Five resources for salary research

Salaries vary significantly from state to state and from one firm to the next. Along with starting pay, you’ll also want to find out how much you can potentially earn as you climb your chosen career ladder. For example, while tax accountants and tax lawyers attract roughly the same starting salary, the latter can expect to earn $50,000 more when at the top of their field.

Here are five resources to get you started in your search.

1. MyCareer

This popular job-search website pulls its salary data from positions advertised in the last 90 days. It also allows you to drill down to the relevant sub-sector – for example, under the ‘Legal’ category, you can find the average salary range of lawyers specialising in taxation.

2. Hays

With offices in Australia and New Zealand, the Hays annual salary guide covers payroll trends in both countries. Tax accountant salaries in the ‘Commerce and Industry’ and ‘Professional Practice’ sectors are listed by geographic location, and further sub-categorised according to length of industry experience. Legal salaries cover both in-house roles and top-tier, mid-tier and small private practice firms.

3. Robert Half

Robert Half International publishes an annual Salary Guide containing comprehensive salary information for finance and accounting jobs in Auckland, Brisbane, Melbourne, Perth and Sydney. Data for small, medium and large firms is included under each job category. If you are interested in an in-house tax accountant role within the mining sector, that’s also covered. You can also find out how much salaries have changed since last year.

4. Robert Walters

Now in its 15th edition, the Australian version of the Robert Walters Global Salary Survey looks at both permanent (per annum) and contract (per hour) pay ranges for tax accountants and tax managers, as well as legal professionals (albeit not specific to tax law).

5. PayScale

The salary data on this website – which includes tax professionals – is self-reported by employees, so the figures may not be the most solid. However, the site does give you the option of generating a salary report that tells you how well you are doing relative to your industry peers – in exchange for your own salary data, of course.

Snagging a salary package within the tax sector that ticks all the right boxes can be tricky, but these resources can at least ensure you are coming to the negotiating table with the right information on hand.

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Seven time-saving ways to search for a job

Looking for a job? You can get sucked into spending hours on job sites and networks if you're not careful. Here are seven ways to cut that process down to 15 minutes a day.

 

1. Have a plan

Simply outlining what you're looking for can make the job-seeking process more focused so that you spend less time sorting the potential from the rubbish. Do a little research upfront to find out what's realistic in terms of your role and salary expectations to set some parameters.
 

2. Identify and use keywords

Use the keywords that employers and recruiters use, for example 'graduate' is preferred over 'degree holder'. Don't forget to identify the different categories that they may use. Tax roles, for example, may be placed under 'accountancy' or 'finance', so be sure to check both. Also add these keywords to your job-seeking profile to increase the chance of someone finding you.
 

3. Save searches

Most job sites and job boards, including LinkedIn, allow you to sign up for a profile and save your search, including all the terms and parameters you set (keywords, salary, location). Automate this process instead of entering the same information every time you visit.
 

4. Create alerts

If you prefer push notifications, on most sites and networks you can create alerts that deliver jobs that match the terms and parameters you set and have them sent to you via text or email. You can also employ tools like Google Alerts to find relevant postings and have them notify you.
 

5. Sign up to newsletters

Sign up to the newsletter of each organisation you're interested in. Not only will the 'we're hiring' message be fresh when you get it, you'll also have recent news about the organisation on hand, which you can use in your interview.
 

6. Join relevant groups

Joining networking and industry groups is often a good way to find a job that may not be formally advertised. It's also an excellent way to get to know your potential employers. LinkedIn Groups, for example, let you get close to people you're not connected to, and you can respond to posts and keep an active profile to get noticed. Make sure your settings provide you with a daily digest of the group's posts so you don't have to spend all day on LinkedIn waiting for a job alert.
 

7. Recruit your network

Make sure the people around you know that you're looking for a job and, if you can, brief them on the type of role you're after. They may see something in a medium you don't check (e.g. newspaper) or hear something from people you don't know or can't contact. More seekers means more potential for opportunities.
 

Job seeking does take time, but with a little upfront investment you can reduce the effort you need to find and filter suitable roles. Set up your profile and alerts properly and it will pay dividends when trying to land the perfect job.

 

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Mapping your tax career for 2014 and beyond

A new year brings new career opportunities whether you are looking to move into the tax sector or a related field. By creating a career map, you can see where your knowledge and skills can take you and plan how to reach your goals.

Are you a planner or are you a ‘take it as it comes’ person? No matter which side you’re on, you can benefit from a career map, which takes into account your qualification/s and/or level of experience and portrays the career opportunities open to you in chart form.

There are a number of career mapping services available online, but you can easily develop one using a large sheet of paper, some sticky notes or a mind-mapping tool. Here’s where to start:

Drawing your map

In the middle of the ‘map’, put yourself and your qualification. Around this, write down each occupation currently open to you at this level, as well as the skills, knowledge and experience that you’ll need for the role, or will acquire on the job. Draw a line from the centre of the map (you) to each of those roles.

Moving on, treat each entry on the map as if you had achieved all that you could in that role and again consider each new occupation open to you from there. Continue repeating this process until you’ve reached the limit of your knowledge (or interest).

Choosing a path

The map shows you the potential opportunities open to you, and where skills, qualifications and experience may overlap. There may be, for instance, more than one way to get to a particular role. You can then use the map as a guide to make sure your next step is in the right direction.

Planners can trace a path from the centre to their ultimate career goal via all the other roles that precede it. Those without an ultimate destination should look at the elements of the roles that appeal to them – for example, if you like dealing with people you may prefer an advisory role compared to a number-cruncher role – and head in that general direction.

Once you have a path, set your course for 2014. Your goal may be to get a job, or to gain experience, or to acquire particular skills by the end of the year. Make sure your main objective aligns with the map and has milestones along the way so you can track your progress.

A career map should present the scope of possibilities open to you at any point in your career. Roles do evolve and new posts emerge – just look at the marketing sector, for instance, and the rise of social media-related positions – so don’t close yourself to opportunities that aren't apparent to you now. Revisit and revise the map throughout your career… you never know what exciting new possibilities lie just around the corner.

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If you are a tertiary education student, The Tax Institute can help you progress in your career journey.

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An insider’s guide to getting a job in tax

There are many pathways into the tax industry so whether you’re after a role in a multinational firm or want to set up your own practice, it’s good to know the skills and qualities you need to make yourself attractive to clients.

For the inside scoop on what tax industry recruiters are looking for, we spoke with Janna Fikh, the Principal of Fletcher Tax Accountants, a boutique Sydney practice specialising in tax for small businesses. She deals with a number of clients on any given day and loves making a difference to clients when they see how to be more efficient and more effective going forward.

Janna says a career in taxation is a process of learning and suits people who are not just good with numbers but have the social skills to understand clients’ issues and address them.

How did you become a tax accountant?

Janna Fikh

Never did I ever think accounting, let alone taxes, were for me. I was quite good at maths and I had to select another two units as part of HSC, so I decided to complete a Certificate II in Accounting via TAFE. After obtaining 98% for the subject, I thought this might be a good path to continue on. So I undertook a Bachelor of Taxation at UNSW.

What do you think is the 'ideal' pathway for a career in taxation?

I would first recommend work experience in an accounting firm to see what type of accounting a person might be interested in. It may be audit, it may be business services or it may not be right for them at all. I would also recommend finding a part time role in an accounting firm to be done at the same time as studies in order for everything to gel together more efficiently at the end of the day.

How have perceptions of the ideal taxation graduate evolved over the years?

These days, social capabilities are worth more than their weight in gold. Firms as well as clients seek out team players and/or those who can make a seemingly dry topic more approachable and comprehensive.

You use contractors, what are the attributes you look for in a contractor?

Contractors are great as they run their own businesses hence it is in their interest to be on time when it comes to set deadlines as well as skills they bring to the table. For example, all of my current bookkeepers are BAS agents, thus ensuring they abide by the harsher requirements as set by legislation.

What are the biggest mistakes a potential candidate can make?

Not wanting to learn or improve themselves, not taking the opportunity seriously.

What tips would you give a graduate looking to embark on a taxation career? 

Try different sections of accounting and find the right one which suits you in terms of remuneration, autonomy, skill set, location and niche. What suits one person may not suit another. You don’t want to do 40 hours plus in a job you don’t understand or won’t be able to personally excel in.

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If you are a tertiary education student, The Tax Institute can help you progress in your career journey.

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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. Subscribe to news and updates for tax professionals for news articles and videos as well as a weekly email summary of industry issues. 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 latest information on policy changes.

Networking sites and online communities

Sites like LinkedIn, Facebook and the Tax 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. Find out more about communication and career success.

Keeping up to date through 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.