AML/CTF Tranche 2: Accountant Obligations from July 2026
In short: From 1 July 2026, Australian accountants who provide designated services, such as setting up or administering companies and trusts, are AML/CTF reporting entities. They must enrol with AUSTRAC, appoint a compliance officer, run an AML/CTF programme, complete customer due diligence, report suspicious matters and keep records, generally for seven years. Routine tax returns and bookkeeping alone may not trigger this.
Read MoreATO Shadow Economy Crackdown: What the Funding Targets
In short: The ATO's shadow economy crackdown runs on Australia's 2025-26 Budget funding: $155.5 million over four years from 1 July 2025 targets under-reported income, cash-in-hand work, GST evasion, worker exploitation and illicit tobacco. Another $75.7 million, for personal income tax compliance, adds capacity to match platform and other data against returns. The 2026-27 Budget added $86.3 million for the ATO's Counter Fraud Strategy.
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