67 - How AML/CTF may now affect your small business
1 July 2026 Law Changes: Tranche Two AML/CTF Rules Now Apply to Jewelers and Precious Metal Dealers
On 1 July 2026, multiple national changes begin: the lowest marginal income tax rate drops from 16% to 15% for $18,201β$45,000 (employers must apply updated PAYG tables), individuals can claim a $1,000 work expense deduction without receipts, and super caps rise (concessional cap to $32,500 and transfer balance cap to $2.1m) while the SG rate stays at 12%; wage, payday super and parental leave changes were covered in episode 65. The episode focuses on AML/CTF Tranche Two, extending AUSTRAC regulation to many sectors, including dealers in precious metals, stones and products, where $10,000+ cash or digital currency transactions (including structured linked payments) trigger obligations such as AUSTRAC enrollment by 29 July, a compliance officer, risk assessment, written AML/CTF program, customer ID checks, threshold and suspicious matter reporting, staff training, and 7-year recordkeeping, with severe penalties for non-compliance.
00:00 New Financial Year Changes
03:06 Tax And Super Updates
04:47 Tranche Two Explained
06:24 Who Gets Captured
07:49 Ten Thousand Dollar Rule
10:04 Bullion Dealer Notes
10:48 Core Compliance Duties
14:14 Real World Example
15:10 Customer Experience Tips
16:13 Penalties And Enforcement
17:18 Seven Step Action Plan
19:40 Wrap Up And Resources
Employment law changes (wages, Payday Super, PPL): Episode 65 β businessknowhow.com.au
AUSTRAC enrolment portal (AUSTRAC Connect): austrac.gov.au
AUSTRAC guidance for dealers in precious metals, stones and products: austrac.gov.au
AUSTRAC bullion dealers overview and quick guide: austrac.gov.au
ATO updated PAYG withholding tables: ato.gov.au
ATO income tax rate changes: ato.gov.au/about-ato/new-legislation/in-detail/individuals/personal-income-tax-new-tax-cuts
