Current ATO statistics show that 1.7m taxpayers have lodged their 2017 tax returns for free using MyTax (this is up 21% over last year’s 1.4m).
In addition, the 1.7m myTax tax returns account for 40% of total tax returns lodged. The percentage of salary return lodged by tax agents has fallen from 70% last year to 60% this year.
This trend is starting to accelerate and within 5 years 60% – 80% of the salary returns will be lodged for free with MyTax. What is this going to do to your practice income?
What new value added services have you introduced?