Recently the ATO commissioner Chris Jordan said a practice built on supplying “simple returns” needs to look at their business model. The ATO’s free products have come under fire by high volume tax agents, however, this is exactly the area where artificial intelligence will likely dominate and human intelligence may not be required.
The ATO are not the only large entity investing in software that will cut the time and people required to fill in forms but more highly trained people are required to deliver the right advice for small business people.
Tax Advisers need to be adding value to a client’s financial situation. This can be via software advice, systems advice, structures for business, structures for property and of course quality, timely tax direction.
The proliferation of artificial intelligence coming into the accounting/bookkeeping space for small business means the cost of these services is reducing.
Juxtaposed next to this is tax legislation getting more complex and voluminous. In essence tax advice can only be dispelled to small business people via those who both know the law and can interpret it in plain language to their clients.
At Paris Financial we champion small business people for their effort, enterprise and multifaceted skills. So if you need small business tax, lending or wealth advice come and have a complimentary consultation with us.
Pat Mannix, Partner, Paris Financial