RWG News – September Edition

RWG News - September Edition

 

This month we look at several important developments and practical compliance issues affecting individuals, businesses, trusts and SMSF trustees.

The Government’s proposed 30% minimum tax on discretionary trusts could have significant implications for some family groups, particularly where trusts distribute income to companies, although the rules remain subject to consultation and aren’t final yet.

We also clear up some common misconceptions regarding deductions for travel expenses and overtime meal expenses in light of the ATO’s new 2026–27 travel and overtime meal allowance rates.

With the Commonwealth penalty unit increasing from 1 July 2026, we highlight how this change could increase the cost of late lodgements and other compliance mistakes.

Finally, we look at SMSF property valuations and related-party leases, and the importance of having appropriate evidence ready to support market values and arm’s-length rental arrangements during the annual audit.

For further reading, please review your own copy via our secure link here.

And as always, if there is anything we can assist with, please don’t hesitate to contact our friendly staff in the office on 07-5531-1288.

Thank you for your continued trust and support.

New AML Compliance Requirements and Identity Verification

New AML Compliance Requirements and Identity Verification

Dear Valued Client,
 
We are writing to advise you of changes to our services arising directly from amendments to the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Commonwealth).

From 1 July 2026, accounting services of the kind we provide to you fall within the scope of this legislation, bringing RWG Accountants under the regulatory oversight of the Australian Transaction Reports and Analysis Centre, the Australian Government agency responsible for financial intelligence and regulation in this area.

These are not requirements RWG Accountants has chosen to introduce. They are legal obligations imposed on our firm, and on every accounting practice in Australia providing these services, and we have no discretion to waive or delay them. Firms that do not comply face significant penalties, so we are required to implement these measures in full before we can continue providing certain services to you.
 
As a result of these obligations, we are required to verify the identity of clients and, where applicable, obtain information regarding the source of funds and ownership structures involved in transactions. These requirements are designed to help protect individuals, businesses, and the broader community from financial crime, fraud, money laundering, and the financing of terrorism.
 
To meet these obligations, we may request documentation such as: 
  • Proof of identity, such as a driver’s licence or passport
  • Proof of residential address
  • Information regarding the source of funds or wealth
  • Documentation relating to companies, trusts, partnerships, or beneficial ownership structures 
To comply with these mandatory requirements, we use secure third-party identity verification and compliance platforms and undertake additional administrative, record-keeping, and reporting processes. As a result, there may be additional costs associated with completing the required identity verification and compliance checks. These costs reflect both the fees charged by specialist compliance providers and the additional administrative work necessary to meet our regulatory obligations. These costs and requirements are not something we are able to avoid, as they are imposed on our firm by legislation rather than by choice.
 
Please be assured that any personal information you provide will be collected, stored, and managed securely and confidentially in accordance with our privacy obligations and applicable data protection laws.
 
We appreciate your understanding and cooperation as we implement these new requirements. Providing the requested information promptly will help us avoid delays in progressing your matter and ensure we remain compliant with our legal obligations.
 
Should you have any questions regarding these requirements, please do not hesitate to contact our office.
 
Thank you for your continued trust and support.

RWG Accountants Welcomes Brendan Roberts as Director

Exciting Leadership Announcement - Brendan Roberts Appointed Director

We are excited to announce that Brendan Roberts has been appointed Director of RWG Accountants — a milestone that reflects a decade of dedication to our clients, our team, and our firm.

Brendan joined RWG in November 2015 and has spent the years since building a reputation clients trust: technical expertise paired with genuine, practical advice. Over that time, he’s progressed steadily through the firm, taking on greater responsibility at every step and growing strong relationships with the clients and colleagues he’s worked alongside.

Brendan’s thoughts on becoming a Director: “RWG has been my professional home for over a decade and I am excited to step into this role and help shape the future of the firm. I am looking forward to building on the strong base that RWG already has established and continuing to contribute to our clients’ needs in a positive way. The firm has an excellent opportunity to grow whilst staying true to our core values and the practical, relationship-driven advice our clients value most.

As Director, Brendan will bring that same client-first approach to a broader leadership role — helping guide RWG’s strategic direction while continuing to work closely with the clients who’ve come to rely on him.

“Brendan’s deep understanding of our business, our people, and our clients’ needs makes him exactly the right person to help lead RWG into its next chapter,” said our Managing Director Zaak Wheaton. “We are excited for the impact he will continue to make.”

Please join us in congratulating Brendan on this well-earned achievement. We look forward to what’s ahead.

Want to congratulate Brendan? Reach out / Connect on LinkedIn at: Brendan Roberts | LinkedIn