Agenda

A Bill to amend Australia’s Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) Act 2006 was introduced into Parliament on 11 September 2024 and passed into law on 10 December 2024. The legislation expands the Anti-Money Laundering and Counter-Terrorism Financing regime to certain high-risk services provided by accountants, lawyers, trust and company service providers and real estate professionals.

Accountants that provide one of the ‘designated services’ under the expanded regime will become a ‘reporting entity' under the new amendments requiring active identification of potential money laundering and terrorist financing activities through stricter client due diligence, risk assessments, and reporting obligations. You must be compliant with the regime by 1 July 2026.

The session provides an overview of the new regime, why it came into effect, when and how it will apply to accountants, and what is required to ensure compliance with the new regime.

Accountants have been hit with several tranches of regulatory changes and amendments as part of the government's response to the PwC tax scandal. This has left tax and BAS agents grappling with multiple new obligations in a relatively short time frame. This session provides a detailed breakdown of the most significant changes and what practical steps accounting firms need to take to ensure they're compliant.

This session will provide:

• Lingering issues for the obligations already in place including breach reporting.
• A comprehensive look at the TPB's guidance on Tax Agent Services (Code of Professional Conduct) Determination 2024.
• What registered agents need to do to comply with the eight new obligations.
• Lessons from the implementation of the rules by bigger firms that will be subject to the rules from 1 January 2025, including practical examples.
• A rundown of other changes in the pipeline including changes to the tax promoter penalty laws and what they mean for practitioners.

With the superannuation space continuing to experience significant policy and legislative changes in recent years, this session will explore how practitioners can help prepare clients for the 2025-26 financial year when it comes to their super. It will provide an update on key legislative changes (both enacted and on the horizon) and critical tax issues to consider. We will consider:

• How current strategies might need to change
• New risks to be aware of
• Opportunities to capture

The ATO outlines its key compliance activities and focus areas for the next financial year.

In this session, the ATO will provide insight into:

• Emerging compliance issues within tax and super.
• Its latest views and guidance on recent legislative changes and case law.
• Key compliance programs and activities it has planned.