The BK Pod - Episode 7: Navigating QMS, Payday Super, and Novated Lease Challenges
Episode Summary
In 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 Takeaways
- The 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.
What is BK Pod?
Technical. Reliable. Fun.
BK Pod brings you the latest bookkeeping news, industry updates and conversations with industry leaders, Kelvin Deer, Peter Thorp, Kellie Powell and Darren Hagarty. From technical content to current events, BK Pod is an easy to listen to audio experience, packed with essential updates and insights for our bookkeeping community.