Blackburn Accounting - ATO Tax News - Anti Money Laundering Reforms

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Significant changes to the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 are currently being phased in.

Money laundering is the process of dealing in, disguising or concealing the origin of illicit funds to make it appear that the funds come from a legitimate source.

The ATO is a partner agency with AUSTRAC. The ATO uses data to detect fraud, evasion, and other financial crimes.

AUSTRAC is responsible for preventing, detecting and responding to criminal abuse of the financial system to protect the community from serious and organised crime.

Expanded coverage (Tranche 2) from July 1, 2026, the law will extend to Tranche 2 entities including accountants, lawyers, real estate agents and conveyancers and dealers in precious metal/stones.

This means the above professional services will need to comply with requests for information from AUSTRAC and meet its legal responsibilities.

Blackburn Accounting is diligent in providing its range of services and looks forward to working within ATO rules to best serve its clients' interests and obligations.

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Gregg Mountford

"Tim has been our accountant for over 10 years and throughout that whole time, he has been very professional, trustworthy, efficient and a pleasure to work with. He has the capacity to understand complex issues and his knowledge is always up to date, providing a quality service."

Gregg Mountford Managing Director – Negotiator WA Pty Ltd

"Tim has been our accountant for the last eight years. He has an exceptional understanding of the for ever changing tax landscape which benefits all of his clients. As Tim has moved through his career we have followed, I think that’s testament to his ability!"

Leon Sainken Managing Director – LSA Advertising

"We have known Tim Blackburn since June 2007. He has been our accountant with the Glenrange Global Pty Ltd and Glenrange Enterprises refrigeration electrical engineering business and our food export business Auspies Pty Ltd to Russia."
Peter Shewring
Managing Director – Glenrange Global Pty Ltd

"During this time Tim has shown a professional aptitude to all matters of taxation and general advice for and to business, including the exporting business where there has been a high degree of complexity regarding accountancy, business strategies and taxation requirements.
From the exporting company inception, Tim travelled to Russia to facilitate Aussie Pie Pty Ltd for the compliance to both countries taxation regulations requirements.
Tim has the ability to place the customer and/or the company first, a rare commodity in today’s world."
Peter Shewring