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
