Even the ATO is advising accountants to become business advisors
Speaking at the Australian Technology Showcase for Accountants (ATSA) Conference, held in Melbourne in October, the Second Commissioner of the ATO, Geoff Leeper, outlined the ATO’s policy relative to Standard Business Reporting Strategy (SBR Strategy). Mr Leeper indicated that the ATO had advised the Productivity Commission that the ‘Red Tape Saving’ from the introduction of the SBR Strategy would be $500million a year. Mr Leeper also said that “a lot of this would come from professional fees. This is the ‘digital disruption’ for accountants.”
Mr Leeper then added, “This is all going to change the role of accountants beyond compliance. Accountants have to become business advisor, rather than tax compliance experts for SMEs.”
The ATO released their timetable at the ATSA Conference. The timetable indicates that, by 26 June 2015, reports, private rulings and direct debits would be available in SBR. From July 2016, Electronic Lodgement Services (ELS) will be unavailable for tax time 2016. The ATO has indicated that they’re working with software developers to build SBR-enabled forms and services into practice management software. Eventually, software developers will have the ability to provide all portal and ELS functionality throughout accountant software.
Also at the ATSA Conference, a partner of Deloitte, Jason Bender, indicated that “Digital disruption was going to have a significant impact on the accountancy profession.” Mr Bender indicated that ‘disruption’ doesn’t mean revenue is gone. However, there would be a need for the accountancy businesses to develop strategies on how to respond to changing market conditions.
Mr Bender added, “If accountants are not careful, the profession could really suffer.” He then made a direct appeal to the conference attendees – “Don’t let this happen at our watch.”
Mr Bender said, “These changes can creep up on you. It’s the same as the ‘rear vision mirror’ of your car – it doesn’t show you how close the vehicle behind you is to your car. The market forces that are going to require changed strategies within accountancy businesses are a lot closer than what they appear to be.”
Now is the time to determine strategies for your accountancy business. Don’t wait until 2016, when the full effects of the predicted revenue reduction, due to the ATO’S changes, are being felt. Now is the time to be embarking on the development of a new range of products, to enhance your service offering to your clients.
ESS BIZTOOLS is able to provide you with a wide range of products, to assist your accountancy business to commence offering business advisory services.
The ATO released their timetable at the ATSA Conference. The timetable indicates that, by 26 June 2015, reports, private rulings and direct debits would be available in SBR. From July 2016, Electronic Lodgement Services (ELS) will be unavailable for tax time 2016. The ATO has indicated that they’re working with software developers to build SBR-enabled forms and services into practice management software. Eventually, software developers will have the ability to provide all portal and ELS functionality throughout accountant software.
Also at the ATSA Conference, a partner of Deloitte, Jason Bender, indicated that “Digital disruption was going to have a significant impact on the accountancy profession.” Mr Bender indicated that ‘disruption’ doesn’t mean revenue is gone. However, there would be a need for the accountancy businesses to develop strategies on how to respond to changing market conditions.
Mr Bender added, “If accountants are not careful, the profession could really suffer.” He then made a direct appeal to the conference attendees – “Don’t let this happen at our watch.”
Mr Bender said, “These changes can creep up on you. It’s the same as the ‘rear vision mirror’ of your car – it doesn’t show you how close the vehicle behind you is to your car. The market forces that are going to require changed strategies within accountancy businesses are a lot closer than what they appear to be.”
Now is the time to determine strategies for your accountancy business. Don’t wait until 2016, when the full effects of the predicted revenue reduction, due to the ATO’S changes, are being felt. Now is the time to be embarking on the development of a new range of products, to enhance your service offering to your clients.
ESS BIZTOOLS is able to provide you with a wide range of products, to assist your accountancy business to commence offering business advisory services.
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