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Mar 23, 2015

This is a sign that recently appeared on the wall of gymnasium of which I’m a member.  I first thought the manager was probably having a go at me because I’m slightly overweight.  However, the more I thought about it, it’s obvious that the sign is a challenge to all people who visit the gym.

Then I thought about the accountancy profession.  We’re indeed living in times of challenge.

Small business reduction - $500million “red tape” reduction, announced by the Australian Taxation Office (ATO), targeted at accountants.

“Digital disruption” – which is expected to have significant effect on at least six major industries over the next two years, with variations in activities of 24-43% forecast.

The tax return market is under continuous pressure.  Tax return are becoming more of a “commodity” product.

In survey after survey, small/medium enterprises have identified that they want a wider range of services.

These are just some of the emerging challenges facing accountants in 2015.

To navigate these challenges, accountants will have to change their traditional work and delivery models – just as what accountants have been doing, virtually every decade, for the last 50 years.


Peter Towers



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