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The ATO’s MyTax has not reduced the overall demand for services offered by tax agents, according to the IPA.
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MyTax not effecting tax services demand, says IPA
12 November 2014
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4 minute read
While paper lodgers and some E-tax users have migrated to MyTax, the overall number of taxpayers using tax agents has not reduced, the IPA said in a statement.
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According to IPA chief executive officer Andrew Conway, tax agents and accountants remain an integral part of many Australians' tax affairs.
“While the process for lodging simple tax returns is becoming more streamlined with pre-filling, taxpayers are still turning to their tax agent and public accountant to organise their affairs as part of their annual tax health check,” he said.
“Historically more than 70 per cent of the public used a tax agent as their trusted adviser and this remains the case today,” said Mr Conway.
“Consumers are realising that sound tax planning by a registered tax agent is an integral part of a broader strategic financial plan which can deliver real returns for wealth creation, succession planning or a comfortable retirement,” said Mr Conway.
The streamlining of income tax returns using the MyTax internet portal is expected to reap savings in the order of $156 million as part of the government’s red-tape reduction package.
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