According to a story today from Accountants Daily, accounting firm clients should brace for rising fees as the Anti-Money Laundering and Counter-Terrorism Financing Amendment Bill 2024 introduced to parliament yesterday brings increased regulatory obligations for accountants. CPA Australia’s Belinda Zohrab-McConnell noted, "The proposed obligations will come with an additional compliance cost for accountants, so don’t be surprised if your accounting fees and tax return fees go up over the next few years."
Zohrab-McConnell also highlighted that “accountants already face a huge amount of regulatory obligations,” and stressed the importance of avoiding duplication of existing rules. She emphasised that “education, tools, and ongoing guidance will be critical” to help accountants navigate the new laws.
With these significant changes on the horizon, clients should expect to see compliance costs passed down as accountants adapt to the evolving legal landscape.
Read the full story here
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