Monday 29 January 2018

Which area of tax should you specialise in?


A career in tax can open up rewarding opportunities. It’s a multifaceted profession, with areas you can choose to specialise in once you've completed your postgraduate tax education.

But how do you know which discipline is the right fit for your mindset and abilities?

Here are four areas you might consider focusing on in your tax training, along with the skills and experience you’ll need to succeed and the types of personalities that tend to excel in them.


1. SMEs


With the growing number of small-to-medium sized businesses in Australia, a business tax specialist will always be in high demand.

For this, you’ll need to be abreast of capital gains implications, the latest GST changes and depreciation schedules, as well as the special exemptions and deductions relevant to each business structure and industry.

Many tax specialists find this work rewarding, as it helps local businesses grow and remain sustainable. Keeping up with the constant federal regulatory changes impacting SMEs also means working in an area that’s dynamic and always evolving.


2. SMSFs


An increasing number of people are choosing a self-managed superannuation fund (SMSF) to provide their retirement benefits, because it offers more control over investments. This has opened up a complex field for tax agents to specialise in – providing superannuation advice.

SMSFs are a legal tax structure regulated by the ATO. They have strict reporting and compliance obligations. As a superannuation specialist, you’ll need to stay abreast of any new developments so as to provide clients with timely advice on the right structure and planning.

With severe penalties for non-compliance, an SMSF tax specialist has considerable responsibility and therefore needs to be attentive to detail and have outstanding communication skills, along with a comprehensive understanding of superannuation law and practice.


3. Property


A property tax specialist provides advice to investors about how to protect assets and minimise tax liabilities. You’ll need to consider issues such as different tax structures, capital gains implications, deciding between holding and selling, renting, cash flow issues, renovations, transferring property and international tax implications, as well as tax minimisation.

Property tax can be a highly complex area and the laws and regulations can vary widely from state to state. One rewarding challenge of providing specialist property tax advice is helping clients to find viable, sustainable solutions to maximising their opportunities and return on their investment. Specialists in this area enjoy liaising with people who are interested in asset and wealth creation, including high-net-worth individuals and wealth-creation institutions.


4. Corporate advice


The corporate tax path may be well trodden, but for good reason – there are many rewarding specialisations within the larger corporate arena, including audit, compliance, consulting and advisory work. These open up exciting opportunities for specialists working in this area.

If you tend to thrive when given the opportunity to share ideas and collaborate with colleagues, large-scale corporate advisory work can have you working cohesively in a team environment, often across multinational channels.

You’ll need an understanding of international corporate tax implications, as well as effective time management and communication skills, as you’ll often be communicating across different time zones with your firm’s other offices around the globe. But be warned: late nights and early mornings may be required!


Student Membership
Give yourself the edge with free student membership

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

Find out about Student Membership.

58 comments:

  1. With havin so much content do you ever run into any problems of plagorism or copyright violation? My website has a lot of completely unique content I've either authored myself or outsourced but it looks like a lot of it is popping it up all over the web without my agreement. Do you know any techniques to help reduce content from being stolen? I'd definitely appreciate it.
    function rooms liverpool nsw

    ReplyDelete
  2. you should think about zeroing in on in your expense preparing, alongside the aptitudes and experience. Custom Homework Writing you'll have to succeed and the sorts of characters that will in general exceed expectations in them.

    ReplyDelete
  3. Yes, it was not easy to create a professional essay writing service, but I succeeded, although not immediately. But now I am happy with the result and that I can help many students.

    ReplyDelete
  4. Very interesting article! Actually I am interesting playing video games and reading news about them. Moreover, here is my favorite gaming news website! You can see lots of gaming review and guides there.

    ReplyDelete
  5. The area of tax should you specialize in is very impropriate because peoples haves much not more time to discover the endurance of the new technologies of the block chain market.Cryptocurrecy exchange business software is giving you the most essential source of using Cryptocurrencies with their realistic services and authentic guidelines in worldwide.

    ReplyDelete
  6. We, US Local Business Directory in New Jersey, can help you get more LEADS, traffic, and revenue with the right strategy.
    In addition, we are a Leading Digital Marketing Services Company in New Jersey.

    ReplyDelete
  7. You're so cool! I don't think I've read anything like this before. So good to find somebody with some original thoughts on this subject. Thanks for starting this and please keep on sharing with us great information. Get best Mobile App Development Dubai service you visit here site to get more info.

    ReplyDelete
  8. Excellent way of describing, and good piece of writing to obtain data concerning my
    presentation subject, which i am going to convey in school. 오피

    ReplyDelete
  9. You actually make it seem so easy together with your presentation however I find this topic to be actually one thing which I feel I would by no means understand. Really enjoyed reading through. powerballsite

    ReplyDelete
  10. Normally I do not learn article on blogs, but I wish to say that this write-up very forced me to try and do so! Your writing taste has been surprised me. Thanks, quite nice post. 바카라

    ReplyDelete
  11. I was reading through some of your articles on this website and I believe this website is really instructive! This is a exceptionally good post. Thankyou appropriate for keeping us informed. 스포츠토토

    ReplyDelete
  12. Really nice and interesting post. I was looking for this kind of information and enjoyed reading this one. Keep posting. Thanks for sharing. 릴게임

    ReplyDelete
  13. Your website is really cool and this is a great inspiring article. Thank you so much. 토토사이트

    ReplyDelete
  14. I have learn several good stuff here. Definitely worth bookmarking for revisiting. I surprise how so much effort you place to make this type of fantastic informative web site Feel free to visit my website; 온라인카지노사이트

    ReplyDelete
  15. Thanks for sharing nice information with us. i like your post and all you share with us is up to date and quite informative, i would like to bookmark the page so i can come here again to read you, as you have done a wonderful job Feel free to visit my website; 카지노사이트링크

    ReplyDelete
  16. This is a great inspiring article.I am pretty much pleased with your good work.You put really very helpful information. Keep it up. Keep blogging. Looking to reading your next post. Feel free to visit my website; 온라인카지노사이트넷

    ReplyDelete
  17. Hey there. I found your site by the use of Google whilst looking for a similar subject, your site came up. It looks good. I have bookmarked it in my google bookmarks to visit then. Feel free to visit my website; 바카라사이트닷컴

    ReplyDelete
  18. This is really interesting, You are a very skilled blogger. I’ve joined your feed and look forward to seeking more of your fantastic post.

    파칭코사이트인포

    ReplyDelete

  19. I need to to thank you for this great read!! I definitely enjoyed every little bit of it. I have got you bookmarked to check out new things you post. 포커게임

    ReplyDelete
  20. Excellent post. I was checking continuously this blog and I’m impressed! Very helpful information specifically the last part. I care for such information much. 카지노사이트

    ReplyDelete
  21. Thanks for sharing with us this important Content. I feel strongly about it and really enjoyed learning more about this topic. 슬롯머신

    ReplyDelete
  22. This comment has been removed by the author.

    ReplyDelete
  23. You absolutely come with really good articles and reviews. Regards for sharing with us your blog. 블랙잭사이트



    ReplyDelete
  24. Great blog! Do you have any tips for aspiring writers? I’m hoping to start my own blog soon but I’m a little lost on everything. 토토

    ReplyDelete
  25. Hi there, I simply hopped over in your website by way of StumbleUpon. Now not one thing I’d typically learn, but I favored your emotions none the less. Thank you for making something worth reading. 메이저사이트순위


    ReplyDelete
  26. I am glad to discover this page. I have to thank you for the time I spent on this especially great reading !! I really liked each part and also bookmarked you for new information on your site. Feel free to visit my website; 온라인카지노

    ReplyDelete
  27. I like what you guys are up also. Such smart work and reporting! Carry on the superb works guys I have incorporated you guys to my blogroll. Feel free to visit my website; 온라인카지노

    ReplyDelete
  28. I will have to follow you, the information you bring is very real, reflecting correctly and objectively, it is very useful for society to grow together. 스포츠토토

    ReplyDelete
  29. Every one of the posts of this blog is generally excellent and successful. I am truly eager to discover this post. Thanks and carry on it. 바카라사이트

    ReplyDelete
  30. Thanks for sharing this valuable information with all of us.and if you are searching for the best Seo service dubai then click our website. 파워볼

    ReplyDelete
  31. This is also a very good post which I really enjoy reading 카지노사이트

    ReplyDelete
  32. I located one reliable example of this fact through this blog website. I am mosting likely to use such information now. SMSF Central Coast

    ReplyDelete
  33. Great information blog with a fantastic reads, the blog is absolutely amazing with quality contents, it’s rare to see such an incredible blog like this nowadays, really appreciate your immense effort in putting up such an elucidate reads, thanks for sharing. rsust cut off mark

    ReplyDelete
  34. Nice Blog. Thanks for sharing with us. Such amazing information.

    5 tips to keep yourself mentally healthy in pandemic

    ReplyDelete
  35. Wow, awesome blog layout! How long have you been blogging for? you make blogging look easy. The overall look of your web site is great, as well as the content!Feel free to visit my website; 카지노사이트링크

    ReplyDelete
  36. I have read several excellent stuff here. Definitely price bookmarking for revisiting. I surprise how a lot attempt you put to make this sort of magnificent informative Feel free to visit my website; 온라인카지노사이트넷

    ReplyDelete
  37. This type of article will be able to think and analyzed to the readers thats leads them in a bright future. I think this is one of the most significant information for me. And i’m glad reading your article. But should remark on some general things, The web site style is perfect, the articles is really great. Feel free to visit my website; 카지노사이트위키

    ReplyDelete
  38. What a nice post! I'm so happy to read this. baccarat What you wrote was very helpful to me. Thank you. Actually, I run a site similar to you. If you have time, could you visit my site? Please leave your comments after reading what I wrote. If you do so, I will actively reflect your opinion. I think it will be a great help to run my site. Have a good day.


    ReplyDelete
  39. I've been looking for photos and articles on this topic over the past few days due to a school assignment, 우리카지노 and I'm really happy to find a post with the material I was looking for! I bookmark and will come often! Thanks :D


    ReplyDelete
  40. This is the perfect post.슬롯사이트 It helped me a lot. If you have time, I hope you come to my site and share your opinions. Have a nice day.


    ReplyDelete
  41. Awesome Article! its truly enlightening and creative update us as often as possible with new updates. 스포츠토토

    ReplyDelete
  42. I am pleased that I observed this site, exactly the right information that I was searching for. 바카라사이트닷컴

    ReplyDelete
  43. I have been looking for articles on these topics for a long time. I don't know how grateful you a re for posting on this topic. 카지노사이트링크

    ReplyDelete
  44. Thank you for some other informative blog. Where else could I get that type of information written in such an ideal means? I have a mission that I’m just now working on, and I have been at the look out for such information. 먹튀검증 It helped me a lot. If you have time, I hope you come to my site and share your opinions. Have a nice day.


    ReplyDelete
  45. I like what you guys are up also. Such clever work and reporting! Carry on the excellent works guys I?|ve incorporated you guys to my blogroll. I think it will improve the value of my website. Feel free to visit my website;
    야설

    ReplyDelete
  46. Pretty! This was a really wonderful post. Thank you for your provided information.스포츠토토

    ReplyDelete
  47. I would appreciate you that you pick up an important topic to write a thoroughly informative post on.릴게임

    ReplyDelete
  48. Appreciate it for helping out, excellent info. 스포츠토토

    ReplyDelete
  49. whoаh this blog is excellеnt i love
    rеadіng уour posts. Kеep uр the good work! 토토사이트링크

    ReplyDelete
  50. Nice blog post so thanks a lot for sharing this great blog post.. keep more post for sharing.. have a nice day.
    Student Visa For Canada

    ReplyDelete

  51. This seems to be the age of the entrepreneur,
    슬롯사이트

    Here I am once again trying to explain things to people.
    슬롯사이트

    ReplyDelete

  52. We stumbled over here by a different website and thought I might check things out
    검증카지노

    These are genuinely wonderful ideas in about blogging.
    온라인카지노


    ReplyDelete
  53. Hong Kong 온라인포커 betting technique explanation + Q&A

    ReplyDelete
  54. Nice blog post so thanks a lot for sharing this great blog post.. keep more post for sharing. These are genuinely wonderful ideas in about blogging. Thanks for such a fantastic blog. Thanks for posting this info. you know that I just check out your site and I find it very interesting and informative.
    Abogado De Divorcio En Virginia
    violation of protective order virginia

    ReplyDelete
  55. "Choosing Your Tax Specialization: Expert Guidance. Navigate tax fields effectively. Discover ideal focus with comprehensive insights. Elevate your expertise confidently."Traffic Lawyer Alexandria VA

    ReplyDelete
  56. You wrote a beautiful content. I am really enjoying the blog. ¿Qué es un dui en Virginia?

    ReplyDelete
  57. This comment has been removed by the author.

    ReplyDelete