I don’t normally write a lot about regulatory stuff but these two things are really important.
Anti Money Laundering / Counter Terrorism Financing Tranche 2
A while back I picked up on changes in respect of AML / CTF that pretty much all accountants are affected by. From 1 July 2025 there are significant obligations on accountants when they deliver certain services in respect of the client. I describe it as the TPB identification stuff on steroids.
I’ve had the team at Easy AML briefing my clients on the requirements and you can see a good summary here: AML/CTF Compliance for Accountants | Tranche 2 | easyAML
Whether you like it or not, this is another layer of red tape you are going to have to get used to and you need to take action to be ready for 1 July 2026.
Lodgement of accounts for large proprietary companies
Recently ASIC issued what they call Report 819. If you have any large proprietary companies you assist in any way you really need to read this report.
REP 819 ASIC’s oversight of financial reporting and audit 2024–25 | ASIC
In short, ASIC is giving notice that it is chasing down large proprietary companies not lodging their accounts with ASIC. A few fines have been issued for hundreds of thousands of dollars each. There will be more like that,
ASIC’s view appears to be “you have been warned”.
Please check if you have any large proprietary companies on your books and if so that accounts have been lodged.