I just purchased a GH4 and am importing clips into FCP 7 for testing.
There is no time code showing up. in the FCP 7 viewer, the left side is showing the entire length of the clip. The right side is showing the running time. Each clip is starting at :00. Properties for the clip show no Time code.
According to the manual, TC is automatically generated. I am using running TC. It is visible on the LCD screen