Which area of tax is right for you?

A career in tax can be dynamic, versatile and open up rewarding opportunities both locally and abroad. A multifaceted profession, there are many areas in the industry you can choose to specialise in when you've finished your further tax education.

But how do you know which is the perfect fit for your natural abilities? Here are four areas you can focus your tax training in, the skills and experience you’ll need to get there and the type of personalities primed to excel in them.

1. SMEs

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

As a business tax specialist, 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 is 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. Consequently, this has opened up a complex new arena for tax agents to specialise in, providing superannuation advice.

SMSFs are a legal tax structure regulated by the ATO and with strict reporting and compliance obligations. So as a superannuation specialist, you’ll need to stay abreast of any new developments in order to provide your 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 have good attention to detail and outstanding communication skills, along with a comprehensive understanding of superannuation law and practice.

3. Property investment


A property tax specialist provides advice for investors about asset protection while minimising tax liabilities. You will need to consider issues such as various 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 laws and regulations can vary widely from state to state. One of the rewarding challenges of providing specialist property tax advice is helping clients find viable and sustainable solutions to maximise their opportunities and return on their investment. Specialists in this area will 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 in the larger corporate arena, including audit, compliance, consultancy and advisory work, which can open up exciting opportunities for specialists working in this sector.

If you’re one to thrive when given the opportunity to share ideas and collaborate with your colleagues, large-scale corporate advisory work will often 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 great time management and effective communication skills, as you’ll be communicating across different time zones with your firm’s offices around the globe. But be warned: late nights and early mornings may be required!

Stand out from the crowd

Tax is a dynamic profession and in order to provide great specialist advice, practitioners must remain up to date with the changing landscape. As a member of The Tax Institute you will be equipped to provide the timeliest practical and sound advice in the area of specialisation of your choice.

Led by tax experts to benefit tax experts, The Tax Institute is the only body in Australia devoted exclusively to tax, and when you join its 13,000-strong community of the most knowledgeable practitioners, you’ll gain access to powerful resources, progressive education and influential networks.


Take the next step in your tax career with the Graduate Diploma of Applied Tax Law 

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Why tax is a great career choice in 2018

What do you want from your career? A new challenge every day? The opportunity to make a difference? Intellectual stimulation? Financial security?

It’s worth giving the question some genuine thought, especially if you have an eye on working in a competitive field such as accounting, the law or tax.

There are many reasons that tax is increasingly appealing to contemporary graduates. Here we outline several benefits of entering the numbers game.

'Why do you want a career in tax?'

You've finished your postgraduate tax degree and have landed an interview with a leading tax firm for a dream position that could launch your career.

Then comes the inevitable question: ‘Why do you want a career in tax?’

Here are three responses you can use to impress your future employer more than just: ‘Because I want to make heaps of money.’

Your new career in tax - what to expect

If you’re an accounting or law student considering a career in tax, you no doubt anticipate a big difference between life on campus and work in the ‘real world’.

You know there’ll be a change from focusing on theory to applying your expertise pragmatically in the context of diverse client challenges.

So how can you ensure the transition from life as a full-time student to that of a full-time tax professional is as easy and pain-free as possible?

Here are a few suggestions.

Seeking help

Your first job is a key step in shaping your career. Each new experience will offer an opportunity to learn, build practical skills, establish rapport with team members and expand your taxation knowledge.

So try to pick up as much information as you can by asking questions and seeking assistance as you need it. You’ll find that most of your new colleagues will be happy to help. They’ll prefer you learn the right way at the beginning, rather than fix problems later.

Your activities

In many graduate or entry-level roles, you’re likely to be given a variety of tasks.

These might range from research and administration through to practical activities like preparing tax returns and business statements. At the same time, you may receive formal training, workplace mentoring or coaching by senior staff, as well as opportunities to attend client meetings and industry events.

These all represent a chance to establish a firm grounding in best practices for preparing work, building communication skills and understanding business etiquette and due diligence.

Learning to work and working to learn

In the early stages of a new job, you’ll be proving your worth to your new organisation. So prepare carefully, adhere to processes and ask questions if you’re not sure about something.

You’ll be learning to function as part of a team. It helps to be flexible and to see your colleagues and your manager as your partners in achieving a common goal.

Don’t despair if the work doesn't initially meet your expectations – for example, it may not be as challenging as you’d like. The sooner you learn all about the company’s clients and business, the faster you’ll be considered for advancement.

In particular, when you have the chance to attend meetings, use these experiences to learn from your colleagues. Observe how they explain issues to clients, manage expectations, set clients at ease and solve problems.

Updating your knowledge

To distinguish yourself from others in your field and ensure your career progression, it’s important to maintain a solid technical base and knowledge of tax law.

On-the-job training – and formal development programs offered by The Tax Institute and other professional bodies – are invaluable. Tax is a specialist area that’s subject to continual changes in law and practice, so continuous reading is also required to stay up to date.

Transitioning successfully from university life to the workplace is all about being prepared, taking time to understand the experiences of others in the profession, getting to know more about your organisation and your clients, and approaching every task as a learning opportunity.

Give yourself the edge with free Student Membership

If you're a tertiary education student, The Tax Institute can help you in your career journey. Find out about Student Membership.

Landing your first job in tax

How difficult is it to secure a graduate or entry-level role in the tax profession?

It’s certainly achievable if you pay attention to promoting the attributes and qualities that ensure your application stands out above the rest.

In your resume, your cover letter and interviews, the following suggestions can help you increase your chances of success.

Highlight your practical experience

While your academic qualifications are important, your degree alone may not be enough to catch a hiring manager’s attention.

Any practical experience you can identify will help you to be noticed. For example, have you undertaken any industry-related volunteer work. Have you held an internship? Have you been involved in the Australian Taxation Office’s Tax Help program or completed a work placement at a relevant organisation?

Describe any of these achievements in your application.

Volunteering and work placements can lead to future job opportunities, so approach them proactively, and request references from anyone you report to.

Emphasise your industry credentials

When you apply for a graduate program, it pays to focus on your status as a future tax professional.

For this, you can list the relevant seminars, conferences, presentations and professional development opportunities you’ve attended during your undergraduate career. Also mention the reputable speakers you’ve seen.

Similarly, it will count in your favour to list professional organisations with which you may be associated. For example, The Tax Institute’s free student membership is an invaluable industry qualification to include.

Demonstrating your real-world professional activities shows you’re a budding expert who will slot effortlessly into a future workplace.

Demonstrate your expertise

While you don’t have to list every unit you studied at university, it’s useful to highlight your academic achievements, including the subjects you excelled in.

You can include these in the ‘Education’ section of your application. They give a hiring manager some insights into your core strengths.

You should also list any taxation-related software applications you’ve mastered. These represent relevant, profession-specific skills that can help give you a competitive edge.

Ultimately, creating a winning application is about identifying your strengths and tailoring them to a potential job. If you ensure your application reflects your best attributes, you’re sure to reap career rewards sooner rather than later.

Give yourself the edge with free Student Membership

If you're a tertiary education student, The Tax Institute can help you in your career journey. Find out about Student Membership.

How to network as a graduate student

As a recent graduate, armed with a catalogue of up-to-date theoretical knowledge in your back pocket, you have the unique ability to solve problems that even veterans of the game might have trouble with. However, your first networking event can be a bit daunting.

Networking is a vehicle that can potentially accelerate your career faster than anything else. However, you need to take the correct approach from the outset. Here are the dos and don'ts of networking as a graduate student.

Socialise

While your main aim for the evening might be to speak with the top dog at a networking event, that doesn’t mean you need to go in all guns blazing. Remember, this is a cocktail event and you are here to socialise first and foremost. Solidifying working relationships should be natural, not forced.

Be genuine and approachable

To ensure you have the right approach to the night, try to connect with people on a personal level. People respond to passion, so approach your colleagues on a common ground. The more compelling and believable the information you share, the more likely they will be to respond with the same enthusiasm. They may even remember you by the association you create: “Joe is passionate about charity in Brazil and studies tax accountancy.”

Be specific

When you do manage to lock down your ideal target – such as an executive of a top-tier firm – it’s important to be genuine as well as specific. The typical day-to-day role of an executive often means they are thinking about any number of things at one time, ranging from the present state of their business to forecasting several years in advance. It’s safe to say that their thought processes are in a big-picture capacity.

Create a memorable impression by providing them with something tangible to consider. Are you looking for an internship over the summer break or a graduate position? What is it you can offer them, and how might they benefit from accepting your proposal? Whatever it may be, ensure you arrive prepared and capitalise on your moment.

Circulate

You might have a few industry heavyweights in your sights at the start of the night, but that doesn’t mean you should exclude any connections that aren't the top dogs. A diverse network of connections – consisting of a range of job titles, industries and locations – could offer opportunities for your career that you never quite envisioned. Remember the old adage: “It’s not what you know but who you know.” You just never know how or how well people at a networking event are connected.

Follow through

Once you have made a lasting impression, it’s important to enforce your credibility with the follow-up. If you have locked in a proposal or a catch-up over coffee, delivering on that commitment acts as a guarantor for your reputation. A strong reputation in the industry can do wonders in building the confidence others have in your abilities. Reputation is lasting and can offer you rewards well beyond one night’s interaction.

A successful evening of networking can have immediate as well as long-term benefits for your tax career. As long as you enter the night with enthusiasm and a firm approach in mind, it could be what sets your career in motion.

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.

5 early career milestones you should aim to hit

It’s never too early to start identifying or striving to reach career milestones. Here are five classic career goals you should aim to achieve during your first few years as a graduate.

1. Get really good at what you do

It doesn’t matter which tax courses you’ve completed at university or how much you think you know, as a new employee you’ll quickly become aware of just how much you need to learn. Seize every opportunity you can to broaden your knowledge, including gaining insight from bosses and colleagues, as well as sharpening your skills from the taxation education your employer offers. One day you’ll wake up and think to yourself, “You know, I’m now actually pretty good at my job.”

2. Get that first promotion (and the second and third)

No matter how minor it is, that first title bump creates the momentum that will hopefully push you all the way to the top of the tax industry. Don’t waste a minute starting your ascent up the ladder.

3. Work overseas

Take advantage of being young – and relatively commitment-free if you’re working for a firm that offers overseas postings. Aside from the excitement of living somewhere such as New York or London, you’ll develop a new maturity and a broader, well-rounded outlook on life and work.

4. Manage others

Once you’ve learnt how to manage yourself, you’ll face the much more complicated task of managing others, which, depending on how good you are at it, can be either incredibly frustrating or wildly rewarding. Remember that if you’re good at managing yourself and your workload, you can always rely on having a job. But if you have the far rarer skill of also being good at managing others, you can rely on having a highly paid and high-powered executive position.

5. Add to your qualifications and expand your skill set

After spending almost a couple of decades in full-time education, it can be tempting to take a long sabbatical from studying and focusing on gaining real-world experience. However, you’re unlikely to reach many of the future milestones if you don’t expand your skill set, either by undertaking further tax training in the form of a CTA1, CTA2A, CTA2B, CTA3, Graduate Diploma of Applied Tax Law or Master of Taxation, or by pursuing qualifications in complementary fields, such as people management.

In today’s crowded workforce, you need to demonstrate you’re a go-getter from the get-go. While you don’t need to adopt all the milestones suggested above, you should have a clear set of goals you’re actively working towards if you want to reach your full potential.

Take the next step in your tax career with the Graduate Diploma of Applied Tax Law

Find out more by visiting the website or calling 1300 TAX EDU (1300 829 338)

4 tips to help you avoid becoming a workaholic

It’s only natural to want to make a great impression at work, particularly when your career is just beginning. But you’ll only sabotage your future prospects if you burn the candle at both ends. Here are four tips for getting your work done on time while still maintaining a good work-life balance.

1. Time management

The 2014 Australian Work and Life Index revealed that more than half of full-time workers feel rushed at work. For accounting and tax professionals, this can become a major issue during the busy end-of-financial-year season.

You can avoid this trap by creating a prioritised task list each morning. This will make you better at setting goals and priorities, and you’ll also feel the buzz of accomplishment each time you tick off an item.

2. Delegation

Taking on as much as possible might earn you points in the short term, but it’s also the surest way to burn yourself out. The delegation goes hand in hand with good time management – it’s hard to achieve one without the other.

Start by looking at your key strengths. If you’re good at leadership, ask if you can do more project-management tasks, leaving the number crunching to others. And don’t be shy about seeking help – asking questions shows you are willing to learn and improve.

3. Set boundaries

The Work and Life Index also found that nearly a third of full-time employees regularly sacrifice personal time for work duties. There will be periods when the team has to clock up extra hours to meet a tight deadline, but if you’re always the last person to leave the office, you may be putting your health and relationships at risk. Remember that a good career isn’t just about a good salary – it should also give you time to enjoy the rewards.

4. Switch off

Just as your phone’s battery needs to be recharged regularly, so do your own. After you leave work, let calls go to voicemail and try not to check your email until the next day unless you’re monitoring an urgent issue. Downtime at work is also very important. You can keep alert and productive by spending at least 10 minutes every hour away from your desk – preferably outdoors where you can get some exercise and sunlight.

Your life shouldn’t be all work and no play. Maintaining a good work-life balance is simply good for your health – and your career.

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 StudentMembership.

5 essential business skills to be noticed by employers

How would you design a phone for deaf people? How many piano tuners are there in Melbourne? How heavy is the Empire State Building? And how would you answer these seemingly impossible questions if asked in actual interviews?

The last one is a question worth pondering if you want to demonstrate your own potential to prospective employers – they are undoubtedly looking for more than just academic achievement in your taxation course.

Mastery of your tax training is just the starting point for recruiters looking to hire the best talent. Companies are on the hunt for well-rounded, business-savvy agents capable of looking beyond trade technicalities. Here’s our list of five of the most important qualities employers value in their people.

1. Problem solvers

The questions posed above invite interviewees to demonstrate their creative ability to overcome workplace challenges and problems, and how to adapt to changing circumstances or the unexpected.

Thinking about instances in your life where you have been flexible in solving a problem can be a good starting point when it comes to showing employers you can think on your feet.

2. Effective organisers

Good organisation is key to being able to manage projects, making it a fundamental skill for any new recruit to demonstrate. The ability to break down a large project into separate stages, estimate the work and time required, delegate work and keep projects on track, on time and on budget is a core competency for larger firms especially.

3. Digital savviness

A basic requirement among management recruits is proficiency in a range of core software. Spreadsheets are fundamental to tax and accounting, but understanding shortcuts and being able to manipulate data quickly will help you stand out as a future high-flyer.

Database management and the ability to use data-visualisation tools have also emerged as important skill sets to possess as data becomes more central to every organisation.

4. Commercial smarts

Understanding what makes the wider industry in which you work tick, and where the sector is going, demonstrates your ability to look beyond your tax training and marks you out as one to watch. It shows initiative, appreciation of the bigger picture and engagement with the tax and accounting world beyond just your taxation education.

5. Good communicators

A study among 50,000 company recruiters revealed that communication skills were the most important factor in hiring managers. Learning to work effectively by listening carefully and speaking and writing effectively is a skill you can consciously improve.

Mastering your ability to work with clients and colleagues is just as important as mastering your taxation education to ensure you enjoy an effective and long career.

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 StudentMembership.

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. 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 the latest information on policy changes.

Networking sites and online communities

Sites like LinkedIn, Facebook, and the 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. 

Keeping up to date with 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.

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.

Achievements from an international student, Fei Han, in 7 years

I came to Australia in 2005, from China, as an international student. After initially basing myself in Perth, I moved to Melbourne in 2007 and graduated from the University of Melbourne in 2009 with a Master’s degree in Accounting.  

Having started my career in Audit at Ernst & Young China, I moved in to a Business Advisory role at Crowe Horwath Melbourne. As a graduate, I was really inspired by a couple of partners. They taught me how to satisfy your clients’ needs and build long term relationships with your clients. They also showed me how to balance their work and personal life. After a number of Crowe Horwath partners left to commence their own practice, Boss Private Clients, I choose to join them and became an integral part of their boutique accounting firm. 

Whilst working here I specialised in business advisory and providing accounting and taxation services to private clients. 

In 2015, I choose to become a member of The Tax institute. Among other things, I found that by become a member of a leading tax association it assisted me with services my clients better and I felt that by increasing my knowledge around tax, I would better position myself to give advice and guide our clients. I became a member of the Institute of Chartered Accountants Australia and New Zealand in 2014.

In 2015, I joined Grant Thornton’s Private Advisory division as an Assistant Manager. As an Assistant Manager I manage a portfolio of clients, delegate and review compliance work of junior staff, consult clients on tax matters and manage accounting and business aspects along with other duties. 

Throughout my career, I have continued to work closely with a diverse base of clients, ranging from family groups, high net worth individuals and SME’s. The advice that I want to give to graduates is that to be a good accountant or tax adviser requires many skills besides accounting and tax knowledge. Soft skills are critical in your career development.

If you also with to join a membership focused organisation to assist you with developing your client skills and tax technical knowledge, visit taxinstitute.com.au/members for further information. 

Tax can take you to the top

They say only two things in life are certain: death and taxes. But with a postgraduate tax qualification, such as a Graduate Diploma in Applied Tax Law from The Tax Institute, you can add a third: a range of diverse and interesting career options. Here are just a few.

Get political

A solid understanding of the tax system is a good grounding for aspiring politicians. Long before she was spending her days defending Medicare changes and fielding questions from journalists, Minister for Health Sussan Ley studied a Master of Taxation law. On the other side of the chamber, former Assistant Treasurer David Bradbury undertook postgraduate tax law – studies which led to a senior associate in taxation law position with the corporate law firm Blake Dawson before he entered parliament.

Join the Big Four

After a challenging period post-GFC, Australia's big four auditing firms – Deloitte, PricewaterhouseCoopers, KPMG and Ernst & Young – are eyeing growth in consulting services to drive revenue growth. No doubt they’ll be looking for go-getters with advanced tax training to help them hit their targets.

Scale the corporate ladder

Taxation knowledge can be your ticket to the top in the corporate world. A Master of Taxation helped Mark Weinberger become global chairman and CEO of Ernst & Young – and that's after he served as the Assistant Secretary for tax policy of the US Treasury.

Shape the economy

There are few things that have such an impact on a nation’s economy and its citizens as its taxation system. Granted, you may not get the respect or remuneration offered in other fields, but if you use your postgraduate tax course to get a job with the Australian Tax Office (which runs a graduate program), you will have the satisfaction of knowing you’re playing a vital role in shaping Australia’s economy.

One other thing to remember is that a postgraduate tax qualification could be your passport to travel the world. Harry Tonino, for example, worked on four continents after getting a Master of Taxation and ended up as International Tax Expert at the UN, where he spends his workdays undertaking tasks such as negotiating tax treaties.

So if you’re struggling to find the motivation to undertake further tax training, consider this: that tax course you complete might just be a stepping stone to the CEO suite, the Lodge or a top job at the UN.

Take the next step in your tax career with the Graduate Diploma of Applied Tax Law.

Find out more by visiting the website or calling 1300 TAX EDU (1300 829 338).

Juanita Sands’, FTI, compelling story about following your career dreams

Throughout my education I always had a passion for maths and not much else besides reading.  My high school teachers loved telling me I should do something like accounting when I grew up, but being a teenager who did the opposite of what teachers said there was no way I was going to become something boring like an accountant. After starting a maths, psych and law degree, I ultimately ended up at TAFE doing an office administration certificate and loved the accounting subjects and have not looked back since.

After spending 12 years at a local accounting firm, I made the decision to move into a Senior Analyst role with Deloitte. My current role is very broad and diverse working is areas such as:

•  business advisory services – working with small to medium
• tax review of large corporate clients for our audit team, some of whom are listed
• tax provisions for large and listed corporations 
• provide advice for and oversee half of our local office’s self-managed superannuation funds
•  tax advice for our office on a range of areas. To name a few
• Small business CGT concessions – this and super are on of the greatest tax advantages for small business’
• Employee benefits - eligible termination payments, fringe benefits, employee allowances
• Research & Development
• Assessing grant income
• Taxation of trust income
• Deceased Estates

My most satisfying moments are helping others with tax questions, whether small or large questions and helping them to grow their knowledge.  Having people say ‘but how do you know that’ or ‘where do you know to look for the answer’ then showing them how they can get that knowledge.  I found that The Tax Institute is one of my favourite search websites.

I had the opportunity to attend a few of The Tax Institute’s  Tasmanian State Conventions and when I attended a National Convention in 2010 I was given the opportunity to apply for membership at a reduced rate which I took. The resources that The Tax Institute have on the website is great for any sort of tax research and the publications on offer have a great hands on approach to working through complex areas of practice. Membership provides me with access to these and discounts to the many training sessions.

I am currently completing the Tax Institute’s GraduateDiploma of Applied Tax Law and enrolled in the Advanced Superannuation, with Corporate Tax next semester being my last subject.  The Graduate Diploma has been good to cement the knowledge that I already have.

I have now been in accounting for over 15 years and am a single mum to a gorgeous and smart college student.  My daughter inspires me every day.  When starting college this year she was really nervous and concerned about the challenges that she would face.  She accepted the challenge and came out of the first day smiling and ready to take on the world.  This is the way she deals with all challenges in her life.  Having worked full time since she was in primary school and part time while I studied before that I found that work/life balance can be a juggle but is very rewarding being a mum, while working full time.

 To find out more about the Graduate Diploma, visit taxinstitute.com.au/education.

6 tips to a killer letter of advice

The tax profession can provide you with a rewarding and satisfying career. However, with the rise in technology and software advancements, it has become much more than just crunching the numbers or dictating the legislation. To become successful and desirable, you must differentiate yourself in the profession and do what a computer cannot. Within this blog, we provide 6 helpful tips to help you craft your letter of advice to satisfy not only your client and employer but your job satisfaction.

1. Who is the reader?
Put yourself in your client’s shoes and ask yourself, “What do they need to know?” Your task is to write a letter of advice: to a client and for a client. Understanding who you are writing for is the difference between a letter of advice and a good letter of advice.

2. Tone of voice: formal vs informal
A letter of advice is not the same as an email or internal memo. It’s more formal than that and represents your advice to your client, as well as the brand of your company or firm. Though to clarify, formal doesn’t mean stuffy! It’s still all about effectively communicating in a digestible way for your client. When in doubt, err on the formal side – it is a business document after all!

3. Check your grammar, spelling and punctuation
Typos, incorrect syntax and long-winded sentences never helped anyone. It means your letter lacks a discernible point. When in doubt, insert that full stop and start a new sentence.

4. Paragraphs and sentences: keep it short and sweet
Write short, concise paragraphs and short concise sentences. Don’t confuse your client.

5. Use headings, subheadings and bullet points
Don’t be afraid to use headings, subheadings and bullet points against these paragraphs. A letter of advice is not an essay and it’s perfectly acceptable to break up your text with intuitive headings. Creating white space on a page or screen is easier on the eye and gets your point across to your client quicker.

6. Choose your words. They matter!
The power of words cannot be underestimated here. For example, what would your client do if you wrote: you ‘are’ running a business vs you ‘may’ be running a business. Is there a potential risk issue for you to write in definitive language? Consider words like ‘should’, ‘may’, ‘probable’ and ‘reasonably arguable’ instead.

The main thing to remember is that you are writing a document for your client to enable them to make sound business decisions. Ensure that your client can easily digest the information you are providing to ensure they do not miss or misinterpret any valuable information.

For further information, view the free How to Reason, Research and Write webinar, produced by The Tax Institute.

Learning beyond university: Taking your degree to the next level

You’ve spent years taking undergraduate tax courses and finally scored yourself a graduate position. You’re ready to hit the ground running, right?

Well, no actually. Most firms want their new recruits to complete further studies within their first year, such as the Tax Institute’s CTA1Foundations, to bridge the significant gap between academic principles and workplace practice.

We asked four senior staff members from leading accounting and financial services firms, such as Barringtons, DKM Group, Moore Stephens and Westcourt, to explain why they expect their early-career staff members to undertake a tax course with a vocational focus.

Plugging the gaps

The taxation education provided at Australia’s tertiary institutions is of a high standard, but no matter how prestigious the university you went to or what grades you achieved, there is still plenty you need to learn.

“Universities touch on many aspects of tax in their degree courses,” says Anne Goode, associate director at Moore Stephens. “Within a six-month study period the level of detail that can be taught is limited. That’s why we enroll all our tax and business service graduates in CTA1 Foundations. It’s a way to refresh the university course material and complement the in-house training.”

More training equals faster advancement

If the thought of hitting the books five minutes after graduating has you rolling your eyes, consider the fact that undertaking a tax training course will allow you to take on challenging projects sooner than might otherwise be possible.

“Getting graduates to do the Tax Institute’s CTA1 Foundations gives them a general overview – or refresher – in Australian tax law and reduces their write-offs and the consumption of existing staff resources [in supervision] during their first six months on the job,” says Ross Forrester, director at Westcourt. “Once they they’ve completed the course they can move on from just the fundamental professional work to doing simple research tasks.”

Leigh Dyson, senior manager at Barringtons, echoes Forrester’s remarks. “Staff who have completed CTA1 Foundations have a much better understanding of the tax framework and key provisions and don’t require as much supervision or to have basic concepts explained to them. Once staff are enrolled in the course we can get them to start doing compliance-based work, such as tax returns and BAS, which require an understanding of key concepts.”

Boost your soft skills

“I can remember the days when a textbook had so much value – now you can Google everything,” says Daleen Van der Merwe, HR manager at DKM Group. “How do you differentiate yourself in that environment? It’s about having skills.”

Van Der Merwe believes a tax training course such as CTA1 Foundations can teach those skills, creating savvy, sure-footed operators rather than uncertain newbies who are going to cause “other team members’ time to be wasted fixing errors”.   

Read about the importance of soft and hard skills.

Still need convincing about the wisdom of signing up for a post-university Australian tax course? We’ll give the final word to Ross Forrester: “CTA1 Foundations is not an intimidating course for younger staff, but it is an effective one, allowing them to better operate in a professional firm. And it sets them on a pathway to the CTA2A and CTA2B Advanced, which gives them the knowledge needed for a professional advice firm.”

Looking for that competitive edge? Look into completing The Tax Institute’s Programs, Single Subjects or Short-Courses.

Find out more.

Ankit Sharma's journey to broadening his horizons through studying

On his path to completing the Graduate Diploma of Applied Tax Law, Ankit Sharma, CTA, found a passion for the Corporate Tax subject above other post-graduate providers. The Corporate Tax subject caught his eye for its wide variety of topics which would allow him to broaden his horizons and gain a better understanding of areas of taxation that may impact his clients. Looking back it was a good consolidation of previous knowledge and experience in a formal framework.

Ankit Sharma, CTA, started out as a cadet with Pitcher Partners (Sydney) about 8 years ago and has been working in the private clients’ space since then.  His enjoyment has mainly come from the mix of high net worth individuals and small to medium businesses with not only their compliance needs but increasingly advisory matters where he has the opportunity to add additional value.

The Corporate Tax subject provided a great detailed look into various aspects that affect the corporate tax space. He was able to better understand the complex and varied issues that arise out of various transactions. The subject was broad ranging and completing this course allows him to be a better adviser and apply this knowledge directly to his clients. He has so far identified one specific opportunity to improve a client’s taxation position as a result of completing the subject.

Take the next step in your tax career with the Graduate Diploma of Applied Tax Law. 

Find out more.

How to select a tax speciality

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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