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.

Find out about Student Membership.

7 tips to leverage your training strategy

Are you looking to create a strong training strategy in your team?

We have provided seven tips to help you prepare and implement a successful training strategy.
1. Listen to your team
In order to determine your teams training needs, talk with your team, get their feedback and try to work out from a practical sense any trends that are happening that need addressing.

2. Reward and encourage post-training
To have a successful training strategy you need to ensure that the team implements their learning. It is always good to recognise those who show initiative in implementing the training and reward them in various ways.

3. Conduct a skills-gap analysis
If the organisation is going to spend money on training, they will need to identify the return on their investment. Write down how the training will impact the team productivity and that it would be a worthwhile exercise.

4. Keep your program regular and fresh
With the changes in the profession and technology, training is best implemented on a regular basis rather than annually. This will provide the team with up-to-date knowledge and career satisfaction that they know their job and capabilities are growing. If you do not have the resources internally, it is always good to look externally such as monthly tax update webinars [hyperlink].

5. Create the right mix of technical and non-technical training
Having a right mix is crucial. If you provide too much technical training, you will not provide your team with the time to absorb all the details and more importantly, they will not have the time to implement this in the workplace.

6. Customise training via feedback and suggestions
To identify this, it is always good to have a meeting with the team, whether it be a few weeks or a few months in.

7. Collaborate and keep training consistent
By providing consistency, this will reinforce the training and ensure that the team absorbs the information. This can be done in break out training or team meetings which are dedicated to discussing the weeks training topic.

To find out more about how you can utilise The Tax Institute’s applied tax training for your company, please contact Anil Fernandez via email anilfernandez@taxinstitute.com.au or call (02) 8223 0069.

Otherwise, jump onto the website for further information taxinstitute.com.au/education or call 1300 TAX EDU (1300 829 338).

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?

Where can a career in tax take you?

What do you want from your career? A new challenge every day? The opportunity to travel the world? To make a difference? Financial security? Whatever your reasons, it's important to give the question some genuine thought, especially if you have your eye on working in a competitive field like tax and accounting.

As industry experts at the recent Tax Institute webinar on working as a tax professional revealed, tax is alluring to today's graduates for many reasons. Here we examine several of their suggested benefits of entering the numbers game.

More advice

According to Stephen Holmes, CTA and partner at WMS Chartered Accountants, professional services firms are expanding knowledge so they can provide advisory in addition to tax compliance services.

“You need extra skills to ensure clients stay with you and have confidence in your abilities,” he says. For you, this means more exciting and challenging work, as well as opportunities to develop your potential.

Flexible options

Holmes added that a major challenge facing new entrants is how to become an indispensable expert. While you can specialise in an industry or technical area that interests you, he emphasised the importance of getting to know your niche really well.

International opportunities

The transferable skills you develop as a tax professional will give you confidence to pursue global opportunities. Speaking during the webinar, James Collacott, CTA and senior manager at DFK Crosbie, shared his experience in becoming a successful local tax professional after migrating from the UK.

“[The] tax systems are different,” he says. “You need to swallow your pride, knuckle down and work hard.”

Purposeful days

If you're seeking variety in your career (as well as in life), the tax and accounting path is for you. As Holmes reveals, there is really no ‘typical day’ once you reach partner level.

“Early on, your days are similar, but doing the same thing over and over is a good thing for your future career.” Your days will become more varied as you climb the ranks, although the repetition you experience at a junior level is still necessary – and extremely valuable, as it will help build your technical and client skills.

How can you kickstart your tax career today?

Collacott encourages budding tax agents to stand out from the crowd by demonstrating their abilities in all facets of the industry. You can undertake the Chartered Tax Adviser program, which increases your knowledge and bridges the gap between the theoretical and practical aspects of practice, or become a member of The Tax Institute. He also suggests gaining education in areas like marketing, management and communication.


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

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