5 ways to keep up to date on the latest tax news

Keeping up to date with the latest industry news may seem like another item to add to your to-do list, but staying informed can have a number of positive benefits that can aid you in your career. For instance, when you are aware of the latest news and developments in the industry, you are able to make better decisions, and spot opportunities and threats early on. Additionally, you can develop expertise that will build trust and respect, which from a leadership perspective is invaluable. By utilising these industry resources, you can apply your knowledge to your everyday practice and client cases to become better in your role.

Here some handy resources that can keep you up to date with the latest developments in tax and accounting.

The Tax Institute Membership

Tax law in Australia is continuously evolving, which means you need to keep your skills and knowledge up to date with the changing landscape. The Tax Institute provides membership with all the benefits to keep you at the top of your game. Not only is it a community of highly knowledgeable practitioners, as a member you will also have access to tax updates provided daily, weekly and monthly such as the leading tax journal and newsletters, and access to various alliance partners. The membership also offers access to powerful resources, progressive education and influential networks.

Best for: Membership is a great way for tax professionals to equip themselves with the best advice, and it can enhance the careers of those just starting out in tax.

Government resources

The ATO website has recently gone through some drastic changes to improve usability, and it now has more resources, tools and calculators than ever before. The ATO is currently in the early development stage of building a central newsroom that will bring together a number of newsletters, media-release services and news articles. The ATO newsroom aims to provide tax and accounting professionals, as well as the general public, with a more streamlined resource containing relevant and timely news and information.

For general news and information, government sites can help you find useful data and assistance across all areas of taxation, including tax reform, tax returns, e-tax and myTax. You can obtain various guidance notes on federal, state and local government tax revenue, major tax expenditures, as well as historical information relating to Australian tax instruments, income tax laws, and GST and excise policies. The Treasury site also contains media releases, with the latest announcements from areas such as fiscal policy, the budget and tax expenditures.

Best for: Utilising government resources is great for overarching resources across all areas of taxation, such as tax reform, tax returns, e-tax and so on.

Weekly Tax Bulletin

Thomson Reuters offers a comprehensive range of news services for tax and accounting professionals, including the Weekly Tax Bulletin, which provides a detailed and comprehensive weekly wrap-up of the latest tax developments. The Weekly Tax Bulletin is a subscription-based service, which publishes analytical reports plus expert commentary from practitioners on the latest tax and accounting developments, including the latest tax cases, rulings and ATO updates. Other news services include the Capital Gains Tax Bulletin, the Fringe Benefits Tax Bulletin, the GST News Alert, the International Tax Bulletin and the Super & Financial Services Bulletin.

Best for: Subscription to the Weekly Tax Bulletin is best for the latest tax cases and developments, and expert advice from trusted practitioners around industry developments. 

Law Council of Australia

The Law Council of Australia is the peak national representative body of the Australian legal profession. As a member of the Legal Council, you will have access to professional contacts in your field of practice, receive the latest journals and newsletters, information bulletins, as well as opportunities to attend professional education events. The membership can help your career in tax, as it is crucial to be aware of new developments in the law and how these changes could affect your clients. The membership is divided into five sections, suited to your area of expertise, and as a result you will be able to access the most relevant and timely information for your practice and clients.

Best for: Membership to the Law Council of Australia is great for access to journals and advice from accredited law practitioners. 

Lawyers Weekly

Lawyers Weekly is a leading online and independent news, analysis and opinion source. It is updated daily and delivers the latest news, business and market developments for corporate and in-house legal businesses and practitioners. The site allows you to customise preferences from breaking legal news to the latest in-house updates. The site has both free and pay-to-access content, depending on the type of resource.

Best for: Subscription to Lawyers Weekly is great for the latest law news and industry developments. 

It can be overwhelming and time-consuming to stay abreast of the latest relevant tax news, so utilise these resources for the most useful and up-to-date tax information.

If you are thinking about membership, contact us today on (02) 8223 0060 or visit taxinstitute.com.au/members

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.

Job trends for tax graduates

At the turn of the financial year, the short-term trend for jobs is usually accountancy based. What are the long-term trends tax graduates should heed?

Mid-year is always a busy time for tax professionals as individuals and organisations work to sort out their tax affairs following the turn of the financial year. As a result, tax graduates looking for work will find that tax accountancy roles are plentiful, ranging from filing individual tax returns to assisting larger businesses by joining corporate tax teams.

 

Core strengths

 

According to the government’s Job Outlook website, job prospects for tax accountants are high, with this trend to continue for the next five years. In the same period, job prospects for finance managers and analysts have an above-average rating. These three core areas for tax graduates are healthy and can all provide stepping stones to more complex areas of the tax industry if desired.

 

The nature of each of these areas, however, is shifting. In accounting and financial management, the roles will be less about compliance and more about providing advisory services, taking a holistic view of a client’s financial position. The complexity surrounding superannuation and trust structures in particular will require a tax professional’s advice.

 

The effect of tax reform

 

Changes to the tax system will inform the trend for tax analysts. The ongoing saga with the carbon tax is one to watch as it will affect a number of organisations directly and may have indirect follow-on effects for other organisations.

 

Further into the future, comprehensive tax reform is another item on the agenda that tax graduates will need to follow. There are roles on both sides of reform in policy research, advisory and development at the Australian Tax Office and other stakeholder organisations, as well as post-reform roles educating clients and rolling out the changes.

 

Globalisation

 

Globalisation will continue to occur with both Australian organisations going global and international interests being directed here. There are many legal and financial implications that intersect with the tax sector, including inbound and outbound employment, business and trade.

 

Understanding different tax jurisdictions will be an advantage if you want to work for multinational organisations, import/export businesses or in the foreign investment sector. There are a number of advisory and compliance roles in these areas, as well as a requirement for business planning and tax-structuring skills.

 

Being across the tax implications of foreign workers earning an income in Australia and Australian workers being employed elsewhere will also be helpful. You may work with individuals or the employing organisation.

 

While there is a general demand for tax professionals in the foreseeable future, you can ready yourself for specialisation by taking a look at what’s happening at different levels in the sector and angling towards the niche that interests you.

 

 

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How to select a tax specialisation

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.

 

Read more about these areas of specialisation below:

 

https://www.ato.gov.au/Super/Self-managed-super-funds/Understanding-tax-and-SMSFs/

http://www.russell.com/AU/financial-professionals/publications-and-tools/market-insights/smsf-study/

 

 

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.