That number would more than halve after 2011 if the proposals are accepted.
Assembly Members would no longer be able to employ family members in future but any existing arrangements would continue.
Key recommendations also include ensuring every expenses claim would require a receipt and "appropriate documentary evidence".
The current link between AMs' pay and MPs' salaries would be broken.
The report argues AMs' salaries should be increased in line with inflation next year and in future be fixed for each four-year assembly term.
AMs' earnings would, under the new system, be linked to changes in average earnings in Wales and set by an independent review body.
The current "daily allowance" of £30.65 for members on assembly business to spend on meals would be scrapped "as soon as possible".
After recent controversies over MPs' expenses, a tightening up of AMs' second home allowances was expected.
Sir Roger urged the Assembly Commission, the body responsible for running the institution, to accept the report in its entirety.
'Confidence and trust'
"I firmly believe that adopting the recommendations contained in the panel's report will allow the National Assembly for Wales and Assembly Members to re-establish the necessary confidence and trust of the people of Wales in the devolved democratic process," he said.
The Assembly Commission, with representatives from all four parties, will consider the proposals on Tuesday.
Last year, AMs claimed more than £230,000 for mortgages and rent, as the expenses' publication online showed.
They also claimed £4,500 for air travel and nearly £50,000 for meals and subsistence.
From October, monthly updates of AMs' expenses will be posted on the assembly's website.
The review panel was set up last August after AMs were awarded a controversial 8.3% pay rise to recognise their growing workload and law-making responsibilities following the 2006 Government of Wales Act.
The six Liberal Democrats AMs endorsed the report.
Leader Kirsty Williams said: "We as a group welcome the report and we will accept its recommendations.
"This is a fair and transparent system of financial support for Assembly Members."
Welsh Conservative assembly group chairman Paul Davies, AM, described the document as a making "an important contribution in bringing greater transparency to Assembly Members' allowances and expenses claims".
"We have always supported greater openness in how politicians spend public money in relation to their work and will study the report's findings closely," he said.
A Labour spokesperson said: "This review is an important contribution to the debate on pay and allowances and the Labour group will be giving it the full consideration it deserves."
Plaid Cymru assembly group chair Dr Dai Lloyd said: "We look forward to having clear guidelines that will be set out by the Assembly Commission once it has come to its final decision following these recommendations.
"The Plaid Cymru group in the National Assembly is fully committed to abiding by that decision."
More than 20 meetings, two in public, have been held and comparisons have been made with other parliamentary bodies.
Currently, AMs receive an annual salary of £53,108, which is 82% of an MP's salary.
The additional costs allowance - for second home expenses - currently stands at up to £13,115 for payment of interest-only mortgages and furnishings.
AMs can also claim up to £15,135 to run their offices.
MPs expenses have also been published online, but Commons authorities were criticised because many of the details were blacked out.
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