National accounting group optimistic on SMSF client growth
One national accounting group has found that taxpayers' use of tax agents lifted this tax season and is optimistic of “stronger” growth in SMSF work next year.
Speaking to SMSF Adviser, an H&R Block spokesperson said the group has reported strong growth this year in its work with trustees and SMSF tax returns.
The group is confident that a stronger volume of SMSF-related work will flow through in the coming years as the sector continues to attract new members.
“Tax agents are attracting more clients who recognise they need to avoid issues that they often face when preparing their own returns,” said regional director of H&R Block Frank Bass.
H&R Block also noted there has been an increase in electronic lodgements through tax agents so far this tax season, with paper lodgements falling 25 per cent.
Mr Bass recently warned there can be “confusion” around tax time about the deductions that SMSFs can claim, which may require professional attention, particularly when an SMSF has invested in a residential property.