Score maximum marks for class participation

University isn't just about acing your exams and carving out a career path. Don’t forget the ‘here and now’, which includes participation in weekly classes – an important element in most university curriculums.

Believe it or not, there once was a time when students at tertiary institutions would meet regularly with their lecturers on a one-to-one basis or, at most, alongside just one or two classmates. After tutorial groups expanded to accommodate anywhere up to 20 people, universities looked for ways to encourage everyone in these groups to prepare for and participate in discussions. They did this by setting aside a certain allocation of marks for ‘classroom participation’.

Here are five tips that will help you earn maximum marks for this part of your course assessment.

Survival tips for uni students

Prying yourself away from the beach, off the couch or out of bed to make it to university after a holiday or study break can be a challenge.

If 2017 is your first year at uni, here’s a quick guide to help you get the most from your time on campus.

Learning beyond university: Taking your degree to the next level

You’ve spent years taking undergraduate tax courses and finally scored yourself a graduate position. You’re ready to hit the ground running, right?

Well, no actually. Most firms want their new recruits to complete further studies within their first year, such as the Tax Institute’s CTA1Foundations, to bridge the significant gap between academic principles and workplace practice.

We asked four senior staff members from leading accounting and financial services firms, such as Barringtons, DKM Group, Moore Stephens and Westcourt, to explain why they expect their early-career staff members to undertake a tax course with a vocational focus.

Plugging the gaps

The taxation education provided at Australia’s tertiary institutions is of a high standard, but no matter how prestigious the university you went to or what grades you achieved, there is still plenty you need to learn.

“Universities touch on many aspects of tax in their degree courses,” says Anne Goode, associate director at Moore Stephens. “Within a six-month study period the level of detail that can be taught is limited. That’s why we enroll all our tax and business service graduates in CTA1 Foundations. It’s a way to refresh the university course material and complement the in-house training.”

More training equals faster advancement

If the thought of hitting the books five minutes after graduating has you rolling your eyes, consider the fact that undertaking a tax training course will allow you to take on challenging projects sooner than might otherwise be possible.

“Getting graduates to do the Tax Institute’s CTA1 Foundations gives them a general overview – or refresher – in Australian tax law and reduces their write-offs and the consumption of existing staff resources [in supervision] during their first six months on the job,” says Ross Forrester, director at Westcourt. “Once they they’ve completed the course they can move on from just the fundamental professional work to doing simple research tasks.”

Leigh Dyson, senior manager at Barringtons, echoes Forrester’s remarks. “Staff who have completed CTA1 Foundations have a much better understanding of the tax framework and key provisions and don’t require as much supervision or to have basic concepts explained to them. Once staff are enrolled in the course we can get them to start doing compliance-based work, such as tax returns and BAS, which require an understanding of key concepts.”

Boost your soft skills

“I can remember the days when a textbook had so much value – now you can Google everything,” says Daleen Van der Merwe, HR manager at DKM Group. “How do you differentiate yourself in that environment? It’s about having skills.”

Van Der Merwe believes a tax training course such as CTA1 Foundations can teach those skills, creating savvy, sure-footed operators rather than uncertain newbies who are going to cause “other team members’ time to be wasted fixing errors”.   

Read about the importance of soft and hard skills.

Still need convincing about the wisdom of signing up for a post-university Australian tax course? We’ll give the final word to Ross Forrester: “CTA1 Foundations is not an intimidating course for younger staff, but it is an effective one, allowing them to better operate in a professional firm. And it sets them on a pathway to the CTA2A and CTA2B Advanced, which gives them the knowledge needed for a professional advice firm.”

Looking for that competitive edge? Look into completing The Tax Institute’s Programs, Single Subjects or Short-Courses.

Find out more.

Uni’s finishing. Now what?

As the end of your undergraduate studies looms closer, it’s time to start thinking about a crucial decision: enrol in further postgraduate tax training and education, or get yourself a job in the real world?

Either way, it’s a smart idea to implement the following strategies as a ‘final year bucket list’ in order to boost your chances of success in the path you ultimately choose.

Focus on the grown-up social network

You’ve reached the point in life where it’s time to spend fewer hours sharing funny cat videos on Facebook or picking the perfect Instagram filter, and a little more time polishing your LinkedIn profile and checking out the site for news and ads that might help you land that dream job or identify worthwhile tax training.

You should also be connecting with alumni, academics and other industry professionals who may be able to provide you with assistance or at least useful insights.

Get an internship

Even if you’re set on enrolling in a Master of Taxation, there’s much to be gained by getting some real-world work experience. And if you’re looking to score a graduate position, few things are more attractive to employers than evidence that you’re familiar with the unspoken expectations and conventions of office life.

The big four firms all offer well-regarded internship programs, as does the ATO. Many big corporations, such as Woolworths, Telstra and Google, also offer great accounting internships.

Build your personal brand

The most effective way to stand out from hundreds of other fresh graduates is to build your personal brand. Start by attending as many networking events as you can and make your face and name known to those who matter.

Also, don’t be afraid to share your knowledge and industry perspective by creating your own thought hub – you can start a blog for free or tap into LinkedIn's built-in blogging features.

Become a mentor

Evidence you can inspire others comes in handy whether you’re considering a career in the business world, academia or both. Your university probably has programs that allow senior students to provide guidance to or tutor junior and freshman students.

If they don’t, Volunteering Australia can match up individuals with a particular skill set (such as several years of taxation knowledge) with those who have need of such skills.

Cleverly combine work and study

If you’re a bit of an overachiever (although that’s never a bad thing), undertake further education while finding your feet in a demanding graduate position by custom designing your study. The Tax Institute offers numerous programs you can complete while working that can equip you with the practical skills you’ll need to hit the ground running as an up-and-coming tax superstar.

While celebrating a job well done for completing your undergraduate degree is duly earned, don’t waste those three years of hard work by failing to think carefully about your next move. Whether it’s further education or a graduate role, the time to think about your future is now.


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

Find out more 

The mid-year itch: Re-evaluating your degree

As most graduates know, completing your degree – and staying motivated for its full course – isn’t always simple. Many successful graduates have been hit by the mid-year itch – questioning their chosen degree, their aspirations and the compatibility between both. But this hesitancy doesn't have to be anything more than a slight blemish on your stellar university career. Here are three questions you should ask yourself to confirm your chosen degree is still the one for you.

1. Are you struggling with the course work?

While postgraduate degrees, such as the Graduate Diploma of Applied Tax Law, offer practical on-the-job knowledge, undergraduate degrees provide you with material to hone skills that will apply in your working life. Ask yourself: do you like the nuts and bolts of the course work? Do you have regular issues completing your work or applying a skill or formula to a problem?
It’s cause for concern if your skills lack in areas applicable to your future career. Tax accountancy, for instance, requires an aptitude for numbers, sound research skills, a fondness for being process-driven and effective communication. If you are struggling with a skill, not just a subject, it might be time to re-evaluate things.

2. Do you enjoy your classmates?

Looking at the people in your degree can go a long way to deciding if this career path is right for you. Consider this: a large portion of your classmates will progress to positions in the same or similar industries to your own. If you suffer from a large number of interpersonal grievances with these individuals, will this carry over into your working life? Do you have personality differences? Would you struggle to work alongside any of them in a professional environment if you were employed at a firm together?

According to psychologist John Holland, personality types correspond with career choices. By his reasoning, the character traits of your future colleagues might spike in certain areas – for good or bad. It’s important that you are certain you will like and admire the people around you, and you will learn from them in the near future.

3. Do you feel inspired?

Great careers, and the degrees that set us up for them, need to stretch us and make us feel inspired on a regular basis. If you are looking for material that is more or less challenging, talk with your tutors and lecturers about upcoming coursework. While one subject may leave you feeling underwhelmed, this could just be a lull in what could become a very hectic month or semester. It’s important to keep sight of your goals and the big picture: a long and successful career within the tax and accounting industry.

With fresh invigoration about your degree, and validation of your career in tax, you can begin your new semester with energy and enthusiasm.


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

Find out more

Sample exam question 2 - April 2015

Your answers to the following questions should be concise and should be supported by reference to relevant taxation law.

Question:

Jimmy Opaque claims that he has been advised by ‘a person in the know’ at his local sporting club that he should put his business into a trust and then he can reduce his income tax by spreading his income among his family, while retaining full control of his business and income. Jimmy’s adviser has told him that all he has to do is obtain a pre-printed trust deed (which the adviser can provide) and fill in the blank spaces, showing that he is the trustee of his business and providing him with the discretionary power to distribute all the business income to his family as beneficiaries. ‘It’s as easy as that,’ says the excited Jimmy. Comment on the advice which Jimmy has received.

To view the answer to the question click here.


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

Find out more

Scoring maximum points in assessable class participation

University isn't just about acing your exams and carving a career path. It’s important you don’t forget the here and now, and that includes participation in your weekly classes – an important contributing factor in most university curriculums. 

Believe it or not, there once was a time when students at tertiary institutions would meet regularly with their professors on a one-to-one basis or, at most, with just one or two of their classmates. After tutorial groups expanded to accommodate anywhere up to 20 people, tertiary institutions were forced to find a way to encourage everyone in these groups to prepare for and participate in discussions. They did this by setting aside a certain amount of marks for ‘classroom participation’.

Here are five tips that will help you earn maximum marks for this part of your course assessment.

1. Show up

It sounds straightforward enough, but with the demands of other courses, work and personal commitments, it can be very tempting to skip a tutorial here and there. Avoid that temptation as participation is impossible if you’re not present. Also, show your classmates and teachers you take tutorials seriously by turning up on time, staying until the end and switching off your phone.

2. Prepare

Do the required readings and any homework that’s been assigned. Think about the issues that are likely to be discussed and anticipate the kind of questions that might be asked and how you would respond to them.

3. Fake it ’til you make it

It’s well recognised that contributing to discussions is easier for some groups than others. Extroverts are much more comfortable sharing their thoughts than introverts. Historically, it’s been much more accepted for men to express strong opinions than women. And those from Western backgrounds are typically more comfortable debating with an authority figure such as a teacher than those from Asian backgrounds. Nevertheless, in school – as in the workplace – you’re going to need to learn to speak up, even if you initially find it unfamiliar and uncomfortable to do so.

4. Play well with others

Your mark isn’t determined by the total amount of time you spend speaking, so don’t dominate the discussion. Make your observations succinctly and respond maturely if your classmates or teachers disagree with you. Also don’t put down other people or respond to their contributions with condescending remarks.

5. To be seen as extraordinary, contribute something extra

Everyone has done (or should have done) the background reading, so they’re not going to be particularly interested in you simply repeating something you’ve read. Instead, provide an individual analysis of the material everyone has consumed and raise an issue or make an argument that will take the discussion in a new and interesting direction. Trust us, even if your classmates don’t appreciate it, the (no longer bored) teacher who’s handing out marks for classroom participation will.

As esoteric as the discussions you may be having are, rest assured that being ‘encouraged’ to take part in them via marks for classroom participation is to your ultimate benefit. Learning how to formulate a compelling case, distinguish between strong and weak arguments and analyse data will stand you in good stead throughout your career, as well as all other aspects of your life.

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.

Surviving the semester: Unlikely tricks to train your memory

Your studies can feel like an overload of information with only a fraction of it becoming knowledge. Retain more with these six tricks to train your memory.

1. Repetition

While we don’t expect you to recite textbooks like a multiplication table, repeating something you’re trying to learn helps lodge it in your memory. A typical path might be your lecturer saying something important, you mouthing it and then writing it down to read later. Saying it, writing it and reading it means it has been repeated three times in different ways, creating different pathways to your brain. (Teaching it to another person counts as a fourth!)

2. Building blocks

Memorising is easier when you have a foundation and then make connections between the new information and your established knowledge. If you need to remember a slab of information, break it down and add it to your memory piece by piece. For example, when trying to remember a case study, start with the who and what, and then gradually add the when, why and how.

3. Finding patterns

A mnemonic device is a common technique that links information to patterns that are more memorable, for example remembering the number of elements in a contract then expanding that to the actual elements. Commonly, mnemonics use a phrase where the starting letter of each word relates to the piece of information, or short rhymes such as Thirty days has September.

4. Storytelling

The human brain is attracted to narrative, so developing a story can help you remember details that might otherwise escape you. Turn information into characters you can describe and explain the consequences of their actions. What happens when GST meets BAS? Humour also makes information sticky, and telling someone the story further embeds it in your memory.

5. Write a song

Delve into the meaning of nursery rhymes and you’ll find many are mini lessons in history effectively passed down by putting rhyme and music together. Choose a piece of simple music and write a short song about what you’re trying to learn. You may also find that someone else has done the hard work, like this economics rap on Hayek versus Keynes.

6. Create a game

Many games are geared to aid learning, and memory games reward recollection, such as matching a piece of information with another. Creating the game is often as important as playing it because it helps you structure information for easy recollection. You can also make a game for two or more people as learning in a group and constructive socialising also assists memorisation.

People respond differently to different techniques, so have a go at some of these to see which works best for you. You can also combine these tricks to enhance the effect.

Good luck with your studies this semester!

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 survival tips for university students

Prying yourself away from the beach, off the couch or out of bed early enough to make it to uni after a holiday or study break can be a real challenge. If you’re heading back to uni this semester, here’s a quick guide to help you get the most from your time on campus.

1. Set realistic expectations

You may have been a top performer at high school, but at university you’ll meet other high achievers. Don’t get too precious about ranking, just focus on learning as much as you can. Getting your parents to understand the reality of university will also help relieve some pressure.

2. Keep on top of study

Orientation week is a party, but you’ll hit the ground running in week two. Do all required study when you’re supposed to. Doing little chunks on a regular basis is better than trying to read an entire textbook before the exam. It means you can ask your tutor questions about the bits you don’t understand so that references don’t go over your head later.

You’ll also occasionally take subjects that are too difficult or that you don’t find interesting. Keep these in check – you don’t want to do them again!

3. Start networking

Socialising is a big part of university life. In addition to your classmates, you’ll also find an array of clubs and societies that cater for different interests, from sports to religion, politics to partying. This is your chance to meet a range of people, not only the undergrads who’ll be future industry peers, but others who’ll widen your worldview.

4. Know your deadlines

Your lecturers and tutors may have already scheduled exams and assignments, so familiarise yourself with this timetable and set yourself some soft deadlines – for example, a due date for the first draft of an assignment.

Lecturers and tutors often have hundreds of students, so asking for an extension is incredibly difficult without a very good excuse (e.g. medical issue, death in the family), and they often attract penalties.

5. Find study/life balance

Identify what you want from your time at university. If you’re working part-time and/or getting involved in various clubs and societies, make sure your commitment is in line with this goal. Are you doing too much studying and not enough of anything else, or vice versa? No one will tell you what the right balance is – you need to figure it out for yourself.

Enjoy your return to study this semester and stay tuned to the Careers in Tax blog for more helpful tips and advice.

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.