From 1 July 2026, there is more red tape coming for small business owners.
New
Anti-Money Laundering (AML)
and Counter-Terrorism Financing (CTF)
obligations, overseen by AUSTRAC,
mean accounting firms are now legally required to take a more formal role in confirming identity and business details as part of
providing professional services.
This is aimed at reducing the risk of the financial system being misused. For small business owners, this means you may notice more questions, additional verification steps, extra paperwork, and added compliance fees when we onboard you or update your details.
Whilst these changes are designed to strengthen the financial system, they add another layer of administration, time, and cost for both accountants and small businesses. Here we explain why these changes are happening, what they mean for business owners, and how we will support you through the extra compliance in a clear, practical, and transparent way.
| Costs and fees: What to expect (and why) |
We want to be upfront. This creates additional compliance and licencing costs for accounting firms. Those costs fall into two buckets:
Industry bodies are estimating this additional compliance could be around 2% of fees charged by accountants across
services. We are currently working through what that looks like in practice for different client types and structures.
| Stronger Protection. Stronger Business. |
| These changes are designed to protect small businesses, strengthen trust, and reduce the risk of fraud and misuse across the financial system. With the right guidance, they help you operate with greater confidence, clarity, and security. |
