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Why Xero and MYOB Can’t Replace Statutory Trust Accounting Software – And What to Use Instead

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 [...]

AML/CTF Tranche 2 Started July 2026: What Every Australian Accounting Firm Must Do Now

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 [...]

Why a Simple DVS Check Isn’t Enough: The Critical Role of Secondary Data Sources in AML Compliance

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 [...]

Top AML/CTF Solution for Australian Accounting Firms After AUSTRAC Portal Launch

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 [...]

TrustEasy: Making AML/CTF Compliance Simple for Australian Accounting Firms

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: Your Complete AML/CTF Solution for Accounting Firms

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

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 [...]

EOFY Trust Audit Made Easy by TrustEasy

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 [...]

AML/CTF Rules 2026: What Australian Accountants Need to Know

New AML/CTF Compliance Rules for Accountants in Australia – Effective July 2026 Based on the proposed Anti-Money Laundering and Counter-Terrorism Financing Rules 2024 (AML/CTF Rules) in Australia, accountants who provide designated services under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act) are considered reporting entities and must comply with the relevant AML/CTF obligations. Below is a [...]

What is Trust Accounting? – How It Works, Software To Use

Introduction In the world of tax advisory, trust accounting aka statutory trust accounting plays a critical role, especially for tax practitioners and accounting firms. Understanding what trust accounting is and how it works is crucial to stay compliant. In this blog, we will delve into the intricacies of trust accounting, explore how it works, and [...]

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