Prepare the way: The popularity of SMSFs will provide the industry with new revenue streams

Firms in the Tax Preparation Franchises industry mainly service individuals and small businesses. Industry players' main advantage in gaining these customers is being able to maximise clients' tax returns or minimise their losses. Tax preparation franchisees also know the deductions that can be claimed without breaking any taxation laws. While the rise of online tax submissions may limit industry growth over the next five years, most people are likely to continue engaging tax experts to submit their tax returns.The industry is less volatile than many other industries and the overall economy, but its fortunes are still influenced by employment conditions, average household income and investment more.

Industry Statistics & Market Size
Annual Growth 12-17
Forecast Growth 17-22
Market Share of Companies

Industry Threats & Opportunities

  • Tax preparation specialists are increasingly targeting small enterprises
  • Franchisors and franchisees may continue to focus their attention on growing regional cities
  • Industry Report - Industry Products Chapter

    The Tax Preparation Franchise industry offers services that consist predominantly of tax-related lodgement services. Bookkeeping and other accounting and finance services are omitted from the industry.Small business tax return servicesThe largest service segment of the industry is small business tax returns. As small business tax lodgements are significantly more complicated than individual tax returns, many business owners outsource lodgement to specialised tax preparation professionals who have an understanding of tax law and accounting standards. This segment has increased as a proportion of industry revenue over the past five years due to a greater number of small businesses operating across the economy. Thi...purchase to read more.

    Additional Insights for the Tax Preparation Franchises Industry

    IBISWorld identifies 250 Key Success Factors for a business.The most important for the Tax Preparation Franchises Industry are

  • Ability to franchise operations
  • Access to highly skilled workforce
  • Proximity to key markets
  • IBISWorld analysts also discuss how external factors such as Demand from auxiliary finance and investment services and Number of businesses in the Tax Preparation Franchises industry impact industry performance..

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    What's in this report

    What is the Tax Preparation Franchises Industry?

    Industry participants provide tax-return preparation services and operate as part of a franchise business structure. The industry includes businesses that are owned directly by the franchisor. Operators do not provide accounting, bookkeeping, billing or payroll process services.

    Industry Products
  • Personal tax return services
  • Investment tax return services
  • Small business tax return services
  • Other tax services
  • Industry Activities
  • Tax consultation services
  • Tax return preparation services
  • Tax review services
  • Other taxation services
  • Table of Contents

    Industry Definition
    Main Activities
    Similar Industries
    Additional Resources
    Industry Statistics Snapshot
    Industry Structure
    Executive Summary
    Executive Summary
    Key External Drivers
  • Demand from auxiliary finance and investment services
  • Number of businesses
  • Real household discretionary income
  • National unemployment rate
  • Total full-time workforce
  • High income earners

  • Current Performance
  • Industry drivers and growth
  • Agents vs myTax
  • Spreading the net
  • Competition and the franchise model
  • Chart: Revenue Growth

  • Industry Outlook
  • Industry drivers and threats
  • Franchise arrangements
  • Superannuation boom
  • Table: Tax Preparation Franchises Industry Revenue Outlook

  • Industry Life Cycle
  • Life cycle reasons
  • Chart: Benchmarking - Tax Preparation Franchises Industry Lifecycle vs The Economy

  • Supply Chains
    Key Buying Industries
  • Consumers

  • Key Selling Industries
  • Advertising Services
  • Education and Training
  • Internet Service Providers
  • Software Publishing

  • Products & Services
  • Personal tax return services
  • Small business tax return services
  • Investment tax return services
  • Other tax services
  • Chart: Tax Preparation Franchises Industry Products and Services Segmentation

  • Demand Determinants
    Major Markets
  • Individuals
  • Small business owners
  • Other sectors
  • Chart: Major Market Segmentation for the Tax Preparation Franchises Industry

  • International Trade
    Business Locations
    Chart: Business Locations by State
    Market Share Concentration
    Key Success Factors
    Cost Structure Benchmarks
  • Profit
  • Wages
  • Rent
  • Marketing
  • Royalty expenses
  • Depreciation, utilities and other
  • Chart: Cost Structure Benchmarking – Sector vs Tax Preparation Franchises

  • Basis of Competition
  • Internal competition
  • External competition

  • Barriers to Entry
  • Table: Barrier to Entry Checklist for the Tax Preparation Franchises Industry

  • Industry Globalization
    H&R Block, ITP Australia,
  • Table: H&R Block - financial performance
  • Table: ITP Australia - financial performance

  • Capital Intensity
  • Chart: Level of Capital Intensity for the Tax Preparation Franchises Industry
  • Chart: Tools of the Trade: Growth Strategies for Success

  • Technology & Systems
    Revenue Volatility
  • Chart: Volatility vs Industry Growth

  • Regulation & Policy
    Industry Assistance
    Table: Industry Data for the Tax Preparation Franchises Industry
  • Industry Revenue (2008-2022)
  • Industry Gross Product (2008-2022)
  • Establishments (2008-2022)
  • Businesses (2008-2022)
  • Employment (2008-2022)
  • Wages (2008-2022)
  • Tax agent lodgements (2008-2022)

  • Table: Annual Percentage Change for Key Industry Data
    Table: Key Ratios for Industry Key Data
    Above-The-Line Advertising
  • Includes traditional mass media advertising through newspapers, magazines, radio, TV, the internet and billboards. This is often targeted to reach expected key demographic groups and online audiences.
  • Below-The-Line Advertising
  • An advertising strategy that uses direct means of communication, such as direct mail or email, and incentives such as coupons, competitions and price discounts, rather than mass media.
  • E-Filing
  • The electronic method of lodging tax, either through specialised software packages or online platforms.
  • Tax Payer
  • Any individual earning an income above the tax-free threshold in Australia must pay tax to the Australian government.
  • Tax Preparation
  • The process of preparing and lodging tax for compensation, and is usually either income tax or investment tax.
  • What Our Customers Say

    Why buy this report?

    The Tax Preparation Franchises market research report provides key industry analysis and industry statistics, measures market size, analyzes current and future industry trends and shows market share for the industry’s largest companies. IBISWorld publishes the largest collection of industry reports so you can see an industry’s supply chain, economic drivers and key buyers and markets.

    IBISWorld industry market research reports enable you to:
    • Find out about key industry trends
    • Identify threats and opportunities
    • Inform your decisions for marketing, strategy and planning
    • Quickly build competitive intelligence
    This report on Tax Preparation Franchises:
    • Provides Market Size information to assist with planning and strategic decisions.
    • Includes the necessary information to perform SWOT, PEST and STEER analysis.
    • Helps you understand market dynamics to give you a deeper understanding of industry competition and the supply chain.
    • Analyses key performance and operational metrics so that you can benchmark against your own business, that of your customers’ businesses, or your competitors’ businesses.
    The Tax Preparation Franchises market research report includes:
    • Historical data and analysis for the key drivers of this industry
    • A five-year forecast of the market and noted trends
    • Detailed research and segmentation for the main products and markets
    • An assessment of the competitive landscape and market shares for major companies
    • And of course, much more

    IBISWorld reports on thousands of industries around the world. Our clients rely on our information and data to stay up-to-date on industry trends across all industries. With this IBISWorld Industry Research Report on Tax Preparation Franchises, you can expect thoroughly researched, reliable and current information that will help you to make faster, better business decisions.

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