Year round workload for tax agents

On the front page of August 22 edition of the Financial Review, an article titled  Many unhappy returns for tax agents dealt with the increasingly complex tax and legal landscape tax agents face every day - more demanding clients that seek instant answers, staff shortages, constantly changing tax laws and higher workloads.

Taxpayers Australia's Heather Schache, General Manager, Taxation and Superannuation, interviewed for this article was quoted as saying:

"This year clients are also feeling squeezed by rising costs flowing from rising inflation and soaring petrol costs and hoping for a substantial tax refund to help ease the pain.

"I think more people are becoming aware as interest rates go up. People are just looking at any avenue they can to be tax effective and make their dollar go a little bit further."

Schache went on to say that tax agents have to juggle increasingly complex laws with clients that want more individual attention and tax planning.

"There are a lot more complex structures out there. And there are a lot more rules. Particularly capital gains tax is very complex legislation. You'll find your average mum and dad turning the home into an investment property, and the rules are very complex."

"Previously it was the quick turnaround, getting in an out," she says. Now they want advice, not just refunds, and place more emphasis on tax planning.

Schache says this is why tax agents sometimes feel overwhelmed.

"A very small practice can often feel quite inundated with all the complexities of the tax law, which has really expanded so much, and simplification just means more legislation in many regards," she says.

"The sole practitioner can often feel very out of their depth at times with complex issues," she concludes.

The Australian Financial Review

Friday August 22, 2008

Many unhappy returns for tax agents

By Caitlin O'Toole