Professional Services

Compliance for Accountants, Lawyers & Professional Services Firms

Professional services firms carry layered compliance obligations — from trust account management to professional licensing and client privacy. Reguladar puts every deadline in one dashboard.

Common Challenges

Compliance pain points for professional services businesses

Trust account obligations

Lawyers, real estate agents, and some accountants must maintain trust accounts in strict compliance with state legislation. Mismanagement of trust money is a disciplinary and criminal matter.

Professional licensing and CPD

Practitioners must hold current licences and meet continuing professional development requirements. Lapses in registration can expose the firm to liability and prevent it from trading lawfully.

Client data and privacy

Professional services firms collect sensitive financial, legal, and personal information. Obligations under the Privacy Act and professional conduct rules require robust data handling and breach response procedures.

Regulations

Key regulations that apply to you

These are the primary regulatory frameworks Reguladar tracks for professional services businesses.

Privacy Act 1988

Handling of client personal and financial information

Tax Agent Services Act 2009

Registration and conduct obligations for tax agents and BAS agents

Legal Profession Uniform Law (state-based)

Solicitor admission, trust accounting, and professional conduct

Corporations Act 2001

ASIC registration, company administration, and financial services licensing

Fair Work Act

Employment conditions under the Clerks — Private Sector Award

Work Health and Safety Act

Office safety, psychosocial hazards, and incident reporting

Deadlines

Never miss a compliance deadline

Reguladar tracks all your recurring obligations and alerts you before they're due.

ObligationFrequency
BAS lodgementQuarterly or monthly
Superannuation guaranteeQuarterly
Professional licence renewalAnnually or biennially
CPD compliance declarationAnnually
Trust account auditAnnually
Professional indemnity insurance renewalAnnually
ASIC annual review feesAnnually

FAQ

Frequently asked questions

Who needs to be registered as a tax agent?
Any person or firm that provides tax agent services for a fee must be registered with the Tax Practitioners Board under the Tax Agent Services Act 2009. This includes preparing income tax returns, providing tax advice, and lodging documents with the ATO on behalf of clients.
What are the trust accounting requirements for law firms?
Law firms that receive trust money from clients must maintain a dedicated trust account, keep detailed records, and have the account audited annually by an external auditor. The rules vary by state but breaches can result in loss of practising certificate and criminal charges.
Do professional services firms need a privacy policy?
Yes. If your firm has an annual turnover over $3 million, or handles certain sensitive information, you must comply with the Privacy Act and publish a privacy policy. Even smaller firms that handle health information or act as tax agents are typically caught by the Act.

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