AML/CTF Reforms: AUSTRAC Clarifies Position for Bookkeepers and BAS Agents. The Australian Bookkeepers Association (ABA) and the Institute of Certified Bookkeepers (ICB) have provided an important update following discussions with AUSTRAC and representatives from the Minister for Home Affairs' office regarding the upcoming Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) reforms. What Was Clarified? A major concern for many bookkeepers and BAS Agents has been w

For your startup or small business to succeed, you need to take calculated risks – risks that may entail your business making a financial loss during periods of innovation or expansion. This spectre of financial loss can be a barrier for risk-averse business owners. But the new loss carry back arrangements, introduced in the Federal Budget 2026, go some way towards reducing the negative impact of financial losses – and encouraging your business to innovate. Let’s look at what

New AML regulations are coming, and tax agents along with solicitors and real estate agents will soon have new compliance responsibilities. The Australian Taxation Office (ATO) does not set the country's Anti-Money Laundering (AML) laws; rather, the Australian Transaction Reports and Analysis Centre (AUSTRAC) is the primary regulator and financial intelligence unit responsible for enforcing the Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) Act 2006. While th

As the end of the financial year approaches in Australia, many business owners leave their bookkeeping and tax preparation until the last minute. That usually means stress, missing documents, delayed tax returns, and sometimes avoidable ATO issues. Getting organised before 30 June makes the entire process smoother — for you, your bookkeeper, your BAS agent, and your accountant. Here’s a practical guide to what businesses should prepare for EOFY and why it matters. Why EOFY Pr