The Australian Taxation Office (ATO) conducted a small business engagement research last April that found tax accountants continue to play an important role in supporting small businesses. Across the country, accountants were the preferred source of tax and super information as well as business tax advice.
Accountants are the most commonly used tax professional
In this study conducted by Winangali and Ipsos for the ATO, 95% of small businesses used accounting services to help them with their tax and super affairs. In addition, 76% of small business owners in the survey sought a professional accountant whenever they needed business tax advice or information.
The survey also showed how regularly small business interacted with their tax accountant. Almost a third of the business owners (37%) sought out advice from their accountant at least once every three months, while 23% in the survey said they communicated once a month, and 12% saying they reached out to their accountant on a weekly basis.
Small business owners’ perception of tax professionals remains positive. The survey showed that business owners generally perceive accountants “as trusted, reliable, capable, knowledgeable, approachable and honest” tax professionals.
Small business engagement with the ATO for transactional reasons only
Surprisingly, the general small business audience in the survey preferred an accountant’s advice rather than the ATO on almost all tax-related issues. They only went to the ATO for transactional purposes particularly BAS (31%), annual tax returns (16%), and tax payments (12%).
The survey indicated that 91% of owners who don’t interact with the ATO used a professional tax advisor to do their taxes and super affairs for them.
Tax professionals, specifically business tax accountants, continue to be the authority when it comes to tax advice and information. We have the knowledge and expertise to help businesses meet their tax obligations and to give proper advice.
If you need assistance with business tax accounting, contact a Chan & Naylor accountant near you, and we’ll be more than happy to help.
Aside from business tax accounting services, have a look at our other accounting and advisory services that we do to help you achieve greater success.
If you liked our “Business Tax Accountants Continue to be the Preferred Source of Tax Advice for Small Businesses” post, subscribe to our newsletter and stay in touch with us on Facebook, Instagram, and Twitter.
Chan & Naylor Group has nationwide offices in North Sydney, South West Sydney, Sydney, Pymble and Parramatta in New South Wales, Melbourne, Moonee Ponds and Hawthorn in Victoria, Brisbane and Capalaba in Queensland, and East Perth in Western Australia that can assist you with your business tax accounting as well as any personal tax enquiry that you may have. Contact us today.
Photo: Stock Photo Secrets