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We’ll help you manage your tax and finances—efficiently, in one place.
Enjoy the benefits of being able to set, track and manage your finances in a convenient, secure online location and also make tax time easy all year round!
Build a support team—connect with us and other trusted financial professionals. Contact us today to find out more.
From 1 July 2026, Australia’s Anti Money Laundering and Counter-Terrorism Financing (AML/CTF) laws expanded to include accounting firms under the Tranche 2 reforms.
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The new reforms are designed to make it harder for criminals to use professional services to hide, move or legitimise illegally obtained money.
Where accountants provide certain designated services, they may now be required to:
Verify a client’s identity
Understand who owns or controls a business
Assess the risk of money laundering or terrorism financing
Keep client information up to date
Conduct ongoing due diligence throughout the client relationship
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For more information, please visit AUSTRAC’s official website for detailed guidance and information
Follow this link - https://www.austrac.gov.au/
Ready to find out more, then contact us today to get started.
For more information, visit our Resources page.
We are here to assist with any enquiry, large or small. If you’d like to learn more about how we can support your finances, review the range of services offered by Lifetime Accountants and Advisers.
Stay informed—follow our social channels for important tax updates, timely advice, and essential news.
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Our tax agent rule changes from 1 july 2025…
From 1 July 2025, new professional standards will come into effect under the Tax Agent Services Act (TASA). These updates have been introduced by the Tax Practitioners Board (TPB) to promote even greater clarity and consistency across the tax profession.
At Lifetime Accountants & Advisers, we already hold ourselves to a high professional standard — these changes simply formalise many of the practices we’ve long had in place. That said, there are a few small adjustments you may notice in how we work with you going forward.
We want to be clear and upfront — these changes may slightly affect how we issue engagement letters, how we communicate with you, and how we send and store documentation. These updates are about improving transparency, ensuring consistency, and reinforcing your rights as a client.
Here’s what to expect:
More People Will Now Need to Sign an Engagement LetterIn the past, one engagement letter may have covered an entire family group, couple, or business structure. Under the new TASA requirements, we’re now required to provide individual engagement letters to each taxpayer we act for — even if they’re part of a group we’ve worked with previously.
This helps ensure:
The services we’re delivering to you are clearly outlined
Your responsibilities are made clear
You formally consent to us acting on your behalf
As a result, you may receive a separate proposal or engagement to sign, even if someone else in your group has already accepted theirs.
You’ll See More Proactive CommunicationIf anything arises during our work that may significantly affect the scope of services we’re providing, we’re now required to formally notify you.
We’ve always prioritised keeping clients informed, but these changes set out a consistent framework for when and how that communication takes place.
Stronger Documentation, Same Trusted SupportYou may notice clearer language in our proposals and engagement letters, including:
What services are included
What’s excluded from scope
Your rights and responsibilities
How to raise a concern if needed
As part of these updated requirements, you may also see more formal or specific requests from us to provide supporting documentation for certain claims, deductions, or transactions. While we’ve always taken care to ensure your position is accurate and well-substantiated, we’re now expected to retain more of this evidence on file, not just sight it or confirm it has been checked.
This means we may ask you to upload, email, or sign off on certain supporting materials — even where that hasn’t always been required in the past. These extra steps are all about aligning with strengthened compliance requirements and ensuring you’re well protected in the event of an ATO review.
Your Rights and Access to InformationUnder the new standards, you have the right to raise a concern or make a complaint about our services. We’re confident in the quality of our work, but we also believe in being transparent and accessible if something isn’t quite right.
You’ll find information about our key disclosures (such as our registration status and responsibilities as a registered tax agent) on our website. We encourage you to familiarise yourself with this information at any time.
What’s Changing Behind the Scenes
We’ve updated our systems, policies, and internal training to comply with the TPB’s new requirements. You don’t need to take any action unless we request it — and we’ll make any required steps (such as signing a new engagement) clear and simple.
New Rules Around Client ConductAnother key change is that we now have a formal obligation to disengage from clients who are not doing the right thing. If a client is knowingly providing false or misleading information, or refusing to comply with tax laws, we are required to cease acting for them. While this has always aligned with our ethical standards, it is now an explicit requirement under the updated Code of Professional Conduct.
Learn MoreYou can read more about the changes introduced by the TPB here:https://www.tpb.gov.au/obligations
If you have questions or would like to discuss any of these updates, please do not hesitate to contact our office.