An accountant that is preparing tax returns. Accounting and tax return documents, pages and calculators. An elderly couple planning with their superannuation funds. A business man working on his investment property in Gordon.

Latest News

68% of SMEs ‘significantly stressed,’ 85% rely on accountants

A survey from the Institute of Public Accountants has found that more than a quarter of SMEs wouldn’t have gone into business if they realised the associated stress, and that a third of those surveyed wish they had engaged an accountant earlier.

   

 

After its small business roadshow and survey of about 250 SMEs, the Institute of Public Accountants (IPA) has finalised its preliminary research into the links between the mental health of SME clients and accountants, about six months after announcing its intentions to launch the major research project in June.

According to the survey results, 68 per cent of small businesses said that they are “significantly stressed,” and 69 per cent said that their small business is the primary reason for this stress.

Further, 85 per cent of the respondents said that engaging a public accountant significantly reduced their level of stress associated with their small business.

“Flipping that around, we were also surprised that over a quarter of small businesses told us that if they knew then, what they know now, they wouldn’t have gone into small business. That is quite alarming. That figure is quite an indictment on the economic and policy settings,” said IPA chief executive Andrew Conway.

Thirty-five per cent of those surveyed said that they should have engaged a professional accountant earlier in the life of their business.

The survey also found that over 93 per cent of small businesses rely on a public accountant for advice beyond standard compliance and tax-related matters.

The full findings of the research will be released at the IPA’s National Congress on the Gold Coast this week.

 

By: Katarina Taurian
​21 NOVEMBER 2017
accountantsdaily.com.au

Latest Accounting News

  • FBT Reminder – Odometer Reading

    Anybody who has a Fringe Benefits Tax obligation should take an odometer reading of motor vehicles.

  • ATO’s debts on hold campaign prompts new IGTO guidance

    New guidance has been released on best practice principles for debt notifications in response to the re-activation of old debts by the ATO.

  • Small business benchmarks

    The ATO has developed quite a number of benchmarks to help small businesses develop an idea of their performance compared to similar businesses in the same industry.

  • The 2025 Financial Year tax & super changes you need to know!

    The new financial year is fast approaching and so are a number of changes to superannuation contribution amounts and the individual tax rates. These changes are outlined below, as is some information on how you may be able to work with these changes when managing your tax affairs during 2024-25.  

Tax Specialists

We specialize in providing proactive tax planning strategies for our clients. High earning individuals and business clients can benefit by speaking to one of our tax advisors.

Bookkeeping

Good, fundamental book keeping will ensure that your accounts are up to date and give you proper control of your business. With over 85% of business failure attributed to poor financial control, skilled and professional bookkeeping will give you results that speak for themselves.

Superannuation Planning

Taking the time to plan for your future makes good financial sense. Ensure you have the money to live the lifestyle you'd like during your retirement.

Investment Properties

Preparation of negative gearing tax schedules for all investment properties. Including Depreciation Calculations and Special Building Write offs.