Episode 17: Anti-Money Laundering Rules & Payday Super

In this episode, Kelvin Deer, Peter Thorp and Kerrie Jarius tackle two of the biggest upcoming changes impacting bookkeepers and BAS Agents — the expansion of Anti-Money Laundering (AML) rules and the introduction of Payday Super (PDS). These reforms are reshaping compliance and cash flow planning, and while both carry uncertainty, the message is clear: preparation and perspective are key.Kelvin opens by cutting through the noise around the upcoming AML reforms. There’s been confusion online about whether BAS Agents will be captured from 1 July 2026. He notes it’s not about job titles, but rather the services that are provided. He notes that Table 6, Item 3 is intended for scenarios where a professional controls or manages client funds in connection with executing a transaction and poses the question whether routine bookkeeping activities — including payroll and standard AP workflows — , on their face value, fall into that category, but it depends on the facts.Kelvin emphasises that the ABA are working with CPA Australia, to actively engage with AUSTRAC to clarify these boundaries for BAS Agents, particularly around payroll and accounts payable. The message to listeners is to treat sweeping claims with caution, stay calm, and look out for formal guidance when known.The discussion then shifts to the Payday Super reforms and what they mean for small business cash flow. Pete and Kerrie highlight that from 1 July 2026, employers will need to pay super on payday instead of quarterly — a change that effectively brings forward about one-third of a business’s annual super liability. For many, especially in hospitality, construction, and seasonal industries, this could create a serious short-term cash strain. They walk through practical ways to prepare, such as progressively moving SG payments forward now, setting aside funds, or adjusting credit facilities. The ATO’s transitional guidance (PCG 2025/D5) introduces a “traffic light” system, offering leniency for employers making genuine efforts to comply. However, bookkeepers should help clients plan early to avoid penalties once the hands-off period ends.Key TakeawaysAML reform from 1 July 2026 focuses on what services you provide, not your job title.Routine bookkeeping, payroll, and admin appear incidental and not captured — but final AUSTRAC clarification is pending.ABA working with CPA Australia to actively engage AUSTRAC to confirm practical implications for BAS Agents.Payday Super will require employers to pay SG on payday — a permanent shift bringing forward ~⅓ of annual SG costs.Industries with tight or seasonal cash flow will need tailored planning to meet the change.ATO’s PCG 2025/D5 provides a one-year grace period with reduced compliance action for genuine attempts to comply.Bookkeepers should start conversations with clients now to manage both compliance uncertainty and cash flow impact.The overarching message: don’t panic — plan early, stay informed, and adapt proactively.