Accountants must look after themselves against ‘whiplash’ of tax reforms

Lennon, who recently won the Thought Leader of the Year category at the 2026 Australian Accounting Awards, said that at a time when public practitioners are are “already juggling so much, including EOFY tax planning, FBT obligations, catching up on late lodgers, preparing clients for Division 296, the new AML regulations commencing from 1 July, and the raft of Federal Budget announcements making their way through Parliament, we are already reaching a point of overwhelm”.

Layer on additional political negotiations and more proposed tax changes, she said, “and many public practitioners are reaching a point of fatigue and burnout”.

 It is reasonable for accounting professionals across the spectrum to be exhausted, if not burnt out, from the myriad shifts in the professional, technological, regulatory, and legislative landscapes recently – not least of all because clients of all stipes reaching out and asking what it all means for them.

The challenge, IQ Accountants managing director Kyelie Baxter said, lies not only in understanding every tax change and/or policy announcement coming from the government. It is knowing, she said, which specific changes will matter to specific clients.

“Not every budget measure, tax reform, or regulatory update, affects every business. Best practice is understanding your client base well enough to filter the noise, staying across developments as they evolve and communicating early rather than scrambling at lodgement time,” she said.

“That's where accountants can add the most value.”

Looking after one’s self, Baxter added, “matters just as much”, as accountants cannot effectively service clients if they’re not coping themselves.

The pace of change can feel relentless, she said, “but none of us can hold it all in our heads, nor should we try”.

“Strong systems, documented processes and a capable team help spread the load. Just as importantly, accountants need healthy boundaries,” Baxter said.

“We can support clients through uncertainty without carrying their anxiety ourselves. Clients don't need us to know every headline. They need us to know which headlines matter to them.”

Such guidance will be pertinent for accountants ahead of the next 12 months. As Lennon noted, best practice in the 2026-27 financial year “will be less about having all the answers immediately, and more about communicating clearly as the rules evolve”.

“The key is helping clients understand what is law versus what is still proposed and avoiding knee-jerk decisions based on headlines,” she said.

For accountants, Lennon said, it’s important to recognise that constant change can be exhausting. As such, “leaning on professional networks, sharing knowledge, and focusing on what can be controlled, will be critical for maintaining both service standards and wellbeing”.