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

Four apps aspiring tax professionals should know about

Apps can bring a world of knowledge to your fingertips. Here are four that every budding tax professional should know about.

Pocketbook

Finance professionals understand the power of a budget, and Pocketbook is both a conscience and budgeting app rolled into one. By syncing to your bank account, the app keeps track of all spending and updates your account balance as you go.

The app even categorises your spending and provides alerts to upcoming bill payments. Among the best budgeting apps on the market, Pocketbook has a feature called Safely Spend, which allows you to limit your weekly or monthly discretionary outlays.

Ever wondered where the money slipped through your fingers? Pocketbook has a geolocation service to track exactly where you spent, in addition to a photo function to help you keep on top of your receipts within the app.

Evernote

Evernote is a single, creative digital space that allows you to collate, as the slogan goes, “your life’s work” in one app.

Using a range of note-taking, photos and recording devices, Evernote is the ultimate note-scribbling app that allows you to arrange your thoughts throughout the day. It includes a dedicated search engine and stores work in the cloud so that it can be accessed from any device – at home or the office. Evernote is synonymous with flexibility and its minimalist design allows the user to customise the interface.

ATO app

It had to be on the list, didn’t it? The Australian Taxation Office’s app is a one-stop shop for income tax and superannuation. In addition to being able to consolidate super into one account and keep track of the progress of a tax return, the ATO app can do a host of calculations on tax commitments and credits.

If you don’t want to wait on the phone to the ATO for hours on end, you can even book an after-hours call through the app. Best of all, you can convert information from the tools into a PDF and email it to yourself.

iPassSafe

Nothing is more frustrating than the rigmarole of the three-password-attempt roulette when you need to enter a site fast. With caps lock, numerical characters and symbols or dated passwords, it seems that passwords are taking over our lives. Enter iPassSafe.

A must for those industry websites or passwords that you might only access once every quarter or annually, the iPassSafe app organises passwords into a wallet via a four-digit code. Whether it’s credit card numbers, licences, bank account details or websites, the app allows users to store hundreds of numbers and passwords.

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.