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Mar 4, 2015

There are many challenges facing accountants and, indeed, the whole business community.  These could be summarised as:

·         The economy – interest rates are not at the current level to assist borrowers.  They’re indicative of an economy that has significant problems.

·         There are depressed business situations in some areas around Australia.  This leads to businesses closing or making significant staff retrenchments.

·         “Digital disruption” keeps on affecting businesses in all sorts of ways.

·         Standard Business Reporting (SBR) – the Australian Taxation Office intends to implement this strategy from 1 July this year, which the ATO believes, will have a significant “red tape reduction” effect on accountants, even though the government will maintain that it’s good for business.

In these circumstances, accountants have a choice.  You can either meet the challenges and provide the services the marketplace wants, or retreat and hope things will improve in the future.