Client Information Update 16/03/26
Client Information Update 16/03/26
We would like to inform you of several important regulatory and operational changes that will impact many Australian businesses over the coming months. These changes arise from new legislation and regulatory reforms and will affect how we work with you and gather information moving forward.
Below is a summary of the key updates.
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1. AUSTRAC – Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) Reforms
The Australian Government has extended the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 to include additional professional services such as accountants, lawyers, real estate agents and conveyancers. These reforms are commonly referred to as “Tranche 2” AML/CTF reforms.
From 1 July 2026, accounting firms providing certain services will be required to:
• Enrol with AUSTRAC as a reporting entity
• Maintain a formal AML/CTF compliance program
• Verify client identity and beneficial ownership
• Conduct ongoing client due diligence
• Maintain records and report suspicious matters where required
These reforms are designed to prevent criminals from using legitimate professional services to move or disguise illicit funds.
As a result, we may need to request additional information from you including:
• Identification documents
• Details of directors, shareholders or beneficiaries
• Source of funds or source of wealth
• Information about ownership or control of entities
This information must be collected before certain services can be provided under the legislation.
Further information can be found here:
AUSTRAC AML/CTF reforms
https://www.austrac.gov.au/amlctf-reform
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2. Payday Super – Changes to Employer Superannuation Obligations
The Australian Government has introduced Payday Super, which significantly changes how employers pay employee superannuation.
From 1 July 2026, employers must pay Superannuation Guarantee (SG) contributions at the same time employees are paid their wages, instead of the current quarterly payment system.
Under the new rules:
• Super must generally reach the employee’s super fund within 7 business days of payday
• Payroll systems may need to be updated to ensure compliance
• Late or missed payments may result in Superannuation Guarantee Charge penalties
The aim of the reform is to reduce unpaid super and improve retirement outcomes for employees.
Further information is available here:
ATO Payday Super information
https://www.ato.gov.au/about-ato/new-legislation/in-detail/superannuation/payday-superannuation
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3. New Client Information Portal – Content Snare
To assist with the increased information requirements and to streamline our processes, we will be introducing Content Snare across our practice.
Content Snare is a secure online portal that allows us to request and collect information from you efficiently.
We will begin using this system for:
• Tax return information requests
• BAS and GST queries
• Onboarding of new clients
• Business and entity registration information
• Compliance information required under new regulations such as AUSTRAC
The system allows you to:
• Upload documents securely
• Complete requested information online
• Track what information is still outstanding
• Reduce lengthy email chains and lost attachments
You will receive an automated email with a secure link whenever information is required.
Please note that some questions within these requests may not appear directly relevant to your current circumstances (for example, questions relating to activities such as livestock trading or other industries). Under the updated compliance requirements, we are required to ask a broad range of questions to ensure all potential activities are considered and to confirm whether any circumstances may have changed during the year.
Further information about the platform can be found here:
https://contentsnare.com
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What this means for you:
Over the coming months you may notice:
• Requests for additional identification or ownership information
• Requests sent through the Content Snare portal rather than email
• Additional questions when establishing entities or completing compliance work
• Discussions regarding payroll systems and Payday Super readiness
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These changes are necessary to ensure both our firm and our clients remain compliant with new Australian legislation.
If you have any questions regarding these updates or how they may affect your business, please do not hesitate to contact our office.