ANTI-MONEY LAUNDERING, PAYDAY SUPER CHANGES FAST APPROACHING

Chartered Accountants ANZ

Chartered Accountants ANZ (CA ANZ) has issued a reminder to businesses and accounting professionals to be aware of the looming deadline on major changes to anti-money laundering and counter-terrorism financing obligations, as well as superannuation payments, so they can be prepared come 1 July 2026.

The two distinct reforms will each carry significant implications for compliance and financial management.

The anti-money laundering and counter-terrorism financing (AML/CTF) reforms designate some of the professional services offered by real estate professionals (agents, buyers’ agents and developers), lawyers, accountants, conveyancers and is known as “tranche 2”.

Practitioners offering designated services must implement an AML/CTF program that includes client due diligence, reporting, internal controls and ongoing risk management.

CA ANZ Group Executive Advocacy and International, Geraldine Magarey FCA, said these changes must be taken seriously, with action required to ensure compliance.

“These entities must enrol with the Australian Transaction Reports and Analysis Centre (AUSTRAC) after 31^st March 2026 and establish a proportionate, risk-based AML/CTF program by 1 July 2026 to mitigate money laundering and terrorism financing risks,” Ms Magarey said.

Separately, Australian employers face a significant payroll change. They will be required to pay employee superannuation contributions on the same day as their salary, rather than quarterly, starting on 1 July 2026.

“We fully support the payday super policy as it is commonsense,” Ms Magarey said. "While we still have some concerns with the implementation of this policy, including being enacted so quickly, it is the right approach to improve financial equity for employees.”

Ms Magarey also highlighted that the $20,000 instant asset write-off for small businesses is scheduled to end on 1 July 2026.

“Small businesses should take advantage of this increased write-off limit before it returns to $1,000,” Ms Magarey said.

“There are many changes rapidly approaching, and it’s important that employers and small business owners are aware of their changing obligations.

“If this is a bit overwhelming, speak with your Chartered Accountant who can provide expert advice on these matters.”

About Chartered Accountants Australia and New Zealand

Chartered Accountants Australia and New Zealand represents more than 140,000 financial professionals, supporting them to make a difference to the businesses, organisations and communities in which they work and live. Chartered Accountants are known as Difference Makers. The depth and breadth of their expertise helps them to see the big picture and chart the best course of action.

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