How to prepare for your first tax season

Staring down the barrel of your first tax season? Avoid the anxiety from the get-go with these top tips for getting through what’s likely to be the most demanding period of your work year.

Find a time-management system that works for you

Work out what works for you when it comes to time-management technology. That could be an app on your phone or tablet (Evernote is a popular option), your trusty Outlook or Gmail calendar, or even an old-school paper wall planner. Whatever method you choose, make sure you use it religiously as you won’t be in a position to squander your most precious resource.

Maintain a work-life balance

This one seems counterintuitive until you accept that even high-performance engines can’t run at top speed for too long without overheating. Sure, minimise any unnecessary distractions during your busy periods, but make sure you also allow yourself some time to recharge. Schedule a run in the morning or dinner with your partner at night, or just get out of the office and go sit in the park for half an hour at lunchtime.

Learn to say “no”

If someone – a client, colleague or even your supervisor – asks you take on something unimportant or non-urgent, simply say “no”. Or, more diplomatically, palm them off with a statement like, “I’d love to help you out with that, but would you mind if we came back to this down the track? It's a busy time of year and I’m not confident I’d be able to devote the time and attention I’d like to it.”

Make use of the resources at your disposal

The Australian Tax Office has an entire section of its website dedicated to helping new tax professionals get on their feet. Take the time to read about everything from the tax-lodgement program to keeping your clients’ details private and protected.

Get up to speed beforehand

You can think of your first tax season as a very long, real-world exam. And what do you do if you want to do well in exams? You study. In this instance, you want to be up to date on any tax changes well before your inbox starts resembling Mount Everest. One way to keep on top of things is to check out The Tax Institute's Taxation in Australia journal, published 11 times a year. The journal is available to Institute members online or as a hard copy.

Keep these tips in mind when entering tax season and not only will you survive, you'll come out a better and more valuable employee, ready to take on whatever else the industry throws at you.

---

Education: Our programs and subjects help you achieve your full potential in your career, your workplace, and in the profession. Enrolments close Monday, 16 July.

---

How to make the most of your Mondays

Nothing sends your productivity into overdrive like getting a flying start to the week. You might think of each Monday as the ‘weekend hangover’, but it’s better to use the day as an opportunity to establish your priorities and beat your deadlines.

Whether you’re facing five days filled with client meetings or completing the last phase of a project that requires your analytical skills to be razor-sharp, here are four top tips for making the most of your Mondays.

What does work-life balance mean to you?

When you’re a newcomer to the workplace, there’s sometimes an expectation that you should clock in early, endure late nights and have lunch at your desk.

Why?

To demonstrate your worth with an unspoken promise that the ‘reward’ of downtime will duly come as you move up the ranks.

While many young guns (and even seasoned veterans) are happy to jump at the opportunity to prove themselves by undertaking additional work, it begs the question: Do you need to sacrifice your personal life for the sake of your career? Or is that an antiquated notion?

Time management skills for long-term success

You may have survived university on the basis of your talent and hard work. However, you’ll need to refine your organisational skills to survive, thrive and prosper over the long term in your chosen career.

If you haven’t already embraced the fundamental principles of time management, it’s worth starting now.

Here are a few tactics for getting more done in your day-to-day work.

Productivity secrets to success

Whether you’re punching deadlines or juggling coursework with an internship at a taxation firm, you’ll know that few things are as effective as squeezing the most out of your working hours.

Despite this, taking control of your time can often appear fraught with challenges of its own. Bad habits and disorganised work practices usually mean giving in to the urge to procrastinate. Luckily, there’s no shortage of secrets that can send your productivity levels sky-high. Here are a few foolproof tactics for getting more done.

The Pomodoro Technique

Invented in the 1980s by Francesco Cirillo, the Pomodoro Technique is a much-loved productivity method designed to preserve clarity and minimise mental fatigue. The technique invites people to spend 25 minutes on work and then take a five-minute break. After four Pomodoro ‘rounds’, they enjoy a longer 20-minute rest. This strategy is based on the idea that constantly timing your activities drives you to complete tasks more quickly while avoiding the temptation to waste time. It also uses regular work-free intervals to keep motivation intact.

Trello

If you’re juggling multiple commitments, it’s easy to feel swamped by your tasks. That’s why Trello – an easy-to-use app that lets you create ‘boards’ for every project, track to-do items and collaborate with other team members – is a godsend if you’re serious about upping your productivity. Trello also offers total visibility of your projects and allows you to understand your progress at every stage. This makes it easier than ever to allocate your time.

The Cornell System

Ever found yourself sitting in an accounting class bombarded by information you need to record? The Cornell System can work wonders for your efficiency. The system invites you to jot down big-picture ideas, embrace abbreviations and use a ‘recall column’ to list specific words and phrases. It’s a powerful note-taking strategy that lets you capture essential information without needing to fill in the gaps in the future.

Schedule your most important tasks first

Few time-management tactics are as effective as getting your critical tasks accomplished first. If you schedule your most pressing responsibilities for the start of the day, there’s less chance of squandering time on admin and non-urgent work. It will also ensure your workday is in line with your priorities.

From project management apps to scheduling habits, there are countless ways to chase away distractions and optimise your hours. What are your tried-and-tested productivity secrets?


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

Find out more  

Time-management tactics to try this EOFY

Nothing tests your ability to crunch deadlines quite like the end of financial year (EOFY). The weeks leading up to the last day of June are often ruled by mountains of paperwork and an endless series of tasks. However, employing a few clever strategies can preserve your sanity and help you optimise the hours you spend at your desk – especially if it’s your first as a full-time tax professional. Here are four top time-management tactics to apply this EOFY.

1. Embrace the Pomodoro technique

Conceived in the 1980s by the entrepreneur Francesco Cirillo, the Pomodoro technique is a foolproof trick for enhancing mental clarity and saving time. Using a timer, work solidly on a task for a 25-minute period before rewarding yourself with a five-minute break. Adhering to strict time increments can help you power through your to-do list. It also chases away the urge to procrastinate. And no need to place an egg timer on your desk – there's an app you can download straight to your smartphone.

2. Keep a daily task list

When you’re faced with serious deadlines, it’s important to know what work to tackle first. Whether you prefer to use the to-do list function in Microsoft Outlook or old-fashioned pen and paper, outlining the tasks you need to accomplish each day and ranking them from low priority to high priority is a clever way to take control of your time. Although the power of the to-do list is well documented, it’s equally important to consider the things that can wait until after 30 June. When compiling your daily tasks, strike out the non-essential items and relegate them to a work period that’s lower pressure.

3. Tackle the most challenging task first

When you’re faced with a daunting project complete with administrative hurdles, it’s tempting to put it off. But if you start your day by addressing the most difficult task on your agenda before moving on to less pressing things, you’ll stand a higher chance of managing your time and energy effectively.

4. Batch-process tasks

Multitasking might be a modern phenomenon, but you’ll be far more efficient if you focus on one thing at a time. Whether it’s responding to an overflowing inbox or reconciling urgent accounts, blocking out time to batch-process your duties is a powerful tactic for bolstering productivity and conserving your hours.
From working within short increments to completing your most difficult task first, mastering the art of time management can make for a smooth lead-up towards EOFY. What’s your favourite time-management trick?


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.

Five essential business skills to get you ahead

How would you design a phone for deaf people? How many piano tuners are there in Melbourne? How heavy is the Empire State Building? And how would you answer these seemingly impossible questions if asked in actual interviews?

The last one is a question worth pondering if you want to demonstrate your own potential to prospective employers – they are undoubtedly looking for more than just academic achievement in your taxation course.

Mastery of your tax training is just the starting point for recruiters looking to hire the best talent. Companies are on the hunt for well-rounded, business-savvy agents capable of looking beyond trade technicalities. Here’s our list of five of the most important qualities employers value in their people.

1. Problem solvers

The questions posed above invite interviewees to demonstrate their creative ability to overcome workplace challenges and problems, and how to adapt to changing circumstances or the unexpected.
Thinking about instances in your life where you have been flexible in solving a problem can be a good starting point when it comes to showing employers you can think on your feet.

2. Effective organisers

Good organisation is key to being able to manage projects, making it a fundamental skill for any new recruit to demonstrate. The ability to break down a large project into separate stages, estimate the work and time required, delegate work and keep projects on track, on time and on budget is a core competency for larger firms especially.

3. Digital savviness

A basic requirement among management recruits is proficiency in a range of core software. Spreadsheets are fundamental to tax and accounting, but understanding shortcuts and being able to manipulate data quickly will help you stand out as a future high-flyer.
Database management and the ability to use data-visualisation tools have also emerged as important skill sets to possess as data becomes more central to every organisation.

4. Commercial smarts

Understanding what makes the wider industry in which you work tick, and where the sector is going, demonstrates your ability to look beyond your tax training and marks you out as one to watch. It shows initiative, appreciation of the bigger picture and engagement with the tax and accounting world beyond just your taxation education.

5. Good communicators

A recent study among 50,000 company recruiters revealed that communication skills were the most important factor in hiring managers. Learning to work effectively by listening carefully and speaking and writing effectively is a skill you can consciously improve.
Mastering your ability to work with clients and colleagues is just as important as mastering your taxation education to ensure you enjoy an effective and long 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.

Four tips to help you avoid becoming a workaholic

It’s only natural to want to make a great impression at work, particularly when your career is just beginning. But you’ll only sabotage your future prospects if you burn the candle at both ends. Here are four tips for getting your work done on time while still maintaining a good work-life balance.

1. Time management

The 2014 Australian Work and Life Index revealed that more than half of full-time workers feel rushed at work. For accounting and tax professionals, this can become a major issue during the busy end-of-financial-year season.

You can avoid this trap by creating a prioritised task list each morning. This will make you better at setting goals and priorities, and you’ll also feel the buzz of accomplishment each time you tick off an item.

2. Delegation

Taking on as much as possible might earn you points in the short term, but it’s also the surest way to burn yourself out. Delegation goes hand in hand with good time management – it’s hard to achieve one without the other.

Start by looking at your key strengths. If you’re good at leadership, ask if you can do more project-management tasks, leaving the number crunching to others. And don’t be shy about seeking help – asking questions shows you are willing to learn and improve.

3. Set boundaries

The Work and Life Index also found that nearly a third of full-time employees regularly sacrifice personal time for work duties. There will be periods when the team has to clock up extra hours to meet a tight deadline, but if you’re always the last person to leave the office, you may be putting your health and relationships at risk. Remember that a good career isn’t just about a good salary – it should also give you time to enjoy the rewards.

4. Switch off

Just as your phone’s battery needs to be recharged regularly, so do your own. After you leave work, let calls go to voicemail and try not to check your email until the next day unless you’re monitoring an urgent issue. Downtime at work is also very important. You can keep alert and productive by spending at least 10 minutes every hour away from your desk – preferably outdoors where you can get some exercise and sunlight.

Your life shouldn’t be all work and no play. Maintaining a good work-life balance is simply good for your health – and your 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.