STP Finalisation & GIC Remission Reform: Two Critical Topics for Bookkeepers
In 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.