Not everything we do is covered by the new AML laws. Here’s how it works in practice.
One of the most common questions clients are asking is: does this affect everything my accountant does for me?
The short answer is no.
Understanding the difference between what is and isn’t affected is the most helpful way to prepare for what’s coming.
From 1 July 2026, Australia’s AML/CTF laws will apply to specific services provided by accountants. These are referred to as “designated services” and generally relate to transaction and structuring work.
If you engage us for one of these services, we’ll need to complete identity checks and a few compliance steps before getting started.
For most clients, this won’t apply to the day-to-day work you already rely on us for.
What Triggers AML Checks
The services that fall under the new rules are generally those involving transactions or changes to structures.
In practical terms, this may include:
- Setting up a new company, trust, partnership, or other entity
- Restructuring an existing entity, such as changing directors or updating a trust
- Assisting with buying, selling, or transferring property
- Managing or holding funds as part of a transaction
- Arranging financing, including debt or equity
- Acting as, or arranging, a director, trustee, or nominee
- Providing a registered office or business address
If you’re engaging us for this type of work, we’ll guide you through what’s required before we begin.
What Doesn’t Trigger AML Checks
Most of the services our clients use regularly are not affected by these changes.
This includes:
- Preparing and lodging tax returns
- BAS preparation and lodgement
- Bookkeeping and payroll
- Ongoing accounting support
- General business advisory
- Financial statements, audit, and assurance
- Tax planning discussions that don’t involve setting up structures
So for your regular compliance and advisory work, it’s business as usual.
The Key Difference
In simple terms, there’s a difference between advice and action.
If we’re talking through options or helping you understand what might be right for your situation, that doesn’t trigger AML requirements.
Once we move into actually setting things up, making changes, or carrying out a transaction, the additional checks apply.
This is the point where we’ll step in and guide you through the process.
Not Sure If Your Work Is Affected?
If you’re unsure whether something you need falls under these new rules, we’re always happy to help.
In most cases, your regular tax, BAS, and bookkeeping work won’t be affected. It’s typically only when you move into structuring or transaction work that these requirements come into play.
When that happens, we’ll let you know exactly what’s needed and keep things as simple as possible.
If you’d like to talk through your situation, feel free to get in touch.
