Career options for tax professionals

The assumption often made about students pursuing a degree in tax is that they’re on the fast track to a certain career in accountancy. Considering, however, that there’s only a finite number of graduate positions available in accountancy firms each year, it’s clear that not every tax graduate will follow suit. So what are some other career options?

Tax-based education grants you a unique skill set: the ability to be a team player, the ability to not be a team player, communication skills and commercial awareness. The junction of these skills means you’re equally well versed in a numerical, analytical or communication-heavy role. In reality, after completing your postgraduate tax training, you are spoilt with a unique spread of career options. Here are five paths you may consider conquering.

Accountancy

There is no denying that the most well-trodden career avenue for recent tax graduates is a role in an accountancy firm. The most attractive roles being those in the ‘Big Four’ firms: Deloitte, PwC, KPMG and Ernst & Young. Large and mid-tier accountancy firms offer roles that cover a large range of tax areas and an opportunity to specialise from an early point in your career. Your tax specialty could lie in financial services, corporate tax, employment tax or tax for private clients, so it’s within reason that this is by and large one of the most alluring prospects for a tax graduate.

Law

Law and tax are often considered to be complementary degrees; many tax lawyers pursue tax qualifications, and tax accountants a law degree. Obviously, this career path is only available to experienced tax professionals, however an additional education resource for the law-inclined is the CTA2A Advanced subject. This postgraduate qualification can be undertaken while working full-time, and works to explain the rationale behind tax laws.

Government financial advising

With a qualification in tax, it’s safe to say that you’re proficient in numbers. Government financial advising merges your analytical and communicative skills to ensure you can best mentor people through financial decisions. For success in this field, work experience as a registered tax agent or tax financial advisory are looked upon favourably.

Teaching

Moving between industries doesn’t mean you have to sacrifice your hard-earned skills, clocked hours and valuable industry connections. In fact, you could strengthen your industry ties and reputation by returning to academia. For experienced tax accountants, there are often opportunities for positions from educational bodies, as well as in corporate training companies or specially designed educational roles in large-tier companies.

Entrepreneurial

For the tax graduates who dream of running their own business, the opportunities are endless. Beyond running your own firm, there is also an opportunity to marry two unique specialties into one business venture: environmental accounting, international accounting and entertainment accounting are all niche self-employment routes that offer you a market difference.

Taxation knowledge can be your golden ticket to any number of roles that cross traditional industry barriers. Browse our range of programs and subjects to get qualified for a career in tax.

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 

Find out more

Taking control of interview nerves

When you’re in your final year of study, you’re likely to begin lining up job interviews.

At this stage, you may be nervous. But don’t let those annoying butterflies stop you from showing interviewers that you’re the right candidate for the job. Be prepared, stay focused and tackle those interviews with confidence.

Here are some tips that may help.

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.

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.

5 aspects to help you choose your ideal career

Choosing a career is among the most important decisions you’ll ever make, so how do you know what your ideal career is? You've already narrowed down the options by selecting your degree, but the planning doesn't stop there.

Next, you need to think about which practice area interests you, what kind of organisation you want to work for and which industry you ultimately want to work in.

As a tax professional, you’ll have the opportunity to work in a variety of industries, from financial services to fashion. There are plenty of opportunities, so how do you decide? Here are five fast tips to help you identify your ideal career.

Assess your skills

When it comes to choosing your profession, it’s critically important to know where your strengths and talents lie. By aligning your natural skills with your chosen profession you’ll have a greater chance of success and career fulfilment. For instance, if you have a thirst for knowledge and are always looking for ways to improve things, it might be worth thinking about a career in tax, since tax laws change constantly.

Survey your family and friends

Often your family and friends represent a wealth of insight into your habits, behaviours and the areas in which you excel. That’s why it’s worth asking them to list your skills and talents as well as the character traits that they admire – you may be surprised at what this process reveals.

Take the time to write down your top 10 strengths and abilities. Be honest and list everything you’re good at. You might also like to make a list of qualities you’d like to improve upon. How does this match up to the options you’re considering?

Pay attention to what excites you

Often, the things that excite us offer powerful clues into the career that will fulfil us the most. So next time you feel a charge of excitement when you achieve something, don’t ignore it – that feeling is a clue to the kind of work you’ll find fulfilling. Make a list of all the things that interest you and that you enjoy doing. Then compare it to the list of your strengths and abilities. Where do they overlap?

Establish your priorities

It’s important your chosen career reflects your lifestyle aspirations and personal goals. If you value a work-life balance, it pays to pick a job that doesn't demand to toil around the clock. If you require a solid, steady income that will allow you to thrive financially, make sure you pick a stable speciality for which you'll encounter regular demand. As a tax professional, you can expect your specialised knowledge to be in high demand from business, government and private citizens, leading to steady employment.

Embrace internships and work experience

Internships and work experience will give you a powerful insight into what you love and what you loathe. Throughout your studies, take the time to approach companies you’d like to work for and offer your services for free – it’s an investment of your time that’s bound to pay professional dividends. Try working for organisations of different sizes to reveal what type of workplace you are most comfortable with.

Finding the right career takes time, as well as a good understanding of your own strengths, interests and priorities. Once you have a clear picture of what’s most important you’ll be on track to finding your ideal career.

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

Find out more

2016 training trends

In order to remain competitive in today’s fast-paced and ever-evolving tax and accounting landscape, it’s critical for professionals to keep both their knowledge and skills timely and relevant. From a firm’s perspective, an ongoing commitment to implementing the right learning and development strategy is essential to nurture and manage the internal talent pool.

We have identified three key trends in 2016:

Leverage the training mix

Experts agree when it comes to training, there is no one size-fits-all approach. Getting the training mix right is about ensuring teams remain updated on both soft and hard skill sets. National director at Grant Thornton Stacey Smith says its program includes a mix of soft skills and non-technical training, regular tax updates concentrating on specialised topics, as well as programs nurturing commercial skills.

Putting knowledge into practice

Meanwhile, with the rapid changes in digital capabilities, cloud-based accounting software and rapidly evolving client expectations, experts highlight the importance of ensuring tax and accounting professionals have regular technological updates. At Perks for instance, Oakes says training includes technology-driven value-add skills, particularly from junior level upwards.

The test-and-learn method

When it comes to tailoring the training within a firm, experts agree a customised approach can be achieved through measuring testing and learning. At Perks, Oakes says the firm runs an annual skills gap analysis, which involves getting feedback from staff to be able to tailor the training program accordingly.

Engaging the team in training helps to maintain currency of both technical and non-technical skill sets. At the same time, consistency in delivery, testing and learning, and being open to adapt and customise a program are critical in ensuring all individual learning needs are addressed across any organisation.

To read more about these key trends, download our white paper.

To find out more about how to achieve your chosen path, please visit taxinstitute.com.au/education or call 1300 TAX EDU (1300 829 338).

Key skills for tax professionals of tomorrow

Recent Tax Institute graduate Justin Quay shares four skills that tomorrow’s tax professionals – both specialists and generalists – require to stay relevant in this ever-evolving industry.

Do what the technology can’t

According to Quay, in the constantly shifting tax landscape, standard business reporting and the outsourcing of more mundane compliance activities are likely to significantly reduce the need for people to fill more administrative-type roles. Add to that the disruptive businesses that are seeking to automate simple tax problems for the broader population.

“To remain relevant, professionals will need to ensure that they possess skills that are less likely to be automated,” says Quay. “Complex strategic advice appears to be a sweet spot and is perhaps a safer area for tax professionals’ future endeavours.”

Indeed, it’s a strong argument for becoming a tax specialist. By specialising, you position yourself as an expert in your niche. You will be in demand, valued and indispensable for your in-depth knowledge. Plus, you can communicate complex tax concepts and answer questions in a way that impersonal, high-tech automated systems can’t.

However, that doesn’t mean there’s no longer a need for tax generalists. It is still crucial to have tax professionals who know the intricacies of the overall tax system because the industry is changing so rapidly. This way, you can help introduce and ease these transitions for clients and companies, as well as meet their many and varying needs.

Keep abreast of news and change

Whether you go the generalist or the specialist route, it’s important that tax professionals stay on top of industry occurrences and trends, especially those elements of tax that are relevant to your role. In Australia, Quay says this also means keeping up to date with the increased focus on superannuation, due to the loss of government revenue brought about by the end of the mining boom and base erosion profit shifting (BEPS). Quay also recommends keeping an eye on potential changes to both income tax and company tax.

Connect with clients

Going beyond what technology can offer, Quay emphasises the importance of client contact for both generalists and specialists.

“Delivery of knowledge isn’t everything. You’ve got to know how to engage clients, because if you can’t do that, you’ll never even get the chance to deliver. There’s no doubt that tax is a very technical profession, but the ability to work with people and gain their attention and respect can weigh heavily on a tax professional’s success.”

Understand tax concepts – both separately and together

There’s no question that tax is complicated. There’s a lot of information, which can be incredibly daunting, especially when you’re new to the profession. The challenge when advising people on tax, according to Quay, lies in the need to understand how concepts work in isolation before you’re in a suitable position to understand how they interact.

“You need to walk before you can crawl, but running is what you’ve got to look forward to, and that’s the enjoyable bit.”

Tax professionals of tomorrow seemingly have two paths to choose from: either become more of a generalist, with the ability to advise on a broader range of both tax and non-tax issues, or become a specialist in a particularly complex area. Fostering such skills can help on both of these diverging tracks.

To find out more about how to achieve your chosen path, please visit taxinstitute.com.au/education or call 1300 TAX EDU (1300 829 338).

What you need to know about mid-year intake

Once you’ve made the decision to pursue a career in tax, the wait for course admissions to open each year can feel lengthy or discouraging. Thankfully, mid-year intake provides many students like yourself with the option of a flexible start date. So if you’re eager to start studying as soon as possible, armed with the right information, you can take your first steps towards making your career in tax a reality.

Mid-year entry is available across most course levels – from undergraduate and postgraduate to honours programs. While all universities have their own specific admission requirements, which may affect the number of positions available during mid-year intake as well as the courses offered, there are some general rules that can help during the application process.

Mid-year programs

If you are commencing a program mid-year, it is important to go to relevant faculty and school websites for advice about course selection and information. Here, you will generally find course-specific information such as, which courses offer mid-year intake, how to apply, selection criteria and course prerequisites. For example, accounting and law are two courses that typically run a mid-year intake.

External providers

If you are seeking to study an industry recognised course or subject but do not wish to attend university, a good place to start is by researching other education providers, such as those recognised by the Tax Practitioners Board Registered Training Association. The subjects taught at these institutions can usually offer subjects and programs that may suite your tax knowledge needs, such as The Tax Institute’ or single subjects. These institutes will also provide a flexible study intake and an easier application process.  

Mid-year single subjects

Undertaking a single subject mid-year is an option available to students who are not yet ready to commit to a program in full. This provides you with a taste for the program, and the completion of the subject can be credited to your degree should you pursue it full-time at a later date. To enrol in a single unit, this is usually completed in direct correspondence with the university and is dependent on your ability to meet course requirements.

Deadlines for mid-year programs

The program start date for mid-year entry is July, however unlike the process at the start of the year, there are several rounds of admission for mid-year intake. To be considered for this year’s undergraduate mid-year intake, the final admission deadline for most NSW and ACT universities is 12 July 2016. This date, however, is dependent on the specific course and university you are hoping to enrol in.

For specific dates, please refer to the Universities Admissions Centre’s key dates for offer rounds. In the event you are applying for a university in another Australian state, your admission is dependent on the tertiary education board for that state.

Application process for mid-year programs

Now that you have selected your course, it’s important to take the time to ensure you have everything you need for a successful application.

Depending on any previous qualifications or study you have completed prior to your application, you may need to provide:

·         Australian Tertiary Admission Rank (ATAR).

·         Documents that prove TAFE studies outside NSW and the ACT.

·         Documents that prove overseas secondary or tertiary studies.

·         Academic transcripts that include the title of the course undertaken, all subjects taken, grades and proof of course competition.

·         Employment experience that includes your job title, period of employment and a summary of any job tasks.

To begin studying mid-year, students applying to a NSW or ACT university will need to apply through the UAC. However, if you choose to enrol outside of a university, it is best to contact the institute directly and enquire about their internal application process.

Just because you begin a course six months behind your cohorts doesn’t necessarily mean you will graduate six months later than them. Universities and institutes offer every opportunity to accelerate your studies so you can graduate alongside your peers. In addition, universities and institutes also offer the chance for students to take additional classes or attend summer school to help you speed things along.

Whether you’ve decided to change courses, opted for an extended summer holiday or simply pursued other opportunities before embarking on your university career, mid-year intake provides the flexibility to start a career in tax when it suits you.

Thinking about starting your next move today? Visit taxinstitute.com.au/education for further information about our subject and program offerings. 

Member profile: Elise Lee

Employer: WLF Accounting & Advisory

Position: Senior Tax Specialist

Describe a little about yourself

I didn’t have a clear idea of what I wanted to do as a career until I finished my first year of University. I had studied a wide range of subjects during my time at University ranging from Catering to Sports Sciences, Accounting and Economics. I knew I wanted a career that could provide me with a good work/life balance. I worked part-time in a restaurant while I was completing my degree and I didn’t want to keep working the hours that went with that kind of job. It wasn’t until my third year of University that I knew accounting was the right career for me.

Describe your current role

I am a Senior Tax Specialist in the Specialist Tax Advisory division of WLF Accounting & Advisory. I prepare advice on a wide and ever expanding range of topics, which have recently included things like:

• Charity and Not-for-Profit establishment, where I assist entities to gain registration with the ACNC and access to tax concessions such as the Income Tax Exemption, FBT Exemption or Rebate and deductible gift recipient (DGR) endorsement;
• Determining eligibility for the CGT Small Business Concessions and assistance applying the relevant concessions;
• Determining eligibility for and assistance applying for the R&D Incentive;
• Determination of the best tax structures for payments and assets transfers on employee terminations; and
• The GST implication of changing business circumstances.

What are your career highlights? 

Completing the tax effect accounting for a large consolidated group, along with a small team of my colleagues, was a really satisfying moment achieved after weeks of very long work days. I also really enjoy going on secondment, either to complete a special project or become part of a client’s team to fill an expertise or staffing gap.

Why did you join The Tax Institute? 

I joined the Tax Institute to gain access to all of The Institute’s online resources and access the member discount for CPD events, such as the Tasmanian State Convention. I also use their CGT Small Business Reliefs and Division 7A handbooks often and look forward to getting the updated versions.

What advice can you give to graduates?

Don’t worry if you don’t know how to do something yet. Your mentor didn’t know how to do it either at one point. The first few months or more realistically years of your career are a huge learning curve. Use all of the resources available to you to find out how things are done, this will give you the basics you need to get started and ask the right questions.

Who or what inspires you?

My colleagues and clients inspire me. My colleagues are always coming up with unique solutions to the different situations and scenarios we encounter. They are really focused and dedicated people who always put in 100%, yet they are able to maintain a healthy work/life balance most of the year.

Find out more about the importance of a healthy work/life balance in our recent blog post here.

What do you do to unwind? 

I like to spend time with my friends and family, testing out the local restaurants and cafes of Hobart, sun-baking on our deck or walking our rough collie Darci along Howrah beach or at the dog park.

Favourite holiday destination?

Camping at Port Arthur or on the East Coast at my husband’s family shacks.

Three ways to ace your first annual performance review

If you’re about to complete your freshman year in a full-time taxation position, you’ll know there’s nothing more daunting than your first annual performance review.

This age-old management practice aims to foster improvement by offering constructive feedback, but it can also be a catalyst for serious stress. However, acing your first performance review is easy if you stay calm and make the effort to prepare. Here are three strategies for passing this professional-development rite of passage with flying colours.

Do your homework

Performance reviews spark anxiety when you feel like you’re not in control. That’s why it’s critical to spend some time assessing your own achievements, goals and professional milestones – as well as any areas that could use some improvement.

Taking time to conduct a self-assessment will show your manager that you’re willing to accept feedback and do whatever it takes to improve. If you’ve already anticipated the issues your boss might discuss with you, you’re less likely to feel blindsided.

Don’t be afraid to voice your needs

Your first performance review isn’t just a method of gauging your strengths and weaknesses – it’s also an opportunity to ask for support. Whether that means discussing a staffing issue that impacts your workload or asking if you can enrol in a taxation course to brush up on a new aspect of legislation, identifying how your employer can help you thrive is likely to earn you respect.

However, it’s equally essential to demonstrate to your manager that you’re prepared to take responsibility when it comes to meeting the demands of your role. A positive attitude and a motivated spirit are the hallmarks of a high performer.

Focus on how your accomplishments add value

Many first-time employees think listing their achievements is enough to win a glowing performance review. But if you’re hoping for the kind of meeting that might result in a pay rise, you’ll have to demonstrate how your successes create value.

Did you come up with a new procedure that improves accuracy or invent a processing technique that saves your colleagues time? Identifying the ways in which your contributions create measurable gains for your agency can help you reach your professional goals.

Performance reviews might cause anxiety, but they’re also a tool for evolution and growth. The employees who prepare, identify problem areas and illustrate the ways in which they’ve created value are most likely to see this process pay off.

A helping hand up the career ladder

Ralph Waldo Emerson once declared: “What I need is someone who will make me do what I can.” As it turns out, it’s not only poets who need a helpful push to reach their potential.

How a mentor can help you

"The first step to finding a good mentor is, of course, coming to terms with the fact that you actually can benefit from having one," says billionaire Richard Branson. Undertaking the right tax course is necessary to have a career in the tax industry, but a mentor can help that career become great.

A wise and experienced mentor can:

• Prevent you from making rookie mistakes.
• Let you tap into their network of contacts.
• Reassure you and motivate you when you experience setbacks.
• Provide advice on how to improve both your technical and people skills.
• Act as a sounding board when you need to make big decisions, such as whether to invest in more tax training.
• Diplomatically point out your weaknesses and show how to improve them.
• Identify your strengths and suggest how you can better leverage them.
• Provide the kind of perspective that only comes from age and experience.

Finding a mentor

The good news is that finding a mentor has never been easier. Many companies – including all the 'Big Four' firms – have mentoring programs, and you can also find a mentoring match through the Small Business Mentoring Service or the Australian Businesswomen's Network.

If you want to identify and approach someone without going through a middleman, you can always attend the networking events featured on The Tax Institute's calendar and see if you run into anyone inspiring.

It can even be as simple as picking up the phone, reaching out via LinkedIn or sending an email to someone you admire to ask them to mentor you – they're likely to be flattered you even asked.

How to be good a mentee

Unless they are retired, your mentor is probably going to be someone in a senior position with lots of demands on their time. Respect the time they are selflessly giving to you by turning up to appointments and arriving well prepared with a list of issues you want to discuss. Mentor–mentee relationships can take many different forms, but keep in mind that it is meant to be a business-focused relationship and your mentor may not wish to hear about, or provide advice on, your personal life.

Finally, always show your mentor gratitude and respect, especially when bringing the relationship to a close.


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Where can a career in tax take you?

What do you want from your career? A new challenge every day? The opportunity to travel the world? To make a difference? Financial security? Whatever your reasons, it's important to give the question some genuine thought, especially if you have your eye on working in a competitive field like tax and accounting.

As industry experts at the recent Tax Institute webinar on working as a tax professional revealed, tax is alluring to today's graduates for many reasons. Here we examine several of their suggested benefits of entering the numbers game.

More advice

According to Stephen Holmes, CTA and partner at WMS Chartered Accountants, professional services firms are expanding knowledge so they can provide advisory in addition to tax compliance services.

“You need extra skills to ensure clients stay with you and have confidence in your abilities,” he says. For you, this means more exciting and challenging work, as well as opportunities to develop your potential.

Flexible options

Holmes added that a major challenge facing new entrants is how to become an indispensable expert. While you can specialise in an industry or technical area that interests you, he emphasised the importance of getting to know your niche really well.

International opportunities

The transferable skills you develop as a tax professional will give you confidence to pursue global opportunities. Speaking during the webinar, James Collacott, CTA and senior manager at DFK Crosbie, shared his experience in becoming a successful local tax professional after migrating from the UK.

“[The] tax systems are different,” he says. “You need to swallow your pride, knuckle down and work hard.”

Purposeful days

If you're seeking variety in your career (as well as in life), the tax and accounting path is for you. As Holmes reveals, there is really no ‘typical day’ once you reach partner level.

“Early on, your days are similar, but doing the same thing over and over is a good thing for your future career.” Your days will become more varied as you climb the ranks, although the repetition you experience at a junior level is still necessary – and extremely valuable, as it will help build your technical and client skills.

How can you kickstart your tax career today?

Collacott encourages budding tax agents to stand out from the crowd by demonstrating their abilities in all facets of the industry. You can undertake the Chartered Tax Adviser program, which increases your knowledge and bridges the gap between the theoretical and practical aspects of practice, or become a member of The Tax Institute. He also suggests gaining education in areas like marketing, management and communication.


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

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Member profile: Autumn Slavin

Employer: JH Advisory

Position: Manager

I am a Chartered Tax Advisor (CTA) and Chartered Accountant (CA) who has worked in public practice for nearly 13 years. My clients are predominantly Small and Medium size Entereprises (SMEs) and therefore, I have been fortunate to work with clients from various industries, with a variety of tax and accounting issues. I began my career at Accru Harris Orchard, where I worked from being Graduate Accountant, up to being in the role as a Self-Managed Super Fund Manager. After nearly 10 years, I then decided it was time for a change of scenery and began employment with Bartons Chartered Accountants in a managerial position. This year I have begun an exciting managerial role at JH Advisory.

Describe your current role

My current focus is on tax and compliance but I am also working with a group of people who have a diverse range of skill sets and will enable me with the opportunity to develop and learn other skills in business services.

Describe your involvement in The Tax Institute’s committees or contribution to the Institute

For the last year I have been on the Tax Institute’s membership committee. It has been such a privilege to give back to an organisation that has provided me with so much support and resources over the last few years, as a member of the Tax Institute.

What are your career highlights?

• Becoming a CTA and CA;
• Working with great people and being able to work with a range of cliental on a range of tax and compliance issues.

Why did you join The Tax Institute?

To help support and contribute to a great organisation, the ability to be kept up-to-date with the latest tax issues and to be given the opportunity to network with like-minded individuals.

What advice can you give to graduates?

Try to be as open minded as possible. You will need to be open to new opportunities and to always remember that a career in tax, means a career with no limitations.

Who or what inspires you?

As a female, I am inspired by other women professionals in my industry. Especially those in management positions, who have successfully accomplished that work/life balance.

What do you do to unwind?

Spending time with my family and friends and watching one of many of my DVD box set collections – there are a few.

Favourite holiday destination?

Sorry but I don’t have one, as I am such a homebody. My favourite destination so far was touring around Tasmania (Must-Do).  I do tend to spend my holidays hanging out in little ole Radelaide.

Member profile: Matthew Gould

Employer: Greenwoods & Herbert Smith Freehills Pty Ltd

Position: Associate

I completed a Bachelor of Commerce/Bachelor of Laws degree at the University of Melbourne in 2010, and started as a graduate at Herbert Smith Freehills in 2011. Following three 8-month graduate rotations, one of which was in tax, I decided to settle at Greenwoods in 2012. I chose tax because I felt it offered a good variety of interesting work that was intellectually stimulating.

Describe your current role

My current role involves both transactional and advisory work, with a particular focus on mergers and acquisitions and infrastructure and property projects. This work commonly involves advising on the tax aspects of transaction documents such as share sale agreements and loan documentation, as well as providing detailed opinions outlining the tax profile of major projects. At Greenwoods we get the opportunity to work closely with Directors from the outset to the completion of a matter.

What are your career highlights?

The highlights to date have been having the opportunity to work closely with, and learning from, leading tax advisors, as well as being able to work on a number of interesting public transactions.

Why did you join The Tax Institute?

I joined The Tax Institute so that I could regularly attend seminars on topics of interest, and have access to publications.

What advice can you give to graduates?

I think as a graduate it is important to be willing to learn, particularly in tax where the learning curve is so steep. Although at times as a graduate you may be given work that is less than exciting, being enthusiastic and focusing on being a contributing team member will ensure that when more interesting work is on offer you will be trusted to do it.

Who or what inspires you?

I wouldn’t say that I have a specific source of inspiration, but I find it a lot easier to work in an environment where I am surrounded by lots of smart, hard-working people.

What do you do to unwind?

I find running to be a good way to give my mind a break, either during the day or before and after work. I also enjoy catching up with friends, live music, reading (non-tax!) and my weekly TV fix.

Favourite holiday destination?

I can’t go past New York – there is so much to do, and the atmosphere is incredible.

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 to that second certainty: 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