Introduction Know Your Client, or KYC, has become an increasingly important part of professional practice. For Australian tax and BAS practitioners, client verification isn't simply a compliance trend. The Tax Practitioners Board has specific guidance about verifying client identity. The TPB states that tax practitioners must undertake proof-of-identity checks before providing tax agent or BAS [...]
Introduction A trust-account audit should not be treated as a once-a-year scramble. The easiest way to make an audit stressful is to wait until the auditor asks for information before checking whether your records are complete. A better approach is to maintain audit-ready records throughout the year. For tax practitioners, this is particularly important because [...]
Introduction Xero and MYOB are widely used accounting platforms in Australia. But there is an important distinction between general business accounting and statutory trust accounting. The question is not whether a general accounting platform can record a bank transaction. The question is whether it provides the specific controls, records, workflows and audit trail required for statutory trust-account management. For tax practitioners, the [...]
Introduction The AML/CTF landscape for Australian accounting firms has changed significantly. From 1 July 2026, certain accounting services became subject to Australia's AML/CTF regime. The new requirements form part of Australia's broader Tranche 2 reforms covering sectors including accounting, legal, conveyancing and real estate. But there is an important point: Not every service provided by [...]
Preparing Australian Accounting Firms for AML/CTF Tranche 2 Compliance from March 2026 For Australian accounting firms navigating Tranche 2 AML/CTF obligations, setting up a digital client onboarding process seems straightforward. You choose a software plug-in, have the client scan their driver’s licence, ping the government’s Document Verification Service (DVS), and mark them as verified. Job [...]
Why have hundreds of accounting firms signed up, or are in the process of signing up, for the TrustEasy AML solution since AUSTRAC opened the registration portal on 31 March 2026? End-to-end solution TrustEasy delivers a complete AML/CTF solution that brings all compliance obligations together in one place. It includes easy-to-use risk assessment questionnaires, draft [...]
Preparing Australian Accounting Firms for AML/CTF Tranche 2 Compliance from March 2026 From March 2026, Australian accounting firms will step into the world of AML/CTF compliance under the Tranche 2 reforms. These new obligations introduce mandatory requirements such as AUSTRAC registration, customer due diligence, risk assessments, staff training, and ongoing regulatory reporting. For many small [...]
TrustEasy will offer AML/CTF compliance Software for Accounting Firms for appx $1,200 pa ex GST. Australian accounting firms must comply with new AML/CTF requirements from 1 July 2026, with enrolment at AUSTRAC opening 31 March 2026—this marks the start of Tranche 2 regulations targeting professional service providers. TrustEasy AML/CTF feature, already in beta testing, will [...]
Comprehensive Analysis of Key Differences Between the Trusts Act 1973 and Trusts Bill 2025 in Queensland prepared by TrustEasy Team with the help of AI based research tools: Queensland Government announced this yesterday (1st of May 25): “Trust laws modernised after half a century Trusts Bill 2025 passed in Parliament, modernising Queensland legislation. New bill replaces outdated Act [...]
As the financial year concludes (often running April to March for trust accounts), Tax Practitioners face the essential task of preparing for the trust account audit. Getting your reports in order is key to a smooth assurance engagement. What Do Auditors Typically Require? Based on insights from Dinesh Choradiya, CPA, auditors usually need a specific [...]
