From 1 July 2026, there are some important changes coming to how accounting firms operate across Australia.
In simple terms, new anti-money laundering (AML) laws will apply to accountants, as well as industries like law and real estate. These changes are part of a broader effort to strengthen how financial systems are protected.
If you’ve ever opened a bank account or applied for a loan, you’ve already experienced this in action. The same type of identity checks will now apply to certain services we provide.
Why Are These Changes Happening?
Australia is aligning with global standards that have been in place in many other countries for years, including the UK, New Zealand, and across Europe.
These laws are designed to prevent financial systems from being used for illegal activities such as money laundering or fraud.
Industries like accounting, legal, and real estate are included because they are often involved in setting up structures, managing transactions, and handling funds. While the vast majority of clients are doing the right thing, these safeguards help protect everyone.
What’s Actually Changing?
From 1 July 2026, we’ll be required to complete identity checks before starting certain types of work.
These apply to what the legislation calls “designated services”, which may include:
- Setting up or restructuring a company, trust, or SMSF
- Assisting with buying or selling property
- Managing funds or assets on your behalf
- Acting as a director, trustee, or nominee
It’s important to note that your regular services, such as tax returns, BAS, bookkeeping, payroll, and general advice, are not affected.
What This Means for You
If you engage us for one of these services, we’ll guide you through a simple verification process.
This may include:
- Providing photo ID (such as a driver’s licence or passport)
- Confirming basic details like your address and date of birth
- Answering a few questions about the purpose of the work
- Providing documents for any entities involved (such as companies or trusts)
In some cases, we may also ask about the source of funds or other standard compliance questions.
This is the same type of process you would go through with a bank or lender, and it applies to all clients across all accounting firms.
Will This Slow Things Down?
These checks do need to be completed before certain work can begin, which means there may be an extra step at the start of some engagements.
The good news is that for most clients, the process is quick and straightforward. In many cases, we may already have some of the required information on file.
Our goal is to keep things moving efficiently and minimise any disruption.
What Do You Need to Do Now?
Nothing at this stage.
We’re sharing this now so you’re aware of what’s coming and can feel prepared. If and when these requirements apply to you, we’ll guide you through exactly what’s needed.
How We’ll Support You
We’re already preparing for these changes behind the scenes so that when the time comes, the process is as smooth and simple as possible.
You won’t be left to figure this out on your own. We’ll explain what’s required, help you gather anything you need, and keep things moving.
If you have any questions or want to talk through how this might affect you, feel free to get in touch with our team.
Final Thoughts
While these changes are new for accounting firms in Australia, they are part of a broader shift happening globally.
For you, it simply means a few extra checks for certain types of work. For us, it’s about making sure we continue to support you while meeting our obligations.
As always, we’re here to help you stay informed, stay compliant, and stay in control.
