How to prepare for your first tax season

Staring down the barrel of your first tax season? Avoid the anxiety from the get-go with these top tips for getting through what’s likely to be the most demanding period of your work year.

Find a time-management system that works for you

Work out what works for you when it comes to time-management technology. That could be an app on your phone or tablet (Evernote is a popular option), your trusty Outlook or Gmail calendar, or even an old-school paper wall planner. Whatever method you choose, make sure you use it religiously as you won’t be in a position to squander your most precious resource.

Maintain a work-life balance

This one seems counterintuitive until you accept that even high-performance engines can’t run at top speed for too long without overheating. Sure, minimise any unnecessary distractions during your busy periods, but make sure you also allow yourself some time to recharge. Schedule a run in the morning or dinner with your partner at night, or just get out of the office and go sit in the park for half an hour at lunchtime.

Learn to say “no”

If someone – a client, colleague or even your supervisor – asks you take on something unimportant or non-urgent, simply say “no”. Or, more diplomatically, palm them off with a statement like, “I’d love to help you out with that, but would you mind if we came back to this down the track? It's a busy time of year and I’m not confident I’d be able to devote the time and attention I’d like to it.”

Make use of the resources at your disposal

The Australian Tax Office has an entire section of its website dedicated to helping new tax professionals get on their feet. Take the time to read about everything from the tax-lodgement program to keeping your clients’ details private and protected.

Get up to speed beforehand

You can think of your first tax season as a very long, real-world exam. And what do you do if you want to do well in exams? You study. In this instance, you want to be up to date on any tax changes well before your inbox starts resembling Mount Everest. One way to keep on top of things is to check out The Tax Institute's Taxation in Australia journal, published 11 times a year. The journal is available to Institute members online or as a hard copy.

Keep these tips in mind when entering tax season and not only will you survive, you'll come out a better and more valuable employee, ready to take on whatever else the industry throws at you.

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Four tips to prepare for a career in corporate tax

There's never been a better time to conquer the area of corporate tax. Here are some tips for those interested in doing so.

1. Get the right qualifications

Needless to say, an organisation facing a tax bill in the tens or hundreds of millions of dollars isn’t going to hire any old suburban accountant to take care of their books. The right tax-training course can set you up with the know-how you'll need and ensure you stand out from the graduate crowd. Aside from all the other facets it covers, the Graduate Diploma of Applied Tax Law at The Tax Institute includes a subject that provides students with a comprehensive understanding of how public companies, private companies and corporate groups are taxed in Australia.

2. Line up an internship

Getting your foot in the door is often half the battle when it comes to a career in corporate tax. While the big firms like KPMG and PwC offer well-regarded internship programs, it's also worth looking at the Australian Tax Office and the finance internships offered by many of the nation's largest companies, such as Telstra and Google.

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3. Know how to network

What you know is undeniably important in the field of corporate tax law, but so is who you know. It’s wise to establish relationships with people working in the industry well before putting the hard word on them for an internship or graduate position. You can do this by asking individuals if they’d be willing to meet you for coffee, joining LinkedIn groups and attending industry events, of which The Tax Institute has a great list.

4. Do your research

You don’t want to be left speechless when a potential employer starts quizzing you on your thoughts about the pros and cons of a “Google tax” or be caught searching the buffet for that “double Irish Dutch sandwich” you overheard someone talking about. If you’re willing to put in the effort – both before and after being offered a position ­– you can enjoy an interesting and well-salaried career in the field of corporate tax.

Soft versus hard skills

If you dream of a career in tax or accounting, you’ll need to be a master at identifying fiscal inconsistencies, understanding government legislation and balancing your clients’ books. But although these technical (or hard) skills are intrinsic to succeeding in your future profession, soft skills, such as your ability to form good relationships with customers and your willingness to work as a team, will make you more attractive to prospective bosses.

Cultivating both your hard and soft skills while you study isn’t as challenging as it might seem. Here are four top ways to supercharge your employment potential by proving you’re a candidate with the total package.

Get a customer-facing part-time job

The idea that accountants and taxation professionals crunch numbers without customer interaction is a thing of the past. These days, working in the accounting industry means communicating with clients, resolving their problems and learning to respond to their social cues. Getting a part-time job in hospitality, retail or customer service while you study can help you understand the art of anticipating and responding to customer needs. Once it’s time to put those soft skills into practice, it’ll be second nature.

Obtain a further qualification

An undergraduate qualification in taxation or accounting is not enough to make you stand out. Whether it’s learning a piece of up-and-coming financial software or brushing up on your knowledge of new legislation by enrolling in The Tax Institute’s Graduate Diploma of Applied Tax Law program, investing in your hard skills can be a shortcut to competitive advantage.

Education: Our programs and single subjects help you achieve your full potential in your career, your workplace, and in the profession. Enrol before 25 June and save $100.

Take up a team sport

From collaborating with IT vendors to working with senior management, taxation professionals must be increasingly equipped to meet individual deadlines while working as part of a larger team. Taking up an after-hours sport such as soccer, football or tennis can help you learn how to work with colleagues, anticipate co-workers’ strengths and weaknesses and thrive in a team environment – an all-important soft skill that’s bound to put you ahead of the pack.

Study a second language

A career in accounting can set the stage for international opportunities, but a working knowledge of audit procedures isn’t enough. Signing up for an after-hours class to learn a second language can seriously boost your set of hard skills while broadening your professional horizons.

Although hard skills are critical if you want to establish a career in taxation or accounting, teamwork, communication and customer service play an indispensable role as well. What moves have you recently taken to boost your hard and soft skills?

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