'Why do you want a career in tax?'

You've finished your postgraduate tax degree and have landed an interview with a leading tax firm for a dream position that could launch your career.

Then comes the inevitable question: ‘Why do you want a career in tax?’

Here are three responses you can use to impress your future employer more than just: ‘Because I want to make heaps of money.’

Understanding the roles in the tax profession

What role within the tax profession could be right for you?

The profession in Australia is broad. Its members work to ensure the tax system serves the needs of individuals, businesses and governments.

Although many tax professionals wear more than one hat, there are five main roles:

1. Accountants
2. Lawyers (solicitors)
3. Analysts/economists
4. Policy developers/advisers
5. Tax agents/advisers.

Of these, accountants are the biggest group with 188,100 registered in Australia in 2015, according the Australian Government’s Job Outlook.

Are you a future tax accountant?

Accountants work with clients to plan and develop financial systems, and advise on record keeping and compliance, including tax obligations.

The skills you need to be a good accountant are active listening to best serve your clients, an ability to use systems and maths to solve problems, and critical thinking to evaluate issues and propose solutions.

Are you a future tax lawyer/solicitor?

Solicitors are legal advisors who prepare legal documents and negotiate on behalf of clients in matters related to the law.

In addition to the skills required of accountants, solicitors are expected to have complex problem-solving skills and the ability to exercise a high level of judgement and decision-making.

Are you a future tax policy analyst?

Government policy analysts and advisers collect and analyse information to inform and develop policy that will, in turn, affect government/commercial operations and programs.

To do well at this role, you’ll need to have solid research and critical thinking skills, and the ability to solve complex problems, evaluate systems and communicate findings and recommendations.

This role is generally not for graduates; most graduates will support the activities in these professionals in an administrative capacity before moving into this position.

If you’re intelligent and can solve complex problems, are comfortable performing technical calculations and keeping up with legislation changes, the tax industry wants you for a stable, well-paid 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.

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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

The mid-year itch: Re-evaluating your degree

As most graduates know, completing your degree – and staying motivated for its full course – isn’t always simple. Many successful graduates have been hit by the mid-year itch – questioning their chosen degree, their aspirations and the compatibility between both. But this hesitancy doesn't have to be anything more than a slight blemish on your stellar university career. Here are three questions you should ask yourself to confirm your chosen degree is still the one for you.

1. Are you struggling with the course work?

While postgraduate degrees, such as the Graduate Diploma of Applied Tax Law, offer practical on-the-job knowledge, undergraduate degrees provide you with material to hone skills that will apply in your working life. Ask yourself: do you like the nuts and bolts of the course work? Do you have regular issues completing your work or applying a skill or formula to a problem?
It’s cause for concern if your skills lack in areas applicable to your future career. Tax accountancy, for instance, requires an aptitude for numbers, sound research skills, a fondness for being process-driven and effective communication. If you are struggling with a skill, not just a subject, it might be time to re-evaluate things.

2. Do you enjoy your classmates?

Looking at the people in your degree can go a long way to deciding if this career path is right for you. Consider this: a large portion of your classmates will progress to positions in the same or similar industries to your own. If you suffer from a large number of interpersonal grievances with these individuals, will this carry over into your working life? Do you have personality differences? Would you struggle to work alongside any of them in a professional environment if you were employed at a firm together?

According to psychologist John Holland, personality types correspond with career choices. By his reasoning, the character traits of your future colleagues might spike in certain areas – for good or bad. It’s important that you are certain you will like and admire the people around you, and you will learn from them in the near future.

3. Do you feel inspired?

Great careers, and the degrees that set us up for them, need to stretch us and make us feel inspired on a regular basis. If you are looking for material that is more or less challenging, talk with your tutors and lecturers about upcoming coursework. While one subject may leave you feeling underwhelmed, this could just be a lull in what could become a very hectic month or semester. It’s important to keep sight of your goals and the big picture: a long and successful career within the tax and accounting industry.

With fresh invigoration about your degree, and validation of your career in tax, you can begin your new semester with energy and enthusiasm.


Take the next step in your tax career with the Graduate Diploma of Applied Tax Law 

Find out more