The X factor – 4 ways to stand out in your firm

So, you’ve blitzed the competition and have landed a role at the professional organisation of your dreams. Congratulations!

But don’t get too comfortable.

Winning over a hiring manager is just the first phase when it comes to proving your worth. Taking the initiative and making regular contributions will help you stand out as your firm’s newest shining star.

Here are four tried-and-tested strategies for stepping up from the first rung on your career ladder.

Graduate attributes that boost your employability

Do you have a graduate (or even postgraduate) tax qualification? Are you looking to land a prestige tax, accounting or legal position?

To separate yourself from the pack of other candidates in the eyes of prospective employers, it pays to demonstrate the following four attributes.

Surviving first-day-itis at work

When you land your first job or work-experience position at a tax, accounting or legal firm, you’re likely to be nervous about settling in.

Don’t worry – the feeling is totally normal.

Here’s a brief survival guide on how to make a great impression in your first week.

Save time on your job search

When you’re looking for a job, it’s easy to get sucked into spending hours on job sites and networks.

Here are seven ways to cut back the time it takes to achieve the results you want.

Time management skills for long-term success

You may have survived university on the basis of your talent and hard work. However, you’ll need to refine your organisational skills to survive, thrive and prosper over the long term in your chosen career.

If you haven’t already embraced the fundamental principles of time management, it’s worth starting now.

Here are a few tactics for getting more done in your day-to-day work.

Tips for professional email

As you embark on your career as a tax practitioner, you only ever have one chance to make a great first impression with each prospective employer, client or other stakeholder.

If that chance happens to be via email, it’s useful to know how to correspond in a professional manner.

Particularly when applying for a job, a work experience opportunity or a position in a graduate program, your initial contact probably will be by email. Your initial application, cover letter and any associated requests will be in writing and will be delivered to the hiring manager’s inbox.

To smarten up your email correspondence, consider these suggestions:

DO

• Use the subject field to clearly summarise the contents of your email message: This helps the recipient to categorise your email immediately. Many people won’t even open an email that has an ambiguous subject line.

• Open and sign-off formally: Err on the side of formal rather than casual or familiar. If addressing an employer called Michael Chen, best not to open with ‘Hey Mike’. Better to begin with ‘Dear Mr Chen’ and end with ‘Sincerely’ or ‘Kind regards’. The reply (usually less formal) will indicate the level of engagement the recipient prefers. Try to avoid going below that level.

• Start a new paragraph for each new idea or action item: Each paragraph need only be one or two sentences long and should serve a purpose. In fact, the entire message should be as concise as possible. Even if the recipient only scans the email, they should clearly understand who you are and what you want.

• Check your email before sending it: Make sure your spelling, punctuation and grammar are acceptable, and that any attachments mentioned are actually attached. You may even want to read the email aloud before sending to ensure it makes sense.

• Use an email signature block: Even a basic signature that includes your contact details looks more professional than none. It helps the recipient to have your contact details at the ready.

DON’T

• Use an email address that may reflect badly on you: Remember that email address you had when you were 15 – perhaps skaterboy007@hotmail.com or pinksunset14@yahoo.com? Best not to use it for professional correspondence.

• Use emoticons, slang or curse words: Even if you know the recipient well, the email may be forwarded to others who don’t know you.

• Forget why you’re sending the email: The email has a purpose. Make sure everything in it serves that purpose, whether it’s supporting your application for a position or trying to elicit a specific answer to a question.

• Pester the recipient: Just because an email is easy to send doesn’t mean you should repeatedly ask for updates. If you’re concerned at the lack of response – especially if the recipient said they’d get back to you by a certain time – pick up the phone and call them. If the recipient is unavailable, you may be able to speak with someone else.

Learning to use email in a professional manner will serve you well beyond the application stage.

Developing good habits now will help you communicate with clients and colleagues in a more effective way for years to come.

Give yourself the edge with free student membership

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

Find out about Student Membership.

Accepting a job offer - what you need to consider

Congratulations! You've received a formal offer for a job.

Before you sign on the dotted line, however, take a moment to assess what you're getting yourself into.

Most people react to a job offer by accepting immediately – they’re so relieved to put the hard work of applications and interviews behind them. But don’t allow the excitement of the occasion cloud your judgement about whether the role is ultimately the right one for you.

Here are some questions you should answer first:

1. Do you want the job?

If the position offered is your dream job, this question may be moot. But it’s worth considering any reservations you may have about accepting a less-than-perfect role.

If the job description causes you to hesitate, consider other factors:

• People and culture: Do you think you’ll get along with, and learn from, your new colleagues and boss? Will the organisation’s culture suit you? Will you feel comfortable there?

• Position and expectations: Do you anticipate the role will be interesting, or will it lead to more interesting positions down the track? Will you be able to perform to the standard the organisation expects? Is that standard realistic?

• Pay and benefits: Is the pay fair? If the pay is mediocre, are there other benefits that offset a lower remuneration? Will the organisation invest in you in other ways – through, for example, further training?

2. Under what conditions should you accept the job?

Still hesitating? Weigh up the opportunity cost of taking this job (which may mean you miss a chance at others) versus the possibility that a little sacrifice now could lead to genuine opportunities to progress in the near future.

Don’t be afraid to speak with the organisation about your concerns – the hiring manager clearly likes you enough to make an offer. If you haven’t raised issues such as pay and benefits, you can use this opportunity to negotiate such variables, or to secure a career pathway.

3. What’s in the contract?

Make sure you understand the terms of the contract. If you don't, ask your prospective employer for clarification. Also check that anything you've negotiated verbally has made it into print.

Be practical when you receive a job offer and treat it in a business-like way. Employment is, after all, a major part of your life. Only when you’re satisfied that you've made the right decision to accept should you pop the bubbly and celebrate.

Give yourself the edge with free student membership

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

Find out about Student Membership.

Your new career in tax - what to expect

If you’re an accounting or law student considering a career in tax, you no doubt anticipate a big difference between life on campus and work in the ‘real world’.

You know there’ll be a change from focusing on theory to applying your expertise pragmatically in the context of diverse client challenges.

So how can you ensure the transition from life as a full-time student to that of a full-time tax professional is as easy and pain-free as possible?

Here are a few suggestions.

Seeking help

Your first job is a key step in shaping your career. Each new experience will offer an opportunity to learn, build practical skills, establish rapport with team members and expand your taxation knowledge.

So try to pick up as much information as you can by asking questions and seeking assistance as you need it. You’ll find that most of your new colleagues will be happy to help. They’ll prefer you learn the right way at the beginning, rather than fix problems later.

Your activities

In many graduate or entry-level roles, you’re likely to be given a variety of tasks.

These might range from research and administration through to practical activities like preparing tax returns and business statements. At the same time, you may receive formal training, workplace mentoring or coaching by senior staff, as well as opportunities to attend client meetings and industry events.

These all represent a chance to establish a firm grounding in best practices for preparing work, building communication skills and understanding business etiquette and due diligence.

Learning to work and working to learn

In the early stages of a new job, you’ll be proving your worth to your new organisation. So prepare carefully, adhere to processes and ask questions if you’re not sure about something.

You’ll be learning to function as part of a team. It helps to be flexible and to see your colleagues and your manager as your partners in achieving a common goal.

Don’t despair if the work doesn't initially meet your expectations – for example, it may not be as challenging as you’d like. The sooner you learn all about the company’s clients and business, the faster you’ll be considered for advancement.

In particular, when you have the chance to attend meetings, use these experiences to learn from your colleagues. Observe how they explain issues to clients, manage expectations, set clients at ease and solve problems.

Updating your knowledge

To distinguish yourself from others in your field and ensure your career progression, it’s important to maintain a solid technical base and knowledge of tax law.

On-the-job training – and formal development programs offered by The Tax Institute and other professional bodies – are invaluable. Tax is a specialist area that’s subject to continual changes in law and practice, so continuous reading is also required to stay up to date.

Transitioning successfully from university life to the workplace is all about being prepared, taking time to understand the experiences of others in the profession, getting to know more about your organisation and your clients, and approaching every task as a learning opportunity.

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.

What every tax professional should embrace this FY

With the financial year coming to a close, technology will play to the strengths of younger practitioners’. Throughout the year technological issues have emerged in tax, staying up-to-date on these issues will make you stand out in the crowd. Here are four key things to look for come 1 July to ensure you are ahead of the pack.

1. Scam season
A new financial year brings with it new scams. Clients can be severely impacted, and tax professionals themselves are not immune either. Australian Taxation Office (ATO) statistics show a 68% increase in reported scams in May 2016 with a total of 15,006 scams reported in that month alone. These scams are only likely to increase as the new financial year kicks off and individual taxpayers start lodging their tax returns from 1 July.
Given the high profile of cyber security, it’s time to get your superiors on board with formulating some standards around what staff should do to minimise the risk of your firm and clients being impacted.

2. Data leaks 
In April this year, millions of documents were leaked from the Panama-based law firm Mossack Fonseca garnering a lot of interest from media, revenue authorities and the general public. The information released illustrates the extensive use of offshore entities in tax havens to shelter income and assets. Besides the important lesson in ethical tax practices in this story, there is the less-publicised IT story. News broke recently that an IT technician in the Geneva branch of the firm has been detained and is facing criminal investigation in relation to the leak. Without proper controls, IT issues can quickly become a reputational risk for your firm.

3. Early client contact
This year the ATO will have improved data-matching technology and will be armed with more sophisticated benchmarks of what constitutes a range of “normal” tax profiles and whether your clients are within that range. For the first time ever, the ATO will be checking taxpayers’ deductions in real-time as they complete their online returns. With the ATO investigating client data earlier in the piece, so should you.

This addresses a longstanding frustration of tax professionals who can sometimes be the last to know about their own clients' tax affairs through no fault of their own. It’s worth investigating whether your firm can get involved.

4. Practice software
At our National Convention in March, the Commissioner of Taxation Chris Jordan AO, announced that a Practitioner Lodgment Service (PLS) will be available from 1 July. This is a new gateway for practitioners to lodge returns with the ATO and from March 2017 it will be the only gateway to do so. If your firm’s software isn’t ready in time, you will be stuck running to the ATO with stacks of paper returns to lodge.

The ATO is expecting a gradual build up in returns lodged through PLS between now and March 2017.Time will tell whether software developers will get on board with this strategy rather than leaving it to the last minute to have their software packages SBR-enabled.

As a member of The Tax Institute, you will be provided with the support and knowledge to stay abreast of any changes this financial year and election.

 For more information on membership with The Tax Institute visit taxinstitute.com.au/membership or call an advisor on +61 2 8223 0089.

Keeping 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 Member Centre

Tax law and administration is continuously evolving, which means tax practitioners need to keep their skills and knowledge up to date with the changing landscape. The Tax Institute Member Centre is a community of highly knowledgeable practitioners, and offers access to powerful resources, progressive education and influential networks. The membership includes access to tax journals and newsletters, and research services such as tax libraries and alliance partners. 

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. For a more overarching resource, the Treasury publishes the Pocket Guide to the Australian Tax System. 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.

TaxWise News

TaxWise News is a subscription-based newsletter containing recent news and information written by the professional team at The Tax Institute. From small business tax measures to GST changes and SMSF compliance, TaxWise News keeps you abreast of everything you need to know for providing timely and relevant advice to your clients.

TaxWise offers two streams of newsletters: Business News, which is published quarterly and is tailored to SME clients' requirements, and Individual News, which is published biannually and is customised for your clients’ needs.

Best for: Subscription to TaxWise News is great for the latest industry news, specifically around small business tax and compliance measures and requirements. 

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

Adrian Cartland’s life as a Principal in a law firm

Employer: Cartland Law

Position: Principal

I was drawn into tax when I was in University. I had always known that I wanted to work in a business related area of law, and then in my final year of law I did tax as a subject and was inspired by the ability to use tax planning to assist commercial objectives. I was also fascinated by the large an effect tax law has on shaping people’s decisions and legal relations. For example, giving your assets away to a trustee of a discretionary trust who might choose to give income and capital back to you (but might not) seemed a strange concept when I first learned about it in trust law. But when you consider the ability to use such a trust to distribute income amongst family members on lower tax rates (not to mention asset protection benefits) this otherwise strange legal relationship made more sense. Tax law has a constant impact on the world around us, from influencing the cars we drive, the beverages we drink, to how we make decisions for our future.

I am now a principal at Cartland Law. Within my role I do a lot of tax structuring advice and drawing of opinions on tax matters, as well as running a number of disputes against State and Federal tax departments. In particular I do a lot of advice on State taxes, as well as Income and Capital Gains Tax, GST, and trust law. I am very fortunate to have a practice that is mostly tax technical work, as well as drawing the documentation to implement advices. In addition to my tax practice, I am the founder of a Start-up that has built an artificial intelligence named Ailira (Artificially Intelligent Legal Information Research Assistant) that automates legal research and assistance. The first thing that I have taught Ailira has been to provide research answers to natural language questions on tax law. As you can imagine I now spend a lot of time on technology development and running a tech company.

I have had a number of successful outcomes from disputes with tax offices, and it is fantastic to be able to give clients a great result. I have also competed successfully in the ‘Golden Gavel’ competition a number of times, which is a speaking competition on a humorous legal topic. A few years back I won the national competition by doing a monologue in an Arnold Schwarzenegger accent in the persona of “the Taxinator”.

Being part of The Tax Institute is essential for any tax practitioner. I joined so that I could learn as much as possible by attending Tax Institute events and using Tax Institute material. I have been assisted in my career by making fantastic contacts and gaining a deep knowledge in tax law.

My advice for graduates is to meet as many people as possible and understand how offices and professional firms operate. The connections that you make early on in your career will blossom into long standing relationships later. You are setting up your foundations now, and you should make the most of networking with other professionals. Likewise, set yourself on a path of constant learning, because if you sell advice for a living (as we professional advisors do) then you will be best served by having as much knowledge as possible.

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

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

Four qualities of great leaders

It’s common knowledge that becoming a great leader calls for a complex suite of skills. Although we recognise that talented bosses are equipped to rise to challenges and make tough decisions, we often forget that the ability to communicate, delegate, remain positive and stay creative are equally intrinsic to finding a leadership formula that works.
 
Whether you dream of heading up an accounting firm or working as a tax consultant, there are ways to hone your leadership credentials now. Here are four qualities of great leaders along with fail-safe tips for acquiring them.

Communication skills

The ability to articulate ideas and give clear direction to colleagues can separate a mediocre leader from a boss who excels. Failure to communicate effectively can lead to conflict and poor execution – factors that can impact bottom lines. From taking a professional writing course to volunteering to speak at an industry panel, there are plenty of ways to cultivate your powers of expression and make sure people understand what you’re trying to say.

The ability to delegate

Great leaders know that when it comes to freeing up the time and energy to focus on strategy, the ability to delegate is key. Overbearing managers run the risk of damaging relationships with staff members and impacting employee trust. You can master the art of delegation by looking at your workload and identifying the tasks you could outsource. The most effective delegators understand the responsibilities that are worth their efforts and those that should be passed on to someone else. They also trust their team to deliver great work without being micromanaged.

A positive attitude

The best leaders believe that you can turn around a missed opportunity and that failure is simply success in this disguise. This positive perspective is essential to becoming the kind of visionary leader staff members look up to and emulate. Whether it’s working with a charity or volunteering at a not-for-profit on weekends, offering your skills to those who need them can help you become more influential.

A creative approach

Fields such as tax and accounting might not be traditionally classified as creative, but creativity is still a powerful leadership asset that can help a company grow. Being a leader often means thinking outside traditional boundaries and drawing on the power of imagination to tackle complex briefs. Whether it’s taking a painting class or learning how to capture better photos, there’s no shortage of ways to catch the creative bug. Harnessing your creativity can supercharge your leadership skills down the track. Encouraging your team to think creatively and brainstorm together can help foster creativity in the workplace.

From communication skills to the ability to delegate, the right mix of attributes can see a leader succeed.

What are you doing today to hone your future leadership skills?

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.

Acing your interview: Commercial awareness

A job interview is about more than just how you and your skill set will fill an available role. Many employers will want to know how commercially aware you are – and that requires some preparation.
Here are some common topics you should cover, and the research you’ll need to do to ensure you are adequately prepared to answer all types of questions.

About us

It goes without saying that you should investigate the organisation that may well become your employer. This research will give you an idea of what the organisation does, as well as how they want to be viewed in the marketplace.

The company’s website is an obvious place to start. Check their ‘About us’ page, but also any newsletters, media releases and blogs from recent months to get an idea of their history and the kind of activities they engage in. Employers will appreciate a candidate who is well versed in their company’s ethos and has a firm grounding in how they operate day to day. Consider who their typical clients might be, who their direct competitors are and what the key differences between this company and their competitors are.

Also try to get a sense of their culture. You can do this directly by speaking to people who work there. This is easier if there is already someone within your network employed at the company – you can take them out for coffee and have a chat – or there may be opportunities at networking events to find someone from the organisation.

Indirectly, take a look at networking platforms like LinkedIn. Do employees tend to stick around in their roles? Are they promoted from within? Have they been given educational opportunities while at the organisation? What do they have to say about their managers and colleagues?

Public knowledge

How people outside the organisation view it is also important. You can get a sense of this from the company’s social media engagement. What sort of messages are they trying to send? How do they engage with the wider community, and vice versa? Are they socially savvy? Do they even have a social presence?

News and media coverage over the last year may also give you some insight. Use a search engine to trawl through news coverage of the organisation from the past year. Is the coverage positive or negative? If the coverage is largely different from the messages on the organisation’s website, that will also tell you a few things about your potential employer.

Industry insider

Getting a feel for the industry in general is also a good idea so you have context for where the organisation sits. Media coverage is a good indicator, but delve a little deeper for insight from industry associations, journals and conferences. If you’ve started early by getting involved in the industry as a student and attending networking functions and industry events, you’ll have firsthand knowledge to draw on.

You may also find that competitors have a thing or two to say about the organisation. Although you need to view these comments with a contextual lens, you can often get a sense of how your potential employer is regarded within the industry.

Dedicated research will allow you to see the current issues and changes affecting the industry, as well as how your potential employer compares to its competitors. Being commercially savvy means knowing why you’re interested in the industry – and why you want the job on offer.

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.

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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