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.


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Putting a wise head on a young career

Most people who are successful end up that way because they’ve sought out mentors to show them how to reach the top. Australia’s current prime minister, for example, always treated his old boss, John Howard, as a sort of father figure and regularly sought his advice during his quest to occupy The Lodge.

The advantages of having a sage adviser

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

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

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

The right time for outside input

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

The mentor marketplace

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

Many companies have mentoring schemes in place. If yours doesn’t (or you’d prefer to venture outside it), you can find a mentor through Chartered Accountants Australia, CPA Australia or the Australian Businesswomen’s Network.

Alternatively, you can simply contact someone you admire – even if you don’t know them – and ask them if they would be interested in mentoring you. After all, imitation is the sincerest form of flattery.

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

The mentor–mentee relationship

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

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

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

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What employers really want to hear when they ask about your weaknesses

For some graduates, it's the toughest question in an interview: what are your weaknesses? How should you answer? And what do potential employers really want to hear?

There was a time when saying you were a perfectionist or a workaholic were the only acceptable answers to the question of weakness. But unless you are a perfectionist or workaholic (and have supporting evidence), those answers are now considered insincere. We asked some employers in the tax sector to explain what they really want to learn when they ask this question.

Leave rehearsed answers at the door

James Fabijancic, tax graduate recruitment partner at Deloitte's Melbourne office, agrees that rehearsed answers don't cut it anymore.

“We don’t want applicants telling us their weakness is working too hard or being a perfectionist,” he says. “We want to hear real stories, and importantly how applicants are taking steps to overcome any weakness and make themselves better."

He says the process of working through challenges is more important than what those challenges are as Deloitte’s culture is “built on working towards outcomes to address clients’ problems”.

Provide solutions, not excuses

Rob Basker, tax partner at Deloitte's Sydney office, says the question is less about weakness and more about how the candidate handles any situation by meeting it with a solution.

“We approach our interviews as exercises in getting to know each other, and to ask questions about situations to test what an individual has done or would do if they were in certain situations,” says Basker. “This way we can see how he/she would approach the matter in question, from thought to finish, to see if they are innovative or if they would create a 'moment that mattered' for our clients and our team.”

Addressing weaknesses is key

Other employers, such as Grant Thornton, no longer ask the weakness question, preferring instead to focus on the skills that graduates do have and building on that through professional development.

KPMG, on the other hand, is more specific. They ask candidates about what steps they have taken to address criticism they have received in the course of their work or studies, and whether these steps have resulted in change.

“We would look for a mature response where the candidate would acknowledge the criticism and recognise that people take the effort and time to share feedback to help people improve,” says a KPMG spokesperson. “If a candidate acknowledged and agreed with the criticism, then seeking out opportunities to undertake similar tasks to demonstrate improved capability and addressing the criticism would reflect positively.

“If a candidate didn’t agree with the criticism received, then we would expect a candidate to undertake a process of validating the criticism with other people as opposed to discarding the criticism as unfounded. Ultimately, a response that reveals the candidate is committed to self-improvement and continued personal development through action would be a good response.”

Again, this suggests that a question of weakness is not about the specific trait you have, but how you handle an issue.


No matter what weaknesses you have, never fear – your self-awareness in the process of acknowledging it and your capacity for self-improvement in how you address it are what employers are really interested in.

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.

Putting her degree to work

One semester of tax was enough to give Michelle Goodhew a taste of her career options after university, but it wasn't quite enough to teach her all she needed to know about the industry. Fortunately a vacationer role, and now a supportive environment as a graduate at Grant Thornton, has given her a great start in the tax sector.

What did you study?

I studied a Bachelor of Commerce majoring in Accounting at the University of Wollongong.

 

When did you start thinking about a job in the tax sector?

I started to think about a career in tax while I was applying for vacationer positions in 2012. I was leaning towards the tax sector as I felt that it was something I could take everywhere. It seems that everyone has to deal with tax, even if they don’t want to.

 

What were your expectations of working in the tax sector?

 

As I commenced my career in tax, I really wanted to put into practice what I had learnt at university, broaden my skills and knowledge, and kick-start my career within an area that would provide a solid foundation for wherever my career takes me in the future.

 

How would you describe your current role?

 

My current role involves helping our clients meet their requirements in areas including tax compliance and consulting work. What I most enjoy about tax is that it’s a challenging job and you’re always faced with something new. There is a great culture at Grant Thornton, which has enabled me to broaden my networks on both a global and national scale because I work with colleagues across our network of firms in a collaborative environment to reach the best outcomes for our clients. It’s a great experience to be able to learn from colleagues outside my office and also share my experiences with them.

 

What are the main differences between what you learnt at university and what you do at work?

 

I think the biggest difference from university and work is that you’re actually dealing with real-life examples where there are no written-down solutions and are constantly gaining exposure to new tax issues. University offers a brief snippet on what the tax service line is about, but there is no way you can learn everything about tax in one semester at university.

 

Which skills or knowledge from university have been most helpful for work?

 

The skills that I have found the most helpful from university, which I now use in my day-to-day work, would have to be time management, working in a team environment and a base of tax knowledge. It is important to utilise all these skills on a daily basis as we are constantly working with different team members and required to manage our jobs independently.

 

What advice would you give to students looking at a career in tax?

 

Get as much work experience or as many vacationer roles as you can while studying at university. It’s the best opportunity for you to not only get your foot in the door, but also ensure you enjoy the service line that you choose.

I found my way into the Grant Thornton graduate program during my vacationer role there the year before. This meant there was no stress trying to find a graduate job while sitting my final exams. My advice is to get your applications in early!

 

What are you passionate about outside of work?

 

I own a horse that I train in the early mornings and compete with at various competitions on weekends.

 

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.