Why mentoring is important for young professionals

 

Most people who are successful end up that way because they’ve sought out mentors to show them how to reach the top. In this blog, we will provide you with the valuable resources and information about why a mentor is so valuable to your career progression.

1. Mentor advantages
A mentor can be viewed as a kind of workplace parent – someone who can warn you against making short-sighted moves that could damage your career and instead encourage you to do those things that may be uncomfortable at first but will reap great rewards in the future.

Experience is a valuable thing. And while there’s no substitute for earning it the hard way, there’s also no rule against leveraging the wisdom of others.

A true mentor will provide honest feedback on how you’re performing and offer suggestions on how to improve your performance. They may also introduce you to people in their own network who can further your career.

2. When to search for an mentor
There is an old saying that when the student is ready, the teacher appears. The 21st century version is that when you feel you have something to learn – be it technical skills, management skills or even life skills – you’re ready to seek out a mentor.

3. How to find a mentor
People often agonise over where to find an appropriate mentor, but it’s really not that hard. In fact, if you think about it, you’ve almost certainly been mentored throughout your life by relatives, former teachers and sports coaches.

The best way to find a mentor is to simply contact someone you admire – even if you don’t know them – and ask them if they would be interested in mentoring you. After all, imitation is the sincerest form of flattery.

There are no hard and fast rules about what makes a good mentor. If the individual in question is someone you respect, can teach you what you want to know and help you get where you want to be, they’re almost certainly good enough for your purposes, regardless of their location in the org chart, industry reputation or educational qualifications.

4. The mentor–mentee relationship
Like any other relationship, mentor–mentee relationships go through phases. In the early days, there may be a lot of enthusiasm on both sides, with the mentor flattered that someone is so interested in what they have to say and the mentee eager to learn all they can.

Over time, that initial enthusiasm will fade and interactions might become less frequent. And, if the mentor has done his or her job properly, at some point the mentee will have learnt all they can. At this stage, the parties involved may decide to stay in touch or go their separate ways.

However the relationship unfolds, the mentee should always show the appropriate gratitude and respect towards the person who has chosen to help them out.

---

The Tax Institute offers a Young Practitioners Mentoring Program for its member. Speak to a membership adviser on 1300 829 338 now for more information, or contact an adviser here.

---

Calling all Young Tax Professionals in Queensland

To help nurture the future of the tax profession, the Young Tax Professionals (YTP) stream at the upcoming Queensland Tax Forum has been specially designed for those who have less than five years’ experience in tax, and need to build and further develop their technical skills.

This specialised stream includes three technical sessions, and a session from the ATO, as well as the chance to mingle with colleagues and meet leaders from the profession during the breaks and over a drink at the end of the day.

Kicking off with some lunch and the opportunity to catch up with your peers, the stream’s first sessions is ‘Issues and challenges for revenue vs capital’, from Trevor Pascall, CTA (Crowe Horwath).

The revenue/capital distinction is an important part of every practitioner’s knowledge base.

Recent issues in practice, and matters arising in ATO audit activity, keep revenue/capital at the forefront of our minds. Trevor will revisit the core concepts of the revenue/capital distinction, and look at the practical actions and behaviours of clients which will influence whether something gives rise to a revenue gain or a capital gain.

Following Trevor is Leisa Rafter, CTA, (BDO), with ‘GST concepts all tax practitioners should understand’. The GST is a multi-stage transaction tax relevant to all businesses operating in Australia. Accordingly, it is fundamentally important that all tax practitioners have a working knowledge of the law. This session considers in detail core concepts and some key areas of the law.

Education: Our programs and single subjects help you achieve your full potential in your career, your workplace, and in the profession. 

Leisa said “Attendees will develop a practical and theoretical knowledge of the GST law and how it applies to the property industry, and leave with sufficient knowledge to provide basic GST advice to clients in the property space.”

In particular, Leisa will cover: the categories of supplies under the GST Law, GST treatment of different types of real property, a consideration of the margin scheme, and GST compliance concepts.

Finally, Matthew Burgess, CTA, (View Legal) presents the ‘Trusts intensive’ session.

The income tax treatment of trusts can be complex and is often misunderstood. Matthew’s session will explain some of the confusing aspects of trust taxation and is designed to give YTP attendees some context and background to some of the common issues that they might need to consider in practice.

Key topics covered by Matthew in this session will include an overview of the nature of “trusts”, the way in which beneficiaries are defined, trust-to-trust distributions and perpetuity rules, and implications of failed distributions.

Following Matthew’s session, YTP attendees will re-join the rest of the Forum’s delegates for some afternoon tea, and then hear from the Australian Taxation Office’s Nicole Dykstra about ‘The ATO’s Tax Gap Research program’.

There has never been as much focus on whether taxpayers are paying the right amount of tax as there is today. The ATO’s Tax Gap Research program provides a quantitative basis to ensure that we have an informed discussion on these issues.

Nicole’s session will cover the what, why, and types of tax gaps – definitions and descriptions, challenges and benefits, different approaches for different gaps to deliver reliable, credible and meaningful gaps, quality and assurance – independent expert reviews, and some insights and observations.

The Young Professional’s Stream represents excellent value and an ideal training and development opportunity, at only $175. Find out more about the stream and the rest of the Queensland Tax Forum program on our website, and join us 23-24 August, in Brisbane.