Professional Conduct, GIC & PAYG: What Bookkeepers Need to Know

In 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!