Four tips to prepare for a career in corporate tax

There's never been a better time to conquer the area of corporate tax. Here are some tips for those interested in doing so.

1. Get the right qualifications

Needless to say, an organisation facing a tax bill in the tens or hundreds of millions of dollars isn’t going to hire any old suburban accountant to take care of their books. The right tax-training course can set you up with the know-how you'll need and ensure you stand out from the graduate crowd. Aside from all the other facets it covers, the Graduate Diploma of Applied Tax Law at The Tax Institute includes a subject that provides students with a comprehensive understanding of how public companies, private companies and corporate groups are taxed in Australia.

2. Line up an internship

Getting your foot in the door is often half the battle when it comes to a career in corporate tax. While the big firms like KPMG and PwC offer well-regarded internship programs, it's also worth looking at the Australian Tax Office and the finance internships offered by many of the nation's largest companies, such as Telstra and Google.

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3. Know how to network

What you know is undeniably important in the field of corporate tax law, but so is who you know. It’s wise to establish relationships with people working in the industry well before putting the hard word on them for an internship or graduate position. You can do this by asking individuals if they’d be willing to meet you for coffee, joining LinkedIn groups and attending industry events, of which The Tax Institute has a great list.

4. Do your research

You don’t want to be left speechless when a potential employer starts quizzing you on your thoughts about the pros and cons of a “Google tax” or be caught searching the buffet for that “double Irish Dutch sandwich” you overheard someone talking about. If you’re willing to put in the effort – both before and after being offered a position ­– you can enjoy an interesting and well-salaried career in the field of corporate 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 

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Which area of tax should you specialise in?

A career in tax can open up rewarding opportunities. It’s a multifaceted profession, with areas you can choose to specialise in once you've completed your postgraduate tax education.

But how do you know which discipline is the right fit for your mindset and abilities?

Here are four areas you might consider focusing on in your tax training, along with the skills and experience you’ll need to succeed and the types of personalities that tend to excel in them.

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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Navigating an acquisition

Whether you’re working for the acquirer or the target, acquisitions are exciting transactions to be involved in. As an advisor, you shape how both the newly acquired business and the seller will operate.

Acquisitions typically have a wide variety of tax implications, and usually involve a large team covering corporate, international and transaction taxes. These transactions involve a significant amount of planning and careful execution to ensure every aspect has been thoroughly examined.

Planning and advising

The first stage of any acquisition involves detailed planning. This includes considering how the acquisition could be structured. For example, will the shares or assets be purchased? It can also involve looking at options to fund the acquisition.

For every possible solution, there are a multitude of tax implications that need to be identified, researched and solved. This process is complex and requires excellent problem-solving and numerical skills, as well as intellectual agility. A tax training course that focuses on high-level tax planning can help you develop these skills.

A team of advisors is usually involved in this process, with many holding specialised taxation education in areas including corporate tax, international tax, GST or stamp duty. Each member of the team plays a significant role in defining the business.

Negotiating

Negotiations are an interesting part of acquisitions and may involve several parties. Tax practitioners may negotiate with the ATO or state revenue authorities to obtain rulings on the proposed tax treatment of the acquisition. Significant technical research is required to prepare for these discussions and your persuasive skills will be put to the test when creating applications.

You may also be involved in negotiating the final sale outcome and reviewing clauses in the contract, like tax warranties and indemnifications. This requires strategic thinking and foresight to identify the best way to protect your client. These negotiations also require a high degree of discretion due to the sensitive nature of such transactions.

Documenting and executing

Once the deal is completed, there’s still plenty of work to be done. This includes documenting each aspect of the final arrangement to ensure all the necessary facts are evidenced. You may also use this to prepare the client’s compliance documents, such as tax returns and BAS statements. This is an important part of managing a client’s taxation affairs and may involve liaising with them directly to obtain information. Managing corporate taxation compliance is a good opportunity to put your tax training into practice, while also building a strong relationship with the client.

Navigating an acquisition is a challenging and rewarding experience for any taxation advisor. It provides you with an opportunity to refine your research, problem-solving and negotiation skills, while also building strong relationships with not only your client, but other advisors and regulatory authorities.


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

Find out more