MyTax at Tipping Point
My Tax is at tipping point and accounted for 46% of all 2018 tax returns lodged up to 13/08/18.
The ATO advised that at close of business on 13/08/18 they have:
- Received 4.6 million current tax returns (this is 260,000 more than the same time in 2017).
- 6% of tax returns have been lodged earlier than last year.
- Of the 4.6 million tax returns tax agents have only lodged 2.5 million (i.e. 54% of all tax returns received by the ATO). This means 46% of tax returns to date have been lodged by the public themselves for free (2.1 million tax returns).
Industry change is accelerating, and ‘I’ return practices need to urgently revise their business model or face being wiped out. They need to upskill to provide business advisory, tax planning, profit improvement, asset protection, and wealth creation services. These can no longer just be nice words that they put on office windows or business cards (the easy part). They have to actually proactively offer and market these services to clients (the hard part).