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.
It is important to fortune5 that our expertise and strategies are based on a practical knowledge of your business and an intricate understanding of your financial position. That way, the balance of integrating the two means that you just feel more relaxed and have greater peace of mind.
Financial strategies and outcomes are not fixed however. fortune5 is committed to servicing and maintaining long term relationships with its clients. Talking together so that we can respond to your changing needs and circumstances means that you know your options are always flexible.
fortune5 wants clients to understand their current and future financial options and how their needs will integrate into this process. It is not enough to simply find rapid solutions in reaction to problems. fortune5 wants to carefully plan for solid, well structured long-term solutions that are reflective of a business or person and their future financial goals.
Need Tax help or assistance? Our team is standing by to make sure you get the help you need.
