New Kid on the Block set to Shake-Up Australian Tax Agent Market

New Kid on the Block set to Shake-Up Australian Tax Agent Market

Mr Tax Refund, Australia’s newest national provider of Tax Agent services officially launched today and immediately places dominant competitors H&R Block and ITP on notice by slashing fees, extending hours and offering instant tax refunds.

Perth Western Australia, Monday, June 18, 2012FOR IMMEDIATE RELEASE Mr Tax Refund Pty Ltd, a nationwide provider of over-the-phone tax preparation services offering 24 hour refunds, officially launched today.

Mr Tax Refunds’ $49 charge for basic tax preparation plus 24 hour tax refund option has thrown down the gauntlet to Australia’s largest Tax Agent groups H&R Block and ITP just in time for the start of the 2012 tax season in July.

H&R Block and ITP together account for around 10%[1] or 900,000 of the 8.8 million tax returns[2] lodged by tax agents yearly, the bulk of which will be lodged before November every fiscal year. 12.4 million tax returns are lodged yearly[3].

“Mr Tax Refund raises the bar for players in the individual tax preparation industry,” said Mr Tax Refund CEO Stephen Burns. “Clients will be offered the same or better service for a fraction of the cost of our competitors. We expect our 24 hour refund option will be very attractive to those who need their cash straight away”.

“This is simply another customer group that is benefiting from sector transition away from bricks and mortar, and we see Mr Tax Refund as somewhat of a sector pioneer in this regard” said Burns. “The cost savings achieved by providing our services exclusively over-the-phone are passed onto our clients resulting in much lower fees”.

After hours services offers convenience and flexibility for time poor customers unable to take time off to travel during working hours to see their tax agent. “Providing over-the-phone service delivery will offer clients the ability to talk to a real tax consultant at a time that suits them. Our opening hours will be 8am – 10pm and we are also open weekends during tax season” Burns said. “It will be an ideal solution for those without the confidence to do their own taxes but don’t want to spend too much”.

The emergence of self-service tax portals such as E-Tax has resulted in lower preparation fees for over 2 million Australians. However, thanks to the complexity of the tax system and resulting fear of not getting the maximum refund, the bulk of us still prefer to deal with a registered tax agent.

Over the past few years we have seen the growth in purely online tax preparation slowing significantly. “I believe we will see the demand for these services hit a ceiling in the near future” said Burns.  “Putting your trust in software to do your taxes can cost you a lot more than the few dollars you can save. For many time-poor Australians battling through endless questions about their tax is time-consuming, confusing and frustrating. But most importantly, without good advice you’re likely to miss some deductions resulting in the tax office keeping money that’s rightfully yours” he said.

The arrival of low cost professional services like Mr Tax Refund could even result in the future decline in the number of online tax returns lodged.  “Australians are smart consumers – in the main they are after the best overall result so we decided to stand behind the quality of our work by offering clients a maximum refund guarantee. If our customers can get a better tax refund from a competitor we’ll give them double their tax preparation fees back no questions asked”

“If we can offer our clients all the convenience and cost savings of an online tax portal, but with the added benefit of a real, qualified tax agent and a maximum refund guarantee why would they go anywhere else” he said.

Mr Tax Refund is proudly an Australian company headquartered in Perth, with branch offices in Brisbane, Gold Coast, Sydney, Melbourne, and Adelaide

About Mr Tax Refund.

Commencing trading in June 2012, Mr Tax Refund is a Registered Tax Agent with a difference. The company offers its clients combined over-the-phone and online tax consulting services and annual tax return lodgment. Cost savings from not having physical offices are passed onto clients in the form of much lower fees, extended hours and additional services. The company offers a 24 hour ‘instant’ refund option to clients who can’t wait for their refund from the tax office, and a ‘Double-Your-Fee’s-Back’ maximum refund guarantee. In FY 2015 it’s conservatively estimated the Company will have serviced over 100,000 customers.

An explainer video is available at www.mrtaxrefund.com.au and further information on company history can be found at http://www.mrtaxrefund.com.au/about-us.php and http://www.mrtaxrefund.com.au/news

Media Contact

Stephen Burns, CEO

M. +61 449 611 000

P. 1300 829 227

F. 1800 329 829

E. stephen.burns@mrtaxrefund.com.au

W. www.mrtaxrefund.com.au

For more logos or graphics contact Stephen directly.



[1] H&R Block & ITP websites as of May 11 2012

[2] ATO Progress Report 20, November 2011

[3] Inspector-General of Taxation, ‘Review into the non-lodgement of individual tax returns’, June 11 2009