There’s no denying that taxation is a fast-evolving field, spanning business, industry and government. So what qualifications do you need to become a professional tax advisor? There are several different paths you can take to gain the skills and experience necessary to tackle those exciting client briefs and business challenges, so it pays to ask the right questions before you set sail.
While taxation has traditionally been the domain of lawyers and accountants, the government also recently established the Tax Agent Services Regime – a professional certification that allows practitioners to secure ‘tax advisor’ status by undertaking rigorous study and industry-specific tasks.
If you’re an accounting student
You’ll need a degree or post-graduate award (from an Australian tertiary institution) in accountancy. In addition, you’ll need to do a course in Australian taxation law and a course in commercial law that has been approved by the Tax Practitioner’s Board (TPB). You’ll also need the equivalent of 12 months full-time experience within five years before you can qualify.
If you only have a diploma or higher award in accountancy from a registered training organisation, you’ll also need to complete a TPB-approved course in Australian taxation law and commercial law, as well as two years’ full-time experience.
If you’re a law student
You’ll need an academic qualification to be an Australian legal practitioner e.g. a law degree from an Australian university. In addition, you’ll need to complete a course in Australian taxation law and a course in basic accountancy principles approved by the Tax Practitioner’s Board. You’ll also need 12 months or equivalent full-time work experience within the previous five years.
The Tax Institute offers approved courses in Australian taxation law and commercial law.
To help you identify which university subjects will help you qualify as a tax professional, ask your educational provider the following:
1. Is this subject listed on the Tax Practitioner’s Board website as an introductory or advanced tax subject in Australian taxation law?
The Tax Practitioner’s Board is responsible for the registration and regulation of tax practitioners in Australia.
2. Does this subject incorporate the Tax Agent Services Act (TASA) 2009 along with the Code of Professional Conduct?
The TASA 2009 is the regulatory framework that governs the provision of tax agent services and BAS services in Australia. Students will also need to have an understanding of the Code of Professional Conduct in order to register as a tax agent.
3. Will this tax subject allow me to complete returns for fringe benefits tax (FBT)? Trusts? Business activity statements (BAS)? Instalment activity statements (IAS)?
Taxation is a challenging profession that’s practical and theoretical in equal parts. It’s critical that your subjects equip you to complete the major types of returns you’re likely to be faced with effectively, accurately and in keeping with the law.
Preparing for a career in taxation requires forward thinking and careful planning. But if you cover all bases, you stand to reap the rewards. What steps are you taking towards your future as a tax professional?
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Craig Marston works for Greenwoods & Freehills Pty Ltd as a Senior Associate.
Craig completed a Bachelor of Laws and Bachelor of Economics at the University of New South Wales, as well as a Master of Laws at the University of Sydney between 2006 and 2010.
Craig has previously worked at Allens Arthur Robinson before moving to his current role at Greenwoods & Freehills, and has contributed to various teaching engagements with UNSW and Atax.
What does your current role involve?
I advise on a wide range of corporate and trust tax issues, with a particular focus on the financial services and property sectors. I also have experience advising on superannuation, mining and general corporate tax related matters.
Are you involved with any Tax Institute committees or contribute in other ways?
I am involved with the Membership Committee. I have also spoken at one Tax Institute event, and will present later this year at a Corporate Tax Master Class.
What are your career highlights?
I was involved in establishing a charitable organisation that addresses Australia’s culture of passively accepting violence against women. Whilst my involvement with this organisation began with drafting their constitution and assisting them obtain DGR endorsement, it lead to me becoming an ambassador for the organisation, which included visiting schools and speaking about domestic violence.
Why did you join The Tax Institute?
The Tax Institute provides great forums to enable me to enhance my taxation knowledge.
What advice can you give to graduates?
Tax is one of the most technically challenging but incredibly interesting areas of the law. It is much more political than many other legal areas, which explains why it is constantly changing. Being part of this process is extremely rewarding professionally.
What do you do to unwind?
I have a 10 month old boy... I’m not sure if he is always conducive to “unwinding”, but he is lots of fun to play with. His smile puts things into perspective!
What would be your favourite holiday destination?
I love New York; it is such a big, busy and exciting city.
Give yourself the edge with free Student Membership
If you are a tertiary education student, The Tax Institute can help you progress in your career journey.
Find out about Student Membership.
Securing an internship or a work placement can serve as a powerful bridge between the world of undergraduate study and your future career. This is doubly true for careers in accounting or taxation, where knowledge, experience and commercial acumen is critical to success.
Although there’s no denying the importance of the right internship, attaining the opportunity you want can be tricky. We’ve compiled a five-step guide to securing the work placement that will get you a step closer to your professional dreams.
Connect with the Big Four accounting firms
Deloitte, PwC, KPMG, Ernst & Young – Australia’s big four accounting firms might be financial powerhouses, but they also provide ample opportunities for aspiring young practitioners to get ahead. Ensure that you’re listed on each company’s database and subscribe to e-newsletters to keep abreast of yearly graduate intakes and opportunities for student placements. Being proactive and enthusiastic about professional development can give you a competitive edge.
Cast your net further afield
Although the country’s major accounting firms are a good place to start, it’s also worth approaching other organisations that interest you and asking them for a placement in their finance department or shadowing their head of accounts. Thinking outside the box can help you glean industry-specific insights along with practical experience, fostering your professional strength.
Find a mentor
If you know someone whose career you admire, it’s never too early to ask them to take you under their wing. Mentorships can often lead to powerful connections that can create opportunities for internships as well as job offers down the track.
It’s never too early to network
Networking events organised by The Tax Institute are a great way to build relationships that could open up future professional paths. Remember that networks only succeed if you cultivate them – that’s why it’s key to treat your professional contacts with respect. If you’re after an internship, it also pays to ask your allies to spread the word. Often, professional opportunities arise from word of mouth – keep your communication channels open and you’ll be heard.
Don’t be scared to follow up
Although chasing leads can seem pushy and aggressive, it’s also a professional art. If you’re yet to hear back from companies that you’ve contacted, it’s essential that you send them a short email expressing your interest and following up. However, it’s equally important to exercise manners and demonstrate your professionalism at all times. Treat every interaction like a potential career move and you’ll find internship opportunities easier to find.
Internships can be a great source of professional expertise and help you gain the skills and experience to break new career ground. Are you currently engaged in an internship? How did you secure it?
Give yourself the edge with free Student Membership
If you are a tertiary education student, The Tax Institute can help you progress in your career journey.
Find out about Student Membership.
When it comes to choosing the right career, expectations don’t always match up with reality. Often the skills we associate with our chosen profession can differ dramatically from those we should cultivate in order to excel.
For Angeline Tan, tax consultant at financial services firm PricewaterhouseCoopers (PwC), the tax profession offers powerful evidence of this divide.
A thirst for knowledge
“It’s commonly perceived that tax is all about the numbers, but it’s also about learning the legislation,” says Tan. “Understanding tax is like learning a new language, so strong literacy skills are really important if you want to get ahead.”
Tax legislation is constantly evolving so you’ll need the ability to adapt to changes and stay up to date. Critical thinking and problem-solving skills are essential to help you apply changing legislation to your clients’ affairs.
Good communication skills
Tan says that communication skills are a widely overlooked aspect of a career in tax. The ability to communicate succinctly is critical for tackling client briefs, negotiating with different parties and reconciling professional requirements with client demands.
“It may not be a surprise that to excel in a career in tax, communication is important. But what is surprising is how paramount it is to success. To be a good advisor, you have to communicate what you understand to clients and make sure they understand it too. It’s not enough to be fluent in tax – you need to be able to communicate this with others.”
Lateral thinking
Although it’s easy to presume that taxation relies on hard facts and empirical knowledge, Tan maintains that there are plenty of grey areas – a fact that calls for a degree of open-mindedness as well as the ability to think laterally and consider problems from different perspectives.
“There is no right or wrong when it comes to tax. Often understanding and embracing the grey area can mean the difference between a good tax advisor and a great one.”
Leadership
During your career you’ll be leading teams in developing creative ways to solve client problems. Tax professionals often work in teams, so you’ll need to work well with others and have good interpersonal skills to succeed. You could be leading members of your own staff, or project teams made up of a range of external consultants and agencies.
Project management
To succeed as a tax professional it’s also vital to have good project management and time-keeping skills to help you deliver projects from end to end. You could be called on to develop information management systems and business processes that underpin the delivery of projects.
Tan says that working as a tax professional involves a willingness to be challenged and learn from experiences. “The ability to be challenged and the opportunity to learn from mistakes and excel are the most rewarding aspects of my job.”
More than an ability to work with numbers, as a tax professional you’ll cultivate a diverse range of leadership, management, critical thinking and problem-solving skills that can be applied across any area of business, industry or government.
Give yourself the edge with free Student Membership
If you are a tertiary education student, The Tax Institute can help you progress in your career journey.
Find out about Student Membership.
Ojas completed a double degree in Commerce and Economics at the University of Western Australia in 2009. Whilst completing his undergraduate degree, he concurrently studied towards obtaining his Private Pilot’s Licence.
As a keen taxation enthusiast he went on to complete a Graduate Certificate in Taxation at Curtin University for which he was awarded the best graduating student’s prize in 2011.
He began work in the tax division as a graduate accountant at Moore Stephens in 2011. Since beginning full-time work he has completed both the Foundations (now CTA1 Foundations) and Advanced Tax (now CTA2 Advanced) courses to obtain the Course in Australian Taxation Law qualification with The Tax Institute, and is on the verge of completing the Chartered Accountants’ Program.
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| Ojas Gandhi |
What does your current role involve?
My current role within Moore Stephens involves working closely with qualified Managers and Partners in providing both tax advice to clients and assisting them in meeting their taxation obligations.
On a day to day basis I am involved in the preparation of Income Tax Returns for Individuals, Partnerships, Companies, Trusts and Superfunds. Every job is different and the issues that arise vary from job to job.
As a mid-tier firm we have a very diverse client base hence we deal with many different aspects of the taxation system. My role encompasses providing compliance and advisory services for our clients in areas from Income Tax and GST, to International Tax and Capital Gains Taxes.
I am also involved in managing taxation disputes for clients and assisting them during an audit or investigation.
What are your career highlights?
Landing my first job as a graduate accountant would have to be the highlight of my career to date.
Why did you join The Tax Institute?
The Tax Institute provides me with an excellent opportunity to expand my knowledge, stay up to date with the latest news, rulings and ATO developments. It also enables me to meet like-minded professionals and be part of and promote Australia’s pre-eminent professional body for tax practitioners.
What advice can you give to graduates?
- Don’t be greedy: after all money isn’t everything. Try and learn as much as you can in the early years of your career and choose an employer who is willing to invest in your learning and development. As you learn more you will not only be highly valued by your current employer, but also amongst your peers. Take one step at a time and the money will soon follow.
- Further educate yourself: If you want to distinguish yourself from others and progress faster in your career, I suggest you to enrol in various Tax courses and seminars held by both The Tax Institute and other Institutions. Tax is a specialised subject, hence requires continuous reading and keeping up to date with changes in Tax Law. I strongly recommend those who are motivated to succeed as a tax practitioner to commence the Masters in Tax course, even if only one unit per semester.
- Enjoy your work: You need to enjoy you work and be enthusiastic. When you love your work, you will not only have the passion and energy to work, but also be excited about going to work instead of dreading it. If you love your work, nothing will be too hard to accomplish. Your first role may not be your dream job, but everyone has to start somewhere.
- Maintain a work/life balance: In the early years of your career you may find it challenging to juggle the demands of your new job and the rest of your life. Try and prioritise your time and learn to set and enforce the boundaries between work and life that are right for you to avoid excess stress.
Who or what inspires you?
I am inspired by my clients’ success and being able to be a part of that. Taxation affects everyone at virtually all stages of the life cycle, so it is really inspiring to be able to suggest tax-effective strategies to clients and see them being implemented to save clients’ taxes and simultaneously applying the same strategies for my personal tax affairs.
Credit must go to the directors at my firm who inspire me to achieve my career goals and to participate in the firm’s goals.
What do you do to unwind?
As a keen fitness enthusiast I partake in various athletic events including triathlon competitions and charity events. On a weekend, I enjoying flying to places I have never been to.
What would be your favourite holiday destination?
I’d definitely love to visit Italy.
Give yourself the edge with free Student Membership
If you are a tertiary education student, The Tax Institute can help you progress in your career journey.
Find out about Student Membership.
