One large tax agency group has announced “major expansion plans”, with a focus on the acquisition of existing Australian tax agents.
H&R Block, which currently operates more than 400 offices, plans to grow by merging with or acquiring other practices in capital cities, suburban and regional centres.
The accounting group currently prepares tax returns for 750,000 clients, netting approximately $1 billion in tax refunds.
“We know as the tax practitioners’ population ages many are looking at exit strategies," said H&R Block managing director, Brodie Dixon. "Others will be deterred from continuing in business by the increasing compliance burden on tax agents and the increased use of free tax return lodgement systems, including MyTax, at the expense of traditional shopfront tax practices.
“In months to come, we will be contacting many tax professionals who have expressed an interest in selling their practice,” he said.
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