10 reasons to consider an intensive course with The Tax Institute

Education providers sometimes offer intensive, compressed versions of their courses. It’s an alternative that’s becoming increasingly popular with students, who report higher satisfaction levels because of the time they save with this study mode.

Moreover, researchers over the past 20 years have concluded that intensive courses do no disservice to students’ educational outcomes and, in fact, offer many advantages.

The Tax Institute’s fast-tracked ‘CTA1 Foundation intensive’ subject provides students with tax fundamentals in just 6 weeks, as opposed to the usual 14. Students can accelerate their professional growth and can update their knowledge of Australian tax basics in record time.

Here are our top 10 reasons to enrol in The Tax Institute’s CTA1 Foundation intensive.

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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Navigating an acquisition

Whether you’re working for the acquirer or the target, acquisitions are exciting transactions to be involved in. As an advisor, you shape how both the newly acquired business and the seller will operate.

Acquisitions typically have a wide variety of tax implications, and usually involve a large team covering corporate, international and transaction taxes. These transactions involve a significant amount of planning and careful execution to ensure every aspect has been thoroughly examined.

Planning and advising

The first stage of any acquisition involves detailed planning. This includes considering how the acquisition could be structured. For example, will the shares or assets be purchased? It can also involve looking at options to fund the acquisition.

For every possible solution, there are a multitude of tax implications that need to be identified, researched and solved. This process is complex and requires excellent problem-solving and numerical skills, as well as intellectual agility. A tax training course that focuses on high-level tax planning can help you develop these skills.

A team of advisors is usually involved in this process, with many holding specialised taxation education in areas including corporate tax, international tax, GST or stamp duty. Each member of the team plays a significant role in defining the business.

Negotiating

Negotiations are an interesting part of acquisitions and may involve several parties. Tax practitioners may negotiate with the ATO or state revenue authorities to obtain rulings on the proposed tax treatment of the acquisition. Significant technical research is required to prepare for these discussions and your persuasive skills will be put to the test when creating applications.

You may also be involved in negotiating the final sale outcome and reviewing clauses in the contract, like tax warranties and indemnifications. This requires strategic thinking and foresight to identify the best way to protect your client. These negotiations also require a high degree of discretion due to the sensitive nature of such transactions.

Documenting and executing

Once the deal is completed, there’s still plenty of work to be done. This includes documenting each aspect of the final arrangement to ensure all the necessary facts are evidenced. You may also use this to prepare the client’s compliance documents, such as tax returns and BAS statements. This is an important part of managing a client’s taxation affairs and may involve liaising with them directly to obtain information. Managing corporate taxation compliance is a good opportunity to put your tax training into practice, while also building a strong relationship with the client.

Navigating an acquisition is a challenging and rewarding experience for any taxation advisor. It provides you with an opportunity to refine your research, problem-solving and negotiation skills, while also building strong relationships with not only your client, but other advisors and regulatory authorities.


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