Industry Analysis & Industry Trends
The industry's main advantage in gaining customers is the ability to maximise tax returns for clients, or minimise losses. Tax preparation franchises also know the types of deductions able to be claimed without breaking any tax laws. While the rise of online tax submissions may limit future industry growth over the next five years, the majority of people are expected to continue to engage tax expects to submit their tax returns each year.
Although the industry experiences fewer swings compared with the overall economy, its fortunes are influenced by employment conditions, income levels, and investment levels. Weaker demand for tax preparation services in tough conditions reflects individuals' lower capacity and willingness to pay for tax services... purchase to read more
Industry Report - Industry Analysis Chapter
Industry participants assist individuals and businesses in fulfilling one of life's few certainties – taxes. Registered tax professionals are specialists in personal income tax returns, with many more branching out to offer company tax support as growth in the number of individuals lodging tax returns with an agent slows. IBISWorld forecasts that of the 9.7 million tax returns submitted to the Australian Tax Office (ATO) via a tax agent in 2014-15, about 15.0% will be submitted by a tax preparation franchise within the industry. The balance will be submitted by professional accountants and non-franchised tax agent businesses.
Industry revenue includes tax preparation services rendered by both the franchisor and franchisee... purchase to read more