The road less travelled: Tax and sport

Cameron Barber is the director of MGI South Queensland. His clients include high-wealth individuals, small to medium enterprises and consolidated groups, and he has a special interest in family owned and operated businesses. In addition to industries such as property, building and construction, retail and hospitality, Cameron specialises in providing tax advice to professionals in the sports sector.

How did you become a tax professional?

I started out completing a business degree and really enjoyed the tax module, so post-university I completed the Institute of Chartered Accountants program then got straight into the Master of Taxation qualification at the University of New South Wales. Now I attend as many of The Tax Institute seminars as I can to keep up to date with issues relevant to our clients.

One of your specialisations is managing the tax affairs of people in the sports industry. How did that come about?

Cameron Barber

It really wasn’t something that I set out to do. I was initially referred some sports professionals by a contact, then we became known for expertise in the industry and were getting referrals from coaches, managers and other sports professionals across different codes. The MGI network across Australia now acts for many elite sports professionals.

How do the tax affairs of people in the sports industry differ from people with more 'regular' jobs?

Our sports professional clients often move between countries and tax jurisdictions, and have business interests and investments all over the world, so residency and source are always relevant. There are expenses that are particular to that industry and it’s important to correctly structure their different interests.

Has your interest in certain sports increased because of your clients?

Yes, absolutely. As with most clients, you develop a close relationship with them, so seeing someone you work with on TV or in the papers (for the right reasons) adds to the interest in the game.

What does a typical day for you look like?

In respect to sports professionals, they generally lead busy and demanding lives so rely heavily on their professional advisors. This often means liaising with their management, financiers, lawyers, insurers and investment advisors on a daily basis. We often assist with tasks completely unrelated to tax.

What's your favourite part of the job?

The variety of issues you can face on a day-to-day basis and the satisfaction you get from delivering the best possible outcome for your client.

What advice would you give to tax professionals who want to specialise in the sports industry?

You truly are a trusted advisor, so know the issues they face and be prepared to assist in non-tax-related advisory.

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Young Practitioner Profile: Andrew Simpson

Name: Andrew Simpson
Employer: Grant Thornton
Position: Client Manager

Tell us about yourself.

I studied commerce and law at UQ, and have been at Grant Thornton since I graduated in mid-2009. I'm 27 and in a relationship with someone who also works in tax, funnily enough. I bought a townhouse in 2012, which is a short bus ride from work.

What does your current role involve?

Andrew Simpson

I work in the corporate tax team under two partners, together with regular work for two other tax partners from the private tax team. The majority of time is spent on tax compliance; however I am also involved in tax advisory work, tax due diligences, tax reviews and objections, and AAT appeals. I have a great a range of clients, but if there is a focus it would be the real estate and construction industry, and clients that have international dealings.

My typical day, if there is such a thing, may include reviewing work prepared by other team members, attending to work directly for the partners, and usually quite a few emails and phone calls with clients or in relation to client matters. I also meet with clients and travel to clients for meetings or reviews as required.

Are you involved with any Tax Institute committees or contribute in other ways?

 I recently joined the Queensland membership committee, which involves monthly meetings and providing occasional assistance to the Institute.

What are your career highlights?

Giving expert witness at the Administrative Appeals Tribunal last year, which included cross-examination by counsel for the respondent. I was really lucky to have the opportunity as a lot of people will never do this during their career. Promotions and being able to really help clients with significant challenges also stand out.

Why did you join The Tax Institute?

I have been a CTA since 2012. I joined as it is a great qualification, and The Tax Institute provide a lot of quality resources and training.

What advice can you give to graduates?

The learning curve for tax can be really steep, but if you apply yourself it should start to 'click' after a while, and you will be really grateful that you put in the hard work. Tax involves lifelong learning so enthusiasm for training and up-skilling goes a long way.

Always take the time to stop and analyse the work you have done or the email you have prepared before handing it over or sending it. You should be asking yourself whether you have considered everything, and whether you have appropriately attended to the task. Self-review is important, particularly at the early stage of your career.

What do you do to unwind?

I like going for a workout after work. I also enjoy just taking it easy, whether it be reading, watching movies and TV, trying something new in the kitchen, going out for breakfast or dinner etc.

What is your favourite holiday destination?

I don't have a favourite destination but I am just recently back from a trip to Rotorua, New Zealand, where I had a great time.

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Young Practitioner Profile: Matthew Andruchowycz

Name: Matthew Andruchowycz
Employer: Wallmans Lawyers
Position: Senior Associate, Taxation & Superannuation

Tell us about yourself.

I am 29, happily married and have lived in Adelaide all my life. I have a house in Goodwood, close to the CBD, and ride my bike to and from work. I have been a lawyer at Wallmans for around 6.5 years. I moved into the tax and superannuation team in early 2009. Most of my work is personal tax planning, commercial transactions or objections.

What does your current role involve?

Matthew Andruchowycz

I work under three partners in our tax and superannuation team. My role is to save the partners time, and be a user-friendly interface with clients.

My typical day might involve some client meetings, phone calls and emails, a few hours of fact find and problem solving, and a few hours of drafting documents and advice.

Are you involved with any Tax Institute committees or contribute in other ways?

I have been on various committees and sub-committees over the past few years, and have presented a handful of technical sessions with two more booked for November. My main boss believes that The Tax Institute provides an excellent forum for gaining market place recognition. My experience is consistent with that. I have met great people and had lots of good laughs.

What are your career highlights?

2013 SA State Tax Convention

Winning the Beer Stein holding competition at the 2013 SA State Tax Convention. I was only 17 minutes short of the World record (of 20 minutes). Promotions are a highlight. I get a lot of satisfaction in my job generally because it is primarily a value add job. Each presentation for the The Tax Institute, particularly looking back, has also been a highlight.

Why did you join The Tax Institute?

I have been a member since July 2010.

What advice can you give to graduates?

It is a difficult time for graduates. I would say "it all adds up" and just keep going. We are looking for a tax junior so there are jobs around. If you are trying to get a job through a clerkship or placement program, then getting a guernsey is probably more about who you know than what you know. Sound out contacts who might put in a good word for you. Be flexible when you start and work hard. Getting along with people and demonstrating good enthusiasm is important.

Working in tax requires a lot of training and up-skilling, and your work superiors need to want to put in the time with you. Basically they need to like you. Longevity and loyalty is a big concern for employers. If you can convince an employer that you are in it for the long haul then that may help.

Who or what inspires you?

My wife and our goals. We are ambitious. I think that the winning formula for me is to surround myself with the right people and persevere no matter what.

What do you do to unwind?

I particularly enjoy weight lifting, rock climbing, sport in general, travel, camping, fishing, handy-man stuff, cooking, reading and quiet contemplation. I have a diverse group of friends, and a supportive family.

What is your favourite holiday destination?

The Cook Islands, Rarotonga. It is the best. Absolutely amazing people and scenery. Couldn't recommend it highly enough, and can't wait to go back.

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The life of a corporate tax professional: Irene Yeung, PwC

Irene Yeung works as a senior manager in PwC's corporate tax division in Sydney.

The lure of a career in tax first took hold in high school, where Irene was attracted to the significant role that tax plays in society. She saw the potential for a dynamic career and secured a traineeship with PwC, which involved studying a Bachelor of Commerce at the University of New South Wales, majoring in Accounting and Business Taxation, while simultaneously gaining valuable work experience. After graduating from university, Irene secured a graduate position in the corporate tax team at PwC. She is now studying for her Masters of Taxation.

What appealed to you about a career in taxation?

When I was in high school, recent school-leavers came in to talk to us about what they had done after year 12. The person who caught my attention applied for a traineeship at an accounting firm. I didn't know much about accounting at the time as I was studying science and humanities subjects. I was interested in tax because it has such a fundamental part to play in society. PwC had a good reputation in the market – so it seemed like a logical fit. I've now been in tax at PwC for over 13 years.

What does your current role involve?

Tax law is incredibly dynamic. When a new law is announced, legislated or precedent established through case law, part of my role includes analysing these changes and the impact of these updates on my clients and society as a whole. As a senior manager in PwC’s corporate tax team, I help clients manage their tax risk. I work as part of a close-knit team that delivers a diverse range of services including:

• Providing advice on transactions.
• Highlighting tax issues that may impact a client’s business.
• Providing advice on risks and solutions to meet a client’s business objectives.
• Reviewing tax returns to ensure the correct tax position is disclosed and advice taken is implemented.
• Helping clients comply with tax laws and meet their compliance obligations.

While the focus is on helping clients solve their problems, the firm also emphasises the importance of making a greater contribution to society through engaging in thought-provoking key policy debates, such as the need for comprehensive tax reform. This has created the chance for me to get involved and play a part in driving critical change within our economy and our broader society. The environment I work in is intellectually stimulating and the work I do each day can be quite different.

How did you reach your current role?

I started at PwC on their trainee program, which involved working full-time and studying part-time for two years of my degree. After university, I returned to the firm as a graduate in the corporate tax team. Wanting to build strong technical and research skills, which are important in my work, I completed a secondment in the firm’s tax technical knowledge team, researching new legislation and writing technical papers. I’m currently completing a Masters of Taxation.

It’s important to keep up to date through self-study and reading – not just on tax law matters but also on market issues that potentially impact clients. This is fundamental to providing relevant advice to clients.

I've had the opportunity to work with a wide range of inspiring people, both at PwC and with internal clients. I very much value the relationships I've developed and enjoy catching up with these contacts at technical forums or networking events, such as the Women Enjoying Leadership and Living events, which provide a forum for senior women in leadership positions to network.

What do you do to unwind?

In my spare time, I like to catch up with friends, cook and do a yoga class or two. As it gets warmer, I look forward to spending time at the beach.

What advice can you give to graduates?

Take the time to develop a good technical base and a broad knowledge of tax law. The depth and breadth of the profession varies depending on the role and the type of business you are working in. Don’t be afraid to try different roles in different industries as, combined with a sound knowledge base, a career in tax can take you anywhere!

For more information on graduate careers at PwC visit their student careers website.

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Young Practitioner Profile: Craig Marston

Craig Marston works for Greenwoods & Freehills Pty Ltd as a Senior Associate.

Craig completed a Bachelor of Laws and Bachelor of Economics at the University of New South Wales, as well as a Master of Laws at the University of Sydney between 2006 and 2010.

Craig has previously worked at Allens Arthur Robinson before moving to his current role at Greenwoods & Freehills, and has contributed to various teaching engagements with UNSW and Atax.

What does your current role involve?

I advise on a wide range of corporate and trust tax issues, with a particular focus on the financial services and property sectors. I also have experience advising on superannuation, mining and general corporate tax related matters.

Are you involved with any Tax Institute committees or contribute in other ways?

I am involved with the Membership Committee. I have also spoken at one Tax Institute event, and will present later this year at a Corporate Tax Master Class.

What are your career highlights?

I was involved in establishing a charitable organisation that addresses Australia’s culture of passively accepting violence against women. Whilst my involvement with this organisation began with drafting their constitution and assisting them obtain DGR endorsement, it lead to me becoming an ambassador for the organisation, which included visiting schools and speaking about domestic violence.

Why did you join The Tax Institute?

The Tax Institute provides great forums to enable me to enhance my taxation knowledge.

What advice can you give to graduates?

Tax is one of the most technically challenging but incredibly interesting areas of the law. It is much more political than many other legal areas, which explains why it is constantly changing. Being part of this process is extremely rewarding professionally.

What do you do to unwind?

I have a 10 month old boy... I’m not sure if he is always conducive to “unwinding”, but he is lots of fun to play with. His smile puts things into perspective!

What would be your favourite holiday destination?

I love New York; it is such a big, busy and exciting city.

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Young Practitioner Profile: Ojas Gandhi

Ojas completed a double degree in Commerce and Economics at the University of Western Australia in 2009. Whilst completing his undergraduate degree, he concurrently studied towards obtaining his Private Pilot’s Licence.

As a keen taxation enthusiast he went on to complete a Graduate Certificate in Taxation at Curtin University for which he was awarded the best graduating student’s prize in 2011.

He began work in the tax division as a graduate accountant at Moore Stephens in 2011. Since beginning full-time work he has completed both the Foundations (now CTA1 Foundations) and Advanced Tax (now CTA2 Advanced) courses to obtain the Course in Australian Taxation Law qualification with The Tax Institute, and is on the verge of completing the Chartered Accountants’ Program.

Ojas Gandhi

What does your current role involve?

My current role within Moore Stephens involves working closely with qualified Managers and Partners in providing both tax advice to clients and assisting them in meeting their taxation obligations.

On a day to day basis I am involved in the preparation of Income Tax Returns for Individuals, Partnerships, Companies, Trusts and Superfunds. Every job is different and the issues that arise vary from job to job.

As a mid-tier firm we have a very diverse client base hence we deal with many different aspects of the taxation system. My role encompasses providing compliance and advisory services for our clients in areas from Income Tax and GST, to International Tax and Capital Gains Taxes.

I am also involved in managing taxation disputes for clients and assisting them during an audit or investigation.

What are your career highlights?

Landing my first job as a graduate accountant would have to be the highlight of my career to date.

Why did you join The Tax Institute?

The Tax Institute provides me with an excellent opportunity to expand my knowledge, stay up to date with the latest news, rulings and ATO developments. It also enables me to meet like-minded professionals and be part of and promote Australia’s pre-eminent professional body for tax practitioners.

What advice can you give to graduates?

1. Don’t be greedy: after all money isn’t everything. Try and learn as much as you can in the early years of your career and choose an employer who is willing to invest in your learning and development. As you learn more you will not only be highly valued by your current employer, but also amongst your peers. Take one step at a time and the money will soon follow.
2. Further educate yourself: If you want to distinguish yourself from others and progress faster in your career, I suggest you to enrol in various Tax courses and seminars held by both The Tax Institute and other Institutions. Tax is a specialised subject, hence requires continuous reading and keeping up to date with changes in Tax Law. I strongly recommend those who are motivated to succeed as a tax practitioner to commence the Masters in Tax course, even if only one unit per semester.
3. Enjoy your work: You need to enjoy you work and be enthusiastic. When you love your work, you will not only have the passion and energy to work, but also be excited about going to work instead of dreading it. If you love your work, nothing will be too hard to accomplish. Your first role may not be your dream job, but everyone has to start somewhere.
4. Maintain a work/life balance: In the early years of your career you may find it challenging to juggle the demands of your new job and the rest of your life. Try and prioritise your time and learn to set and enforce the boundaries between work and life that are right for you to avoid excess stress.

Who or what inspires you?

I am inspired by my clients’ success and being able to be a part of that. Taxation affects everyone at virtually all stages of the life cycle, so it is really inspiring to be able to suggest tax-effective strategies to clients and see them being implemented to save clients’ taxes and simultaneously applying the same strategies for my personal tax affairs.

Credit must go to the directors at my firm who inspire me to achieve my career goals and to participate in the firm’s goals.

What do you do to unwind?

As a keen fitness enthusiast I partake in various athletic events including triathlon competitions and charity events. On a weekend, I enjoying flying to places I have never been to.

What would be your favourite holiday destination?

I’d definitely love to visit Italy.

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