Which area of tax is right for you?

A career in tax can be dynamic, versatile and open up rewarding opportunities both locally and abroad. A multifaceted profession, there are many areas in the industry you can choose to specialise in when you've finished your further tax education.

But how do you know which is the perfect fit for your natural abilities? Here are four areas you can focus your tax training in, the skills and experience you’ll need to get there and the type of personalities primed to excel in them.

1. SMEs

With the growing number of small-medium businesses in Australia, a business tax specialist will always be in high demand.

As a business tax specialist, you’ll need to be abreast of capital gains implications, the latest GST changes and depreciation schedules, as well as the special exemptions and deductions relevant to each business structure and industry.

Many tax specialists find this work rewarding, as it helps local businesses grow and remain sustainable. Keeping up with the constant federal regulatory changes impacting SMEs also means working in an area that is dynamic and always evolving.

2. SMSFs

An increasing number of people are choosing a self-managed superannuation fund (SMSF) to provide their retirement benefits because it offers more control over investments. Consequently, this has opened up a complex new arena for tax agents to specialise in, providing superannuation advice.

SMSFs are a legal tax structure regulated by the ATO and with strict reporting and compliance obligations. So as a superannuation specialist, you’ll need to stay abreast of any new developments in order to provide your clients with timely advice on the right structure and planning.

With severe penalties for non-compliance, an SMSF tax specialist has considerable responsibility and therefore needs to have good attention to detail and outstanding communication skills, along with a comprehensive understanding of superannuation law and practice.

3. Property investment


A property tax specialist provides advice for investors about asset protection while minimising tax liabilities. You will need to consider issues such as various tax structures, capital gains implications, deciding between holding and selling, renting, cash flow issues, renovations, transferring property and international tax implications as well as tax minimisation.

Property tax can be a highly complex area and laws and regulations can vary widely from state to state. One of the rewarding challenges of providing specialist property tax advice is helping clients find viable and sustainable solutions to maximise their opportunities and return on their investment. Specialists in this area will enjoy liaising with people who are interested in asset and wealth creation, including high-net-worth individuals and wealth-creation institutions.

4. Corporate advice

The corporate tax path may be well trodden, but for good reason – there are many rewarding specialisations in the larger corporate arena, including audit, compliance, consultancy and advisory work, which can open up exciting opportunities for specialists working in this sector.

If you’re one to thrive when given the opportunity to share ideas and collaborate with your colleagues, large-scale corporate advisory work will often have you working cohesively in a team environment, often across multinational channels.

You’ll need an understanding of international corporate tax implications, as well as great time management and effective communication skills, as you’ll be communicating across different time zones with your firm’s offices around the globe. But be warned: late nights and early mornings may be required!

Stand out from the crowd

Tax is a dynamic profession and in order to provide great specialist advice, practitioners must remain up to date with the changing landscape. As a member of The Tax Institute you will be equipped to provide the timeliest practical and sound advice in the area of specialisation of your choice.

Led by tax experts to benefit tax experts, The Tax Institute is the only body in Australia devoted exclusively to tax, and when you join its 13,000-strong community of the most knowledgeable practitioners, you’ll gain access to powerful resources, progressive education and influential networks.


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

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5 aspects to help you choose your ideal career

Choosing a career is among the most important decisions you’ll ever make, so how do you know what your ideal career is? You've already narrowed down the options by selecting your degree, but the planning doesn't stop there.

Next, you need to think about which practice area interests you, what kind of organisation you want to work for and which industry you ultimately want to work in.

As a tax professional, you’ll have the opportunity to work in a variety of industries, from financial services to fashion. There are plenty of opportunities, so how do you decide? Here are five fast tips to help you identify your ideal career.

Assess your skills

When it comes to choosing your profession, it’s critically important to know where your strengths and talents lie. By aligning your natural skills with your chosen profession you’ll have a greater chance of success and career fulfilment. For instance, if you have a thirst for knowledge and are always looking for ways to improve things, it might be worth thinking about a career in tax, since tax laws change constantly.

Survey your family and friends

Often your family and friends represent a wealth of insight into your habits, behaviours and the areas in which you excel. That’s why it’s worth asking them to list your skills and talents as well as the character traits that they admire – you may be surprised at what this process reveals.

Take the time to write down your top 10 strengths and abilities. Be honest and list everything you’re good at. You might also like to make a list of qualities you’d like to improve upon. How does this match up to the options you’re considering?

Pay attention to what excites you

Often, the things that excite us offer powerful clues into the career that will fulfil us the most. So next time you feel a charge of excitement when you achieve something, don’t ignore it – that feeling is a clue to the kind of work you’ll find fulfilling. Make a list of all the things that interest you and that you enjoy doing. Then compare it to the list of your strengths and abilities. Where do they overlap?

Establish your priorities

It’s important your chosen career reflects your lifestyle aspirations and personal goals. If you value a work-life balance, it pays to pick a job that doesn't demand to toil around the clock. If you require a solid, steady income that will allow you to thrive financially, make sure you pick a stable speciality for which you'll encounter regular demand. As a tax professional, you can expect your specialised knowledge to be in high demand from business, government and private citizens, leading to steady employment.

Embrace internships and work experience

Internships and work experience will give you a powerful insight into what you love and what you loathe. Throughout your studies, take the time to approach companies you’d like to work for and offer your services for free – it’s an investment of your time that’s bound to pay professional dividends. Try working for organisations of different sizes to reveal what type of workplace you are most comfortable with.

Finding the right career takes time, as well as a good understanding of your own strengths, interests and priorities. Once you have a clear picture of what’s most important you’ll be on track to finding your ideal career.

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

Find out more