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

What you need to know about mid-year intake

Once you’ve made the decision to pursue a career in tax, the wait for course admissions to open each year can feel lengthy or discouraging. Thankfully, mid-year intake provides many students like yourself with the option of a flexible start date. So if you’re eager to start studying as soon as possible, armed with the right information, you can take your first steps towards making your career in tax a reality.

Mid-year entry is available across most course levels – from undergraduate and postgraduate to honours programs. While all universities have their own specific admission requirements, which may affect the number of positions available during mid-year intake as well as the courses offered, there are some general rules that can help during the application process.

Mid-year programs

If you are commencing a program mid-year, it is important to go to relevant faculty and school websites for advice about course selection and information. Here, you will generally find course-specific information such as, which courses offer mid-year intake, how to apply, selection criteria and course prerequisites. For example, accounting and law are two courses that typically run a mid-year intake.

External providers

If you are seeking to study an industry recognised course or subject but do not wish to attend university, a good place to start is by researching other education providers, such as those recognised by the Tax Practitioners Board Registered Training Association. The subjects taught at these institutions can usually offer subjects and programs that may suite your tax knowledge needs, such as The Tax Institute’ or single subjects. These institutes will also provide a flexible study intake and an easier application process.  

Mid-year single subjects

Undertaking a single subject mid-year is an option available to students who are not yet ready to commit to a program in full. This provides you with a taste for the program, and the completion of the subject can be credited to your degree should you pursue it full-time at a later date. To enrol in a single unit, this is usually completed in direct correspondence with the university and is dependent on your ability to meet course requirements.

Deadlines for mid-year programs

The program start date for mid-year entry is July, however unlike the process at the start of the year, there are several rounds of admission for mid-year intake. To be considered for this year’s undergraduate mid-year intake, the final admission deadline for most NSW and ACT universities is 12 July 2016. This date, however, is dependent on the specific course and university you are hoping to enrol in.

For specific dates, please refer to the Universities Admissions Centre’s key dates for offer rounds. In the event you are applying for a university in another Australian state, your admission is dependent on the tertiary education board for that state.

Application process for mid-year programs

Now that you have selected your course, it’s important to take the time to ensure you have everything you need for a successful application.

Depending on any previous qualifications or study you have completed prior to your application, you may need to provide:

·         Australian Tertiary Admission Rank (ATAR).

·         Documents that prove TAFE studies outside NSW and the ACT.

·         Documents that prove overseas secondary or tertiary studies.

·         Academic transcripts that include the title of the course undertaken, all subjects taken, grades and proof of course competition.

·         Employment experience that includes your job title, period of employment and a summary of any job tasks.

To begin studying mid-year, students applying to a NSW or ACT university will need to apply through the UAC. However, if you choose to enrol outside of a university, it is best to contact the institute directly and enquire about their internal application process.

Just because you begin a course six months behind your cohorts doesn’t necessarily mean you will graduate six months later than them. Universities and institutes offer every opportunity to accelerate your studies so you can graduate alongside your peers. In addition, universities and institutes also offer the chance for students to take additional classes or attend summer school to help you speed things along.

Whether you’ve decided to change courses, opted for an extended summer holiday or simply pursued other opportunities before embarking on your university career, mid-year intake provides the flexibility to start a career in tax when it suits you.

Thinking about starting your next move today? Visit taxinstitute.com.au/education for further information about our subject and program offerings. 

Member profile: Elise Lee

Employer: WLF Accounting & Advisory

Position: Senior Tax Specialist

Describe a little about yourself

I didn’t have a clear idea of what I wanted to do as a career until I finished my first year of University. I had studied a wide range of subjects during my time at University ranging from Catering to Sports Sciences, Accounting and Economics. I knew I wanted a career that could provide me with a good work/life balance. I worked part-time in a restaurant while I was completing my degree and I didn’t want to keep working the hours that went with that kind of job. It wasn’t until my third year of University that I knew accounting was the right career for me.

Describe your current role

I am a Senior Tax Specialist in the Specialist Tax Advisory division of WLF Accounting & Advisory. I prepare advice on a wide and ever expanding range of topics, which have recently included things like:

• Charity and Not-for-Profit establishment, where I assist entities to gain registration with the ACNC and access to tax concessions such as the Income Tax Exemption, FBT Exemption or Rebate and deductible gift recipient (DGR) endorsement;
• Determining eligibility for the CGT Small Business Concessions and assistance applying the relevant concessions;
• Determining eligibility for and assistance applying for the R&D Incentive;
• Determination of the best tax structures for payments and assets transfers on employee terminations; and
• The GST implication of changing business circumstances.

What are your career highlights? 

Completing the tax effect accounting for a large consolidated group, along with a small team of my colleagues, was a really satisfying moment achieved after weeks of very long work days. I also really enjoy going on secondment, either to complete a special project or become part of a client’s team to fill an expertise or staffing gap.

Why did you join The Tax Institute? 

I joined the Tax Institute to gain access to all of The Institute’s online resources and access the member discount for CPD events, such as the Tasmanian State Convention. I also use their CGT Small Business Reliefs and Division 7A handbooks often and look forward to getting the updated versions.

What advice can you give to graduates?

Don’t worry if you don’t know how to do something yet. Your mentor didn’t know how to do it either at one point. The first few months or more realistically years of your career are a huge learning curve. Use all of the resources available to you to find out how things are done, this will give you the basics you need to get started and ask the right questions.

Who or what inspires you?

My colleagues and clients inspire me. My colleagues are always coming up with unique solutions to the different situations and scenarios we encounter. They are really focused and dedicated people who always put in 100%, yet they are able to maintain a healthy work/life balance most of the year.

Find out more about the importance of a healthy work/life balance in our recent blog post here.

What do you do to unwind? 

I like to spend time with my friends and family, testing out the local restaurants and cafes of Hobart, sun-baking on our deck or walking our rough collie Darci along Howrah beach or at the dog park.

Favourite holiday destination?

Camping at Port Arthur or on the East Coast at my husband’s family shacks.

Five essential business skills to get you ahead

How would you design a phone for deaf people? How many piano tuners are there in Melbourne? How heavy is the Empire State Building? And how would you answer these seemingly impossible questions if asked in actual interviews?

The last one is a question worth pondering if you want to demonstrate your own potential to prospective employers – they are undoubtedly looking for more than just academic achievement in your taxation course.

Mastery of your tax training is just the starting point for recruiters looking to hire the best talent. Companies are on the hunt for well-rounded, business-savvy agents capable of looking beyond trade technicalities. Here’s our list of five of the most important qualities employers value in their people.

1. Problem solvers

The questions posed above invite interviewees to demonstrate their creative ability to overcome workplace challenges and problems, and how to adapt to changing circumstances or the unexpected.
Thinking about instances in your life where you have been flexible in solving a problem can be a good starting point when it comes to showing employers you can think on your feet.

2. Effective organisers

Good organisation is key to being able to manage projects, making it a fundamental skill for any new recruit to demonstrate. The ability to break down a large project into separate stages, estimate the work and time required, delegate work and keep projects on track, on time and on budget is a core competency for larger firms especially.

3. Digital savviness

A basic requirement among management recruits is proficiency in a range of core software. Spreadsheets are fundamental to tax and accounting, but understanding shortcuts and being able to manipulate data quickly will help you stand out as a future high-flyer.
Database management and the ability to use data-visualisation tools have also emerged as important skill sets to possess as data becomes more central to every organisation.

4. Commercial smarts

Understanding what makes the wider industry in which you work tick, and where the sector is going, demonstrates your ability to look beyond your tax training and marks you out as one to watch. It shows initiative, appreciation of the bigger picture and engagement with the tax and accounting world beyond just your taxation education.

5. Good communicators

A recent study among 50,000 company recruiters revealed that communication skills were the most important factor in hiring managers. Learning to work effectively by listening carefully and speaking and writing effectively is a skill you can consciously improve.
Mastering your ability to work with clients and colleagues is just as important as mastering your taxation education to ensure you enjoy an effective and long career.

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.