The rise of a tax star – Elissa Romanin

Elissa Romanin didn’t originally choose a career in tax. Instead, she says, “tax found me.”

Imagining her future in a commercial role, Elissa completed a law degree, “because it was a good thing to have,” she says.

Why tax is a great career choice in 2018

What do you want from your career? A new challenge every day? The opportunity to make a difference? Intellectual stimulation? Financial security?

It’s worth giving the question some genuine thought, especially if you have an eye on working in a competitive field such as accounting, the law or tax.

There are many reasons that tax is increasingly appealing to contemporary graduates. Here we outline several benefits of entering the numbers game.

How long should you stay with one employer?

A few months, or perhaps years, after you begin an entry-level position in tax, you’re likely to ask yourself: ‘What’s the optimum amount of time I should I stay with this organisation?’

The simple answer to this question is: ‘Stay for as long as you need to?’

According to research from McCrindle in 2014, the average Australian employee's tenure is just over three years, and those in the 25-35-year age group remain in their roles for little more than two and a half years.

While the days of starting your career and retiring at the one company may be at an end, it doesn't mean you should always scratch the two-year itch.

Consider the following factors before jumping ship:

Should you consider work experience this summer?

From volunteering to internships, work experience is a feature of many student summers. So how can you use work experience to enhance your career prospects in the tax sector?

If study commitments have prevented you from applying for a work experience placement during the year, it may be worth looking to the summer holidays to gain key professional skills.

Tempting as it is to head to the beach instead, work experience can accelerate your career and help you stand out from the pack of less motivated undergraduates.

It’s usually better to apply for work experience while you’re still at university. Firms tend to be more amenable when you have the backing of a degree program.

Finding work experience

If you’ve already decided the tax profession is the right career for you, you can start by searching for positions that require specific tax-related skills.

You can also look for broadly relevant roles on career sites and list recurring selection criteria in the various job advertisements. The closer your experience matches those required attributes, the easier it will be to transition from graduate to employee.

Don’t have a clear vision of your future? Consider roles that will enable you to experiment in a few areas. This will help you find your niche. Any related work experience – that shows you've worked in a tax environment – is beneficial.

Five ways to make work experience count

The value of work experience correlates directly with the skills you gain. In any position you should, therefore, aim to:

1. build technical expertise – particularly in terms of the applied technical skills you can only get on the job
2. network – you’re in the perfect position to meet influential people in the profession
3. observe – secure an understanding of the work environment and the different roles that contribute to the organisation
4. be curious – ask questions and be open to different experiences
5. add the experience to your resume – in subsequent job interviews, you can talk about how it prepared you for the ultimate role you seek.

Your summer holidays are a great time to ease into working in the tax profession. The busiest period has passed for most firms, which means your allocated supervisor or mentor can give you more attention.

Work experience can make a big difference to your career prospects. Not only will it give you a better understanding of the role you desire, you’ll also build the skills and contacts that will help you secure it.

Taking the initiative while others laze around is a positive career move. How will you make the experience count?

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If you're a tertiary education student, The Tax Institute can help you in your career journey. Find out about Student Membership.

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

Public or private: Which pathway are you suited to?

A key decision for accountants and tax advisors early in their careers is whether to choose corporate or public practice. Deciding between the two really comes down to what motivates you in the workplace and how well you think the two career types would suit your personality.

The people’s person

Public practice is arguably the more challenging of the two, offering you the chance to get to grips with lots of different companies, clients and business sectors. It’s a great opportunity to garner broad knowledge about the commercial world and international tax, in many cases requiring you to liaise with colleagues from other countries and jurisdictions.

The financial rewards can also be higher. The big firms are recruiting enthusiastically, which means opportunities to develop your career are in abundance, and there is usually a clear path for those determined to make partner.

However, public practice can be highly demanding, sometimes stressful and often requires periods when you work long hours and are travelling away from the office and from home.

Private preferred

Corporate practice offers the chance to learn about a business and an industry sector in greater depth. While the monetary rewards are not always as high as public practice, there is still scope for bonuses, share schemes and other perks.

A better work-life balance is one of them, not only due to the fact that you can typically expect to work more predictable, nine-to-five hours, but also because the more progressive companies will offer other benefits such as flexible working. There is also every chance that with such highly valued and specialised skills your job will be highly secure too.

Not everyone is suited to the corporate side. It can mean the professional challenges are less diverse and are often not fast-paced. A long tenure at one or two companies may not be for everyone either.

The opportunities for career advancement on the corporate side, however, are bright. For example, tax professionals are increasingly in demand at publicly quoted companies to help finance professionals with their reporting.

A background in accountancy is increasingly important in the boardroom as well. It means those looking for senior roles can expect to be considered for the top jobs – 95 per cent of Australian CFOs say this increases the likelihood of someone being appointed to the executive board.

No matter which accounting pathway you choose, hard work, further education, perseverance and dedication will see you thrive.

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.

Learning beyond the four walls: Tax courses that put your degree to work

You’ve spent years taking undergraduate tax courses – and maybe even postgraduate studies such as a Master of Taxation – and finally scored yourself a graduate position. You’re ready to hit the ground running, right?

Well, no actually. Most firms want their new recruits to do a course such as the Tax Institute’s CTA1 Foundations to bridge the significant gap between academic principles and workplace practice.

We asked four senior staff members from leading accounting and financial services firms such as Barringtons, DKM Group, Moore Stephens and Westcourt to explain why they expect their early-career staff members to undertake a tax course with a vocational focus.

Plugging the gaps

The taxation education provided at Australia’s tertiary institutions is of a high standard, but no matter how prestigious the university you went to or what grades you achieved, there is still plenty you need to learn.

“Universities touch on many aspects of tax in their degree courses,” says Anne Goode, associate director at Moore Stephens. “Within a six-month study period the level of detail that can be taught is limited. That’s why we enroll all our tax and business service graduates in CTA1 Foundations. It’s a way to refresh the university course material and complement the in-house training.”

More training equals faster advancement

If the thought of hitting the books five minutes after graduating has you rolling your eyes, consider the fact that undertaking a tax training course will allow you to take on challenging projects sooner than might otherwise be possible.

“Getting graduates to do the Tax Institute’s CTA1 Foundations gives them a general overview – or refresher – in Australian tax law and reduces their write-offs and the consumption of existing staff resources [in supervision] during their first six months on the job,” says Ross Forrester, director at Westcourt. “Once they they’ve completed the course they can move on from just the fundamental professional work to doing simple research tasks.”

Leigh Dyson, senior manager at Barringtons, echoes Forrester’s remarks. “Staff who have completed CTA1 Foundations have a much better understanding of the tax framework and key provisions and don’t require as much supervision or to have basic concepts explained to them. Once staff are enrolled in the course we can get them to start doing compliance-based work, such as tax returns and BAS, which require an understanding of key concepts.”

Boost your soft skills

“I can remember the days when a textbook had so much value – now you can Google everything,” says Daleen Van der Merwe, HR manager at DKM Group. “How do you differentiate yourself in that environment? It’s about having skills.”

Van Der Merwe believes a tax training course such as CTA1 Foundations can teach those skills, creating savvy, sure-footed operators rather than uncertain newbies who are going to cause “other team members’ time to be wasted fixing errors”.   

Still need convincing about the wisdom of signing up for a post-university Australian tax course? We’ll give the final word to Ross Forrester: “CTA1 Foundations is not an intimidating course for younger staff, but it is an effective one, allowing them to better operate in a professional firm. And it sets them on a pathway to the CTA2, which gives them the knowledge needed for a professional advice firm.”

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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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.