One of the benefits of having a
career in the tax sector is being able to specialise in your area of interest.
Here’s an overview of some things you need to know before choosing your focus.
A career in tax is versatile, but
to optimise its versatility you first need to figure out what you want. Do you want to earn more or
travel more? Are there particular lifestyle benefits you're keen on? What about
political influence and meeting people? The industry you choose will determine
the benefits and challenges you'll have.
Property
and investment
Specialising
in the ins and outs of property and investment tax issues will lead you to
people who are interested in making money, including high-net-worth individuals
and wealth-creation organisations.
Great for: Earning
potential.
Superannuation
An ageing population, the
increase in self-managed superannuation funds (SMSFs) and the complex tax
issues around super all mean tax specialists in this area are in high demand.
Expect to handle everything from super tax returns to SMSF structures and
estate planning.
Great for: Job
stability.
Corporate
There is
a wide range of roles in the corporate tax sector – from audit and compliance
to consultancy and advisory – and most will involve meeting with clients and
working in teams on specific jobs. This environment is very supportive of
graduates and you'll find that plenty of opportunities will present themselves,
especially as all corporate firms and many of their clients are multinational.
Great for: Travel
and international exposure.
Business
The
beauty of understanding business tax is that your skills can be applied to
almost any organisation, from not-for-profits to sole traders. Each industry
has its own particular challenges, for example special exemptions and
deductions for artists paired with the instability and breadth of their income
streams. Many tax specialists find this work rewarding as it both helps
businesses and provides interesting challenges.
Great
for: Job
satisfaction.
Policy and analysis
Interested
in the mechanism of tax? Perhaps policy and analysis is the specialisation for
you. A role as an economist or analyst drives everything from political
platforms to tax-system reform. If you want to spearhead change as a thought
leader on tax, this is your area.
Great for: Prestige
and influence.
The tax
industry provides steady work and a variety of roles, which is a big draw for
students and graduates looking to test their skills in different areas of
interest. Choosing a specialisation does require a little research so you can
match its benefits and challenges to your skills, needs and interests for a
satisfying career.
If you are looking to specialise, consider
The Tax Institute’s speciality single subjects, including AdvancedSuperannuation, Corporate Tax, and Tax for Trusts in Estate Planning and WealthManagement.
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