The best tax industry resources to keep you in the loop

Tax is a dynamic, constantly evolving field where tax professionals need to stay up to date with the latest developments in order to provide clients with quality advice. So where should you go to keep up with industry news? Here’s a rundown of the best resources that will help you stay informed.

Industry organisations

Member-based organisations are a great source for industry news and analysis. The Tax Institute publishes a range of journals and newsletters that cater to a variety of market needs, providing the latest news, practical solutions to tax issues and discussions on tax policy and systems:

• Taxation in Australia
• The Tax Specialist
• Australian Tax Forum
• TaxWise News
• ConTax Newsletter

Government agencies

Visit the sites of the federal and state government agencies and subscribe to their e-lists for news on laws, rulings and policy issues.

The Australian Taxation Office’s (ATO) website is an extremely useful direct source to the latest on public rulings, determinations, ATO interpretative decisions, tax, superannuation and related legislation. Subscribe to news and updates for tax professionals for news articles and videos as well as a weekly email summary of industry issues. Become familiar with the website’s content as part of building your own research practice.

The Treasury, as the government’s central policy agency for whole-of-economy issues including taxation is another valuable resource. Set up an email subscription or RSS and Twitter feeds to keep up with latest information on policy changes.

Networking sites and online communities

Sites like LinkedIn, Facebook and the Tax Institute’s eCommunities offer an informal and interactive way to stay in tune with industry news, trends and important insights from the tax community.

Industry publications

Take advantage of your university library’s subscriptions to industry publications such as:

• Thomson Reuters Latest Tax News: A daily report on tax changes, ATO announcements, updates on legislation, cases, appeals and rulings as well as summaries of tax issues covered in the national and local press.
• Thomson Reuters inTAX: A monthly magazine featuring technical articles, current tax issues and hot tax topics.
• LexisNexis Legal Newsletters and Legal Express: Bulletins and daily email alerts on the latest cases, legislation and journal articles. 
• CCH Daily Email Alert: Covering the key developments in tax and accounting.
• CCH Tax Chat: A free blog on a comprehensive suite of tax-related topics.

Major tax and accounting firms

The major firms all publish online articles and commentary on current tax issues. Stay in the loop with an RSS feed, or follow these:

• Deloitte News, Research & Publications
• KPMG Daily Tax News
• PwC TaxTalk Today 
• EY Library

Online news sources

Tax-News.com covers news on tax, e-commerce, legal issues, political developments and economic issues for over 250 offshore jurisdictions or tax havens.

The Conversation is an independent source of news and views on a broad range of topics. Join and follow tax topics or set up RSS feeds or daily email alerts. The Conversation provides easy-to-follow explanations of complex topics – this is a great communication style to adopt when providing advice to clients. Find out more about communication and career success.

Keeping up to date through your own research is an essential career-long practice that will help you lead a successful professional life. The sources provided here will help you stay on top of the latest news, changes to law and market issues to maintain your industry savvy.

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Young Practitioner Profile: Matthew Andruchowycz

Name: Matthew Andruchowycz
Employer: Wallmans Lawyers
Position: Senior Associate, Taxation & Superannuation

Tell us about yourself.

I am 29, happily married and have lived in Adelaide all my life. I have a house in Goodwood, close to the CBD, and ride my bike to and from work. I have been a lawyer at Wallmans for around 6.5 years. I moved into the tax and superannuation team in early 2009. Most of my work is personal tax planning, commercial transactions or objections.

What does your current role involve?

Matthew Andruchowycz

I work under three partners in our tax and superannuation team. My role is to save the partners time, and be a user-friendly interface with clients.

My typical day might involve some client meetings, phone calls and emails, a few hours of fact find and problem solving, and a few hours of drafting documents and advice.

Are you involved with any Tax Institute committees or contribute in other ways?

I have been on various committees and sub-committees over the past few years, and have presented a handful of technical sessions with two more booked for November. My main boss believes that The Tax Institute provides an excellent forum for gaining market place recognition. My experience is consistent with that. I have met great people and had lots of good laughs.

What are your career highlights?

2013 SA State Tax Convention

Winning the Beer Stein holding competition at the 2013 SA State Tax Convention. I was only 17 minutes short of the World record (of 20 minutes). Promotions are a highlight. I get a lot of satisfaction in my job generally because it is primarily a value add job. Each presentation for the The Tax Institute, particularly looking back, has also been a highlight.

Why did you join The Tax Institute?

I have been a member since July 2010.

What advice can you give to graduates?

It is a difficult time for graduates. I would say "it all adds up" and just keep going. We are looking for a tax junior so there are jobs around. If you are trying to get a job through a clerkship or placement program, then getting a guernsey is probably more about who you know than what you know. Sound out contacts who might put in a good word for you. Be flexible when you start and work hard. Getting along with people and demonstrating good enthusiasm is important.

Working in tax requires a lot of training and up-skilling, and your work superiors need to want to put in the time with you. Basically they need to like you. Longevity and loyalty is a big concern for employers. If you can convince an employer that you are in it for the long haul then that may help.

Who or what inspires you?

My wife and our goals. We are ambitious. I think that the winning formula for me is to surround myself with the right people and persevere no matter what.

What do you do to unwind?

I particularly enjoy weight lifting, rock climbing, sport in general, travel, camping, fishing, handy-man stuff, cooking, reading and quiet contemplation. I have a diverse group of friends, and a supportive family.

What is your favourite holiday destination?

The Cook Islands, Rarotonga. It is the best. Absolutely amazing people and scenery. Couldn't recommend it highly enough, and can't wait to go back.

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Your must-read guide to finding a job in tax

With the end of the academic year approaching, it’s time to plan your future in tax! To help kick-start your career, here’s a rundown of where jobs are advertised, as well as how to uncover hidden opportunities through networking and keeping up with industry job trends.

Job-listing sites

A great place to start looking for a job in tax is with the general job sites and career portals:

• SEEK
• MyCareer
• Australian Public Service

Search the “Accounting” industry category and use key terms like “tax” and “graduate” to find entry-level positions. You can set up regular email feeds for jobs that are custom fit to your preferences for location, experience level, salary and sector.

Recruitment agencies

Agencies such as Hays, Talent2 and Randstad post advertisements on their websites. In addition to searching the advertised jobs, you can create an account, submit your résumé and register for employment. The agencies have teams of recruiters to help tailor your approach and recommend you for placements.

Industry-specific recruitment agencies and portals

There are a number of industry-specific recruitment agencies and job portals to service the local and global taxation industry. These vary in the degree to which they can offer individually tailored placement assistance, but all allow you to search the listings and submit your résumé. Some of these include:

• Accountancy Options
• Brewer Morris
• Tax Jobs

Industry Organisations

Industry associations support their members’ careers by providing job listings. The Tax Institute’s Job Seeker Section offers a direct link to opportunities within the tax profession Australia-wide. Submit your résumé for the attention of prospective employers, search the listings and register as a jobseeker to receive alerts.

Professional social networking sites

Social platforms are another great source for finding jobs. With a raft of positions posted to social media giant LinkedIn, it’s the preferred medium for recruiters and employers.

LinkedIn enables you to search for jobs and offers an additional valuable dimension – an opportunity to establish a professional network through which to grow your personal industry presence and attract the attention of your dream employers. This requires setting up a well-considered student profile to help you shine in a competitive job market. For more on setting up your profile, check out how to build a great student profile on LinkedIn.

Networking – tap into the world of unadvertised opportunities

Many jobs are not advertised. To access this ‘hidden’ market, become an active online and offline networker.

• Networking online: Networking sites and industry associations are excellent platforms for connecting with other professionals in your industry, prospective employers and agents. They are also essential to keeping up with industry developments and job market trends, best done through ‘following’ companies, joining online groups, participating in industry forums and learning about industry events.
• Networking offline: Follow up your online connections and continue to build your networks in the real world by attending industry events. Keep up to date with these through the Tax Institute’s Professional Development page.

Networking is an important part of sharing tax knowledge and understanding your industry. For more on how to secure a graduate job, see our tips to help you land a graduate job in tax.

Graduate programs

Many advertised positions require a minimum of one to two years’ experience. Graduate programs, offered by both the government and private sectors, provide an excellent base on which to build your experience. Find out who offers programs by checking the careers sections on the websites of the major accounting firms, banks and government departments.

Whether you are ready to enter the job market or simply planning your career path, the sources here will help you stay one step ahead in the job hunt.

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.



[Sources]
http://socialmediatoday.com/leaderswest/1440796/infographic-77-all-jobs-are-posted-linkedin
http://www.npr.org/2011/02/08/133474431/a-successful-job-search-its-all-about-networking

What is it like to apply tax law as a tax specialist?

Often you will deal with routine transactions. In working out the tax consequences for routine transactions, you need to identify the question(s) at issue and the relevant taxpayer and use taxation methodology and legal reasoning to form a view. The taxation methodology and legal reasoning will be provided by your university lecturers, the professional bodies and tax book publishers. Applying tax law to routine transactions will become second nature in the workplace.

In working out the tax consequences for complex transactions, you also need to use the taxation methodologies and the legal reasoning model. However, even when you become more experienced, this is tricky, given the research required for this task, this involves numerous steps. These steps include:

Step 1

Identify the question(s) at issue and the relevant taxpayer.

Step 2

Dr Paul Kenny

Use the taxation methodology to identify and cite the relevant legislation, cases and form an initial view. Note, beware of tunnel vision in this step. Being a grey area there are two sides to the argument. In dealing with the uncertainty you should arm yourself with alternative strategies. For example: What are the alternative views? What alternative provisions can I apply to the facts?

For example, the question may concern the revenue-capital dichotomy in ordinary income: ITAA 1997 s 6-5. Consider both sides of the argument under s 6-5 and then make a conclusion. If you are arguing a receipt is not ordinary income because it is a capital amount, you must also consider whether CGT and other statutory income provisions apply. Also, do the international tax, entity, special taxpayer or anti-avoidance rules apply?  What are the interactions with other taxes (ie GST)?

Another classic area of uncertainty in tax law is the revenue-capital dichotomy in general deductions: s 8-1. Consider both sides of the argument under s 8-1 and then make a conclusion. If you are arguing an expense is not deductible because it is a capital amount, you must also consider whether other specific deductions or Div 40 (depreciation) and Div 43 (capital works) apply. In particular, s 40-880 provides a deduction for many black hole expenses of business. Does the expense fall into a CGT cost base? Also, do the international tax, entity, special taxpayer or anti-avoidance rules apply? What are the interactions with other taxes (ie GST)?

Step 3

Research the detailed commentary/analysis and case law by searching or browsing the detailed online taxation commentaries provided by Thomson Reuter ATP, CCH and the Taxation Institute. Cite any relevant views of these commentaries in your argument to substantiate your view. Read the relevant cases as these are very important to your argument. Cite the relevant case law in your argument to substantiate your view.

Step 4

Research the ATO’s database of taxation rulings as well as case law by searching or browsing the Australian Taxation Office website at <www.ato.gov.au> and clicking on Legal Databases. The ATO view is generally provided by its taxation rulings (TR series), taxation determinations (TD) and class rulings (CR series). The ATO also publishes ATO Interpretative Decisions (ATOIDs) that show their interpretation of grey area issues. Further, edited versions of their private rulings (known as Case Decision Summaries) also can be found here. Cite any relevant ATO views in your argument to substantiate your view. The ATO also publishes numerous fact sheets and explanatory guides such as the income tax return Tax Pack and employee expense deduction guides.

Step 5

To aid your understanding of how the legislation applies to the question at issue go through the statutory interpretation steps and research the explanatory memorandum (EM) accompanying the relevant Act.

Step 6

For more detailed commentary/analysis and case law there are numerous refereed taxation and legal journals and books on taxation law.

Step 7

Use the following taxation internet sites to help your research:

1. Australian Taxation Office
2. The Tax Institute
3. LexisNexis Butterworths
4. Chris Wallis’s Tax Matrix
5. Flinders Business School’s Oz Tax, Australian Taxation Index.

Contributed by Dr Paul Kenny - Associate Professor in Taxation Law - Flinders University.

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Should you do work experience this summer?

From volunteering to internships, work experience is the mainstay of many student summers, so how can it boost your career prospects in the tax sector?

If study prevented you from applying for a work experience placement, look to the summer holidays to gain some key skills. Tempting as it is to head to the beach instead, work experience will fast-track your career compared to less motivated undergrads.

It’s much easier to undertake work experience while you’re still at university, as you’re usually legally covered for workplace insurance by your institution (check with your provider), plus it’s easier to approach firms with the backing of a degree program.

Finding work experience

If you know the path you want to take, seek a position offering skills required for employment in the tax industry. If you’re uncertain of the specifics, search for the role on a career site and make a list of the recurring traits in job advertisements. The closer your work experience matches those attributes, the easier it will be to transition from graduate to employee.

Don’t have a clear picture of your future? Try for a role that will allow you to experiment in a few areas to help you find your niche. Any related work experience is valuable if you can show you've worked in a tax environment.

Five ways to make work experience count

1. Build skills: Particularly skills you can only get on the job.
2. Network: You’re in the perfect position to meet people in the industry. 
3. Make key observations: Secure an understanding of the work environment and the different roles that contribute to the organisation.
4. Be curious: Ask your supervisor/mentor questions and be open to different experiences.
5. Add it to your CV: In an interview, talk about how it prepared you for the role you seek.

Your summer holidays are a great time to ease into working in the tax industry. The busy period has already passed for most firms, which means your supervisor/mentor can give you more attention.

Work experience makes a big difference to your career prospects. Not only will it give you a firmer understanding of what role you desire, you will also have the skills and contacts to help you secure it. Taking the initiative while others laze around will always be a career-positive move. How will you make your work experience count?

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If you are a tertiary education student, The Tax Institute can help you progress in your career journey.

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How to get top marks on your exams

The exam season has arrived! Preparing for your exams is a great time to affirm your own knowledge and credentials as well as hone your time-management skills. While it’s easy to get bogged down when preparing for the end-of-semester period, improving your study habits now will have you feeling ready well before crunch time. We’ve compiled a five-step guide to help you successfully navigate the exam period.

1. Study when it’s right for you

Every person has natural peak periods during the course of the day where they feel at their most motivated, alert and focused. Whether you thrive during early mornings or consider yourself a night owl, plan your study schedule for when you are at your sharpest. Prioritise complex study content for periods of high motivation, saving the easier material for when your attention wanes.

2. Summarise your notes, rinse and repeat

You don’t have to relearn everything from the semester to perform well in your exams. Condense your lecture notes into points that cover the key syllabus topics of your subjects. Whether you learn visually, by reading it aloud or by sound, the process of shortening your notes will ensure you fully grasp your exam material.

3. Review the exam questions

Nothing’s better than a test run! Get your hands on some exam questions and practise writing your answers. Not only will be you familiar with the style and format of your test, but a run-through is sure to quell unruly nerves. The Tax Institute’s ConTax Newsletter includes example exam questions around tax topics that may be useful, while your unit coordinators may also be able to provide copies of past exams.

4. Maximise what you can do

Time spent commuting or performing low-concentration activities – such as cooking dinner or even showering – doesn’t have to be considered time wasted. Take the chance to make use of these periods by reading through your notes, browsing your lecture material or testing your memory by recalling key points. While you won’t be able to learn anything too complex, continuing to familiarise yourself with your study points will promote faster learning and memory recall – helping you reach your end goal quicker!

5. Test yourself

Your ability to learn material and then refashion it in your own words is a tried and tested method that shows just how thorough of an understanding you have. Try creating flashcards from your study notes or using the syllabus as question cues to test your knowledge.

While the study period can be tense, it’s important to remember to balance your study time with adequate rest and relaxation. With a positive outlook and by focusing on your goal, you are moving another step closer to a successful career in tax.

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.