty gives us a quick update on a major legislative change: from 1 July 2025, super will be paid on Government-funded paid parental leave. In this edition of “Getting Technical,” Darren outlines who’s eligible, how the new super payments will be calculated, and what this means for employers and reporting.Whether you're building out your QMS, helping clients navigate ATO pressure, or staying ahead of legislative shifts, this episode is packed with must-know insights for bookkeepers. Tune in now! 🎧

In this episode of BKPod, we dive into three major changes affecting bookkeepers and BAS agents right now.First, Kelvin Deer explores the growing role of AI in bookkeeping, from automating client education and content creation to streamlining reporting and admin tasks. Learn how AI tools can boost efficiency—without replacing human expertise.Next, Peter Thorp and Kerrie Jarius break down the upcoming Payday Super changes, including the challenges of the new 7-day rule, cash flow concerns, and the impact on bookkeepers and their clients. With an election on the horizon, we discuss whether implementation delays are likely and what you should be doing now to prepare.Finally, Darren Hagarty explains the latest STP Engagement Authority update, which allows businesses to provide a 12-month standing declaration for STP lodgements. Find out how this new rule simplifies compliance and what bookkeepers need to know before advising clients.Whether you're looking to stay ahead of industry trends, refine your processes, or future-proof your business, this episode is packed with valuable insights. Tune in now! 🎧

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.

The BK Pod - Episode 7: Navigating QMS, Payday Super, and Novated Lease ChallengesEpisode SummaryIn this episode of The BK Pod, Kellie Powell and her guests tackle critical updates and challenges for bookkeepers as the year winds down. From the latest on the Tax Practitioners Board (TPB) Code of Conduct changes to the implications of Payday Super, this episode is packed with actionable insights. Special segments also delve into accounting for fully serviced novated leases, ensuring listeners leave with the tools and knowledge they need for the year ahead.TPB Code of Conduct Changes (with Kelvin Deer)Kelvin Deer, Director of ABN and ABA, provides an in-depth look at changes to the TPB Code of Conduct, effective July 1, 2025.Competency: The importance of maintaining knowledge, proper record-keeping, and preparing for minor adjustments.Quality Management Systems (QMS): Tailoring QMS practices to the size and scope of your business.Key Assurance: BAS agents have ample time to prepare, with ABN ready to provide tools and templates.Payday Super Update (with Peter Thorp & Kerrie Jarius)Peter and Kerrie break down the government's upcoming Payday Super initiative, slated for a 2026 rollout.Challenges:Replacement of the Small Business Clearing House.Seven-day payment obligations and compliance monitoring.Cash flow and administrative strain on small businesses.Silver Linings: Improved super compliance, enhanced employee benefits, and new opportunities for bookkeepers to offer premium payroll services.Accounting for Novated Leases (with Darren Hagarty)Darren explores the complexities of fully serviced novated leases, offering a preview of the latest Bookkeepers Knowledge Base publication.Overview: Benefits for employers and employees and key steps in managing novated leases.Detailed Guidance: Step-by-step framework covering payroll deductions, GST, FBT, BAS implications, and adjustments.Case Study: Practical examples to simplify the accounting process.Key TakeawaysThe TPB Code of Conduct changes require preparation but are manageable with ABN’s support.Payday Super introduces significant changes, but proactive planning can turn challenges into opportunities.Fully serviced novated leases are complex but offer a rewarding area for bookkeepers to provide value-added services.

Episode Summary:In this episode, Darren Hagarty, a technical specialist with ABN, delivers an insightful session on key changes in the tax, superannuation, and GST landscapes for 2024, with a forward look into 2025. Darren explores pressing topics from the Australian Taxation Office's (ATO) current areas of focus and legislative updates to court cases shaping the field. This episode is a must-listen for BAS agents, bookkeepers, and anyone looking to stay updated on the latest developments impacting tax and superannuation compliance.IntroductionDarren opens with an overview of the episode’s focus, highlighting the importance of tax and super compliance awareness for bookkeepers. He emphasizes practical insights over standard tax rate changes, aiming to equip listeners with knowledge of ATO's latest priorities and potential pitfalls.Income Tax and Rental PropertiesDarren dives into income tax, focusing on rental properties. He shares the ATO’s heightened scrutiny on rental property deductions, especially around interest deductions, repairs vs. improvements, and private use adjustments. He emphasises the necessity of accurate records to avoid common compliance issues.Superannuation and ContractorsThis segment addresses the superannuation guarantee (SG) obligations for contractors, a common compliance challenge. Darren discusses recent legal cases with contrasting outcomes, highlighting the risks and the complex SG rules that apply even to contractors with ABNs.Personal Services IncomePersonal Services Income (PSI) is a hot topic, with new ATO compliance guidelines making it essential for business owners to assess the risk of their income arrangements. Darren explains the PSI rules and potential compliance pitfalls for those using companies or trusts to manage personal service income.TrustsDarren discusses the complexities of managing trusts, from trust distributions and elections to new ATO compliance rules. He breaks down real-world examples of distribution errors and compliance issues. Key cases, including Bendal v. Commissioner of Taxation and Owies, further illustrate the importance of precise trust management and highlight legal considerations affecting trustees.Super Guarantee Data Matching and LettersThe ATO’s data-matching technology is flagging SG non-compliance based on payroll and superannuation fund data. Darren shares tips for employers who receive SG query letters, encouraging them to verify ATO data, especially when payment timing is unclear.Payday Super and Future Superannuation ChangesLooking ahead to July 2026, Darren touches on the Payday Super changes, requiring employers to remit super contributions concurrently with payroll. Additionally, he covers the new Division 296 legislation imposing an extra tax on high-balance super accounts, expected to impact more Australians over time due to non-indexation.

In this episode, we explore the evolving landscape of the bookkeeping profession and the importance of open consultation with the Australian Taxation Office (ATO), and the implications of recent legislative changes, including payday super. Our panel discusses the challenges and opportunities these developments present, stressing the need for proactive engagement and strong advocacy within the industry. Key themes include the power of professional communities, the impact of new regulations on payroll practices, and ongoing efforts to combat fraud and cybersecurity risks.ATO Collaboration and Legislative ImpactThe panel discusses the importance of ATO consultation and how practitioner feedback is essential to refining processes and implementing effective policies. They examine the impact of the Payday Super proposals that are the most impactful super reforms in over 30 years and how these changes will impact but BAS Agents and their small business clients.Advocacy and the Importance of CommunityProfessional associations like the ABA are shown to be pivotal for advocating on behalf of BAS agents and keeping practitioners informed of industry changes. The discussion emphasizes that strong community connections help agents stay resilient and proactive amid change.Payroll Cycles and Compliance ChallengesAs payroll regulations evolve, understanding the nuances of payroll cycles is increasingly vital for compliance. Our experts discuss strategies for adjusting to new requirements and ensuring timely and accurate super contributions.Cybersecurity and Fraud PreventionThe episode wraps up with a look at the growing cybersecurity concerns within bookkeeping practices. The ATO’s commitment to addressing fraud and identity theft is acknowledged, and the panel offers insights into safeguarding client information.

In this episode of BK Pod, we cover a range of essential updates and technical insights for bookkeepers. First, Kelvin Deer walks us through the complex issue of converting foreign currency transactions into Australian dollars, sharing two primary methods for handling income and expenses. Then, Peter Thorp and Kerry Jarius discuss the new Payday Super initiative outlined by Treasury, highlighting the impact of these changes on small and medium businesses. Finally, Darren Hagarty delves into the interaction between the margin scheme and GST at settlement, providing BAS reporting tips.Whether you are dealing with clients who manage foreign transactions, navigating the upcoming superannuation changes, or looking to refine your BAS reporting skills, this episode is packed with valuable content.Foreign Currency Transactions with Kelvin Deer (00:01:32 - 00:10:22)Kelvin covers the essentials of converting foreign income and expenses to Australian dollars, explaining the spot rate and average rate methods. He discusses how to handle foreign currency fluctuations, record-keeping requirements, and how software can help manage the process efficiently.Payday Super Initiative with Peter Thorp and Kerry Jarius (00:10:22 - 00:25:50)Treasury's new fact sheet on "Payday Super" reveals that employers will need to pay superannuation on payday, not quarterly. This segment explores the implications of these changes, including a simplified penalty system, tax deductibility of the super guarantee charge, and concerns around cash flow management.Margin Scheme and GST at Settlement with Darren Hagarty (00:25:50 - 00:27:17)Darren highlights a recent edition of Getting Technical which covers the interplay between the margin scheme and GST at settlement for BAS reporting. He explains how this edition addresses common misunderstandings and provides a detailed example to clarify how bookkeepers should manage this in their BAS reporting.

Welcome to another episode of BKPod, brought to you by ABN. This episode is packed with crucial updates and insights into superannuation, cyber security, and payroll management. Here’s what’s covered:Superannuation Guarantee Charge (SGC) - Kelvin Deer:Superannuation Payments: Employers must pay 11.5% of an employee's ordinary time earnings into their super fund by the 28th day of the month following each quarter. If payments are missed or late, employers must lodge a Superannuation Guarantee Charge (SGC) Statement.SGC Components: Includes the shortfall amount (unpaid super), nominal interest (10% per annum from the start of the quarter), and an administration fee ($20 per employee per quarter). Payments made late don't eliminate the need for an SGC statement but can be offset against the charge.Filing and Penalties: SGC Statements are filed online. Late payments may incur additional penalties, including a Part 7 penalty of up to 200% of the charge. Educating clients on timely payments and utilizing reminders or automated systems can help avoid these issues.Overlinking and Cyber Security - Peter Thorp & Kerrie Jarius:What is Overlinking?: A form of cyber fraud where criminals create fake MyGov accounts and link them to victims' ATO and Services Australia accounts. This can lead to unauthorized changes in bank details and fraudulent claims.Prevention Tips: Secure MyGov accounts by linking them to a strong MyGov ID. Be cautious of identity theft and ensure accounts are protected. Regularly check accounts and update security measures.Superannuation for Minors - Darren Hagarty:Superannuation Requirements for Minors: Unlike adults, minors must work more than 30 hours per week for superannuation guarantee eligibility. The recent abolition of the $450 monthly threshold means all earnings are now subject to super contributions, regardless of the amount.Key Takeaways:Ensure timely and full superannuation payments to avoid SGC statements and penalties.Protect your MyGov account with strong security measures to prevent cyber fraud.Understand the specific superannuation requirements for minor employees to ensure compliance.For more detailed information, including step-by-step guides and further technical resources, refer to ABN’s online materials and technical publications.

In this episode of the BK Pod, we provide bookkeepers with updates on the latest news, legislative changes, and industry updates relevant to the industry. Kelvin Deer, ABN/ABA Director, and Hank De Jonge, Director of De Jonge Read, discuss the ATO's increased efforts to collect outstanding tax debts, which have grown significantly, and emphasise the severe implications for businesses with tax debts and provide advice on proactive measures to handle these debts. ABA Directors Peter Thorp and Kelvin Deer review the new determination and its impacts on the bookkeeping profession. They discuss the government's consultative approach in response to the PwC debacle and outline key points from the government's discussion paper on TPB registration requirements. And Darren Hagarty, ABN Director, highlights the recent edition of the Bookkeepers Knowledge Base on shareholder loans and Division 7A, in which he explains the legislation, its implications for bookkeepers, and provides practical guidance on managing these loans to support accountants' year-end work.ATO Aggressive Tax Debt Collection PoliciesKelvin Deer, ABN/ABA DirectorGuest: Hank De Jonge, Director of De Jonge ReadDiscussion on ATO's more aggressive tax debt collection policiesATO's increasing collectible tax debt from $26 billion in 2020 to over $50 billion in 2024Implications for businesses with ATO debtATO's use of tools such as reporting overdue tax debt to credit reporting agencies and issuing directors' penalty noticesAdvice for businesses facing ATO debt: don't ignore the issue, seek help, and take proactive measuresFind out more about De Jonge Read here: www.djra.com.au/Review of eligibility requirements for registration with the Tax Practitioners BoardPeter Thorp, ABA DirectorGuest: Kelvin DeerDiscussion on the Review of eligibility requirements for registration with the Tax Practitioners BoardOverview of government response to the PwC debacle and new initiativesKey points from the government discussion paper on TPB registration requirementsImpact on bookkeeping community and relevant changesEmphasis on the importance of consultative processes for better outcomesRead the consultation paper here: Consultation paper: Review of eligibility requirements for registration with the Tax Practitioners Board (treasury.gov.au) Shareholder Loans and Division 7ADarren Hagarty, ABN DirectorFocus on the recent edition of the Bookkeepers Knowledge Base (BKB) on shareholder loans and Division 7AOverview of Division 7A legislation and its implicationsPractical guidance for bookkeepers on managing shareholder loansImportance of complying loan agreements, maintaining separate loan accounts, and accurate recording of transactionsRead the BKB here: https://www.austbook.net/membersbkb Don't forget to grab your ticket to The Bookkeeper Event in October here! You can see the full agenda here 

Welcome to this episode of the BKPod, where we bring you the latest updates and critical information for bookkeepers. Join Kellie Powell, Kelvin Deer, Kerrie Jarius, Peter Thorp and Darren Hagarty as they discuss July and August timelines, small business ATO debt program and Super Guarantee data matching. Kelvin Deer - Key Deadlines for the New Financial YearBreakdown of July and August timelinesImportant tasks for clients, ATO, and self-managementTips for managing stock adjustments, asset registers, aged receivables/payablesUpdating payroll systems and handling new pay rates, allowances, and salary sacrificesStrategies for handling ATO compliance reporting and key deadline datesPersonal and business planning for bookkeepers: engagement letters, pricing, and budgetsPeter Thorp and Kerrie Jairus - Small Business ATO Debt ProgramInsights from the recent BAS Agent Association Group (BASAG) meetingDiscussions on small business tax office debt and the ATO's tougher stance on debt collectionKey points on DPNs, credit agency reporting, and GIC remissionImportance of being proactive in handling tax office communications and debt managementBookkeepers’ role in assisting clients with cash flow and tax office debtDarren Hagarty - Getting Technical: ATO Data Matching of Superannuation Guarantee ObligationsOverview of the latest ABN "Getting Technical" publicationDetails on super guarantee data matching and ATO correspondence to taxpayers