Industry Analysis & Industry Trends
The Tax Preparation Franchises industry will not diminish in significance; however, the rise of tax submissions via the internet may dampen industry participants' exuberance. The global financial crisis, which resulted in the loss of jobs and income led to fewer tax returns being lodged. Of those lodged, nearly 70,000 more were lodged via e-tax while those submitted through agents and various means fell by 400,000. The weaker demand for tax preparation services in tough conditions reflects individuals' lower capacity and willingness to pay for tax services. Although the industry experiences less swings compared with the overall economy, its fortunes are undoubtedly tied to employment conditions... purchase to read more
Industry Report - Industry Key Buyers Chapter
The Tax Preparation Franchise industry exhibits a high level of industry market share concentration. This is predominantly due to the franchise industry being dominated by two key players: H&R Block and ITP Australia. The top four players in the industry account for significantly more than 70% of industry revenue, as most tax preparation service providers are either independently owned accounting practices or large accounting firms with a global presence.
The vast majority of firms in the industry have ten or fewer employees, including non-employers. Many of these firms also operate on a part-time or seasonal basis in accordance with the requirements of tax preparation services and the tax needs of customers... purchase to read more