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 

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How to build your resume while you study

These days, achieving a high-distinction average or mastering your taxation law units aren’t enough to land the job of your dreams. Recruiters and hiring managers are increasingly looking for candidates who combine academic rigour and industry passion with focus, drive and initiative. If you’re still studying for your degree, there are countless ways to prove to your potential employer that your contribution to their business will go well beyond balancing the books.

Here are four strategies for building your resume while you study – because it's never too early to start making a mark on your career.

Volunteer at a not-for-profit

If you’re a third-year accounting student, you could be a valuable asset to a business that couldn’t otherwise pay for your skills. From under-resourced charities that grapple with financial administration to not-for-profits that could benefit from simple bookkeeping, offering pro-bono services can seriously bolster your resume. It can also show employers that your social conscience matches your commercial instincts.

Start a side project

Extracurricular passions aren’t a distraction from your career – they can make you more attractive in an employer’s eyes. Companies are seeking out well-rounded individuals with a range of interests and passions, rather than workers who live for the daily grind. Whether you’ve always dreamt of designing a mobile app, starting a fundraising initiative to help disadvantaged students or planting a community garden, a side project can show your future boss that you’re equipped to put plans into action.

Land an internship

Yes, it may be the obvious, well-trodden avenue, but for good reason. Finding an internship with a company in your industry can accelerate your path to employment and help your resume land at the top of the pile. By working with professionals in your sector, you don’t just gain valuable industry experience and a network of contacts – you’re also better placed to pursue a path that interests you once it’s time to start applying for jobs.

Learn something new

Although future tax professionals are often meticulous and numbers oriented, this doesn’t mean you can’t explore the other side of your brain. Learning a new language, taking a writing class or enrolling in a professional communication course can make you valuable for employers looking for candidates that can connect with their clients – while proving that you’re committed to your personal growth. Alternatively, it’s just as useful to train yourself in an up-and-coming accounting program, take advanced Excel tutorials or brush up on a much-hyped piece of software that businesses are planning to adopt.

From taking a short course to launching a side project, there’s no shortage of steps you can take to build a sparkling CV. What steps did you take to make your resume stand out?


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

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Member profile: Christine Palmer

Employer: KPMG

Position: Lawyer

I completed the dual degrees of Bachelor of Business and Bachelor of Laws at the Queensland University of Technology (“QUT”) in 2009. 
In 2010 I completed the Graduate Diploma in Legal Practice at QUT and was subsequently admitted to the Supreme Court of Queensland. In 2013 I completed the Graduate Diploma in Chartered Accounting and the CTA3 Advisory course in 2014 with The Tax Institute. I'm currently completing a Master of Laws with the University of New South Wales.
I have previously worked at BDO in the Corporate and International Tax team and the KPMG Corporate Tax team before moving to my current role in the KPMG Legal team.

Describe your current role

As a lawyer in the KPMG legal team in Brisbane I am involved in providing specialist tax dispute assistance, legal tax advisory and drafting tax legal related documentation as well as trust deed reviews.

Describe your involvement in The Tax Institute’s committees

I have been a member of the Graduate Diploma Committee since late 2014.  I have lectured for The Tax Institute.

What are your career highlights?

I have enjoyed every opportunity that has been provided to me.  No one particular highlight stands out but I was particularly excited to join the KPMG Legal team this year.

Why did you join The Tax Institute?

I joined The Tax Institute as a way to get involved in the tax community here in Brisbane and to enhance my tax technical knowledge.

What inspires you?

I have always found tax law fascinating as I see it as one of the foundations of a society and is politically driven. Tax law is technically and intellectually challenging and requires you to be continually learning. Every transaction will have a tax implication and being able to help clients manage their taxation obligations in a commercially realistic manner is professionally rewarding and is why I enjoy coming into work every day.

What advice would you give to graduates?

There are no silly questions but always take an issue as far as you can and have your views on it before asking the question. Have a go at the solution before you ask your question.

What do I do to unwind?

I like to play trivia, read, watch tv, go to the movies, shop and spend time with my family and friends.

Favourite holiday destination?

I love Scotland. It is so beautiful.

Are you ready for the proposed GST changes?

The topic of GST reform has sparked widespread debate with NSW Premier Mike Baird’s recent announcement he is backing a proposed lift to the GST from 10 to 15 per cent. So are you ready for the changes possibly headed your way? And why is it important that you, as a budding tax professional, keep abreast of any new tax developments, however initial they may appear?

In his proposal at the recent tax summit, Premier Baird suggested the spike would help fund the public health system, as well as stopping the federal-state financial system from “tumbling over a fiscal cliff”.

Since its introduction 15 years ago, the GST rate has remained untouched. But Baird claimed a rise is now the only viable way to overcome the federal and state struggle to fund health services and provide the required revenue stream of $20 billion before 2020.

He suggested income tax concessions and a new welfare strategy could help lessen the blow to low-income families and the vulnerable. The expectation is that a revised GST package could be created so that households earning up to $100,000 are not put at a disadvantage. Meanwhile, the proposed rise is not set to impact fresh food, health, childcare or education.

While these GST reforms were still very much in the pipeline at the time of the summit, leaders in attendance including various premiers, chief ministers and PM Tony Abbott reached an “in-principle agreement to lower the threshold below which GST is charged on online purchases from overseas from the current $1000”, according to The Sydney Morning Herald.

Whether or not these changes will be accepted and implemented still remains to be seen. However, as a tax student or junior tax professional, it is important to understand the short-term and long-term implications of the potential rise for your clients. Tax is a dynamic and ever-evolving profession. Equipping yourself with up-to-date specialist tax information, training tools and resources early in this reform process is essential to ensure you are prepared to provide timely, practical and relevant advice to your clients.

As a member of The Tax Institute, you'll gain exclusive access to a comprehensive range of tax courses to ensure you keep abreast of the latest in tax reforms. Led by tax experts to benefit rising tax stars, our professional development program offers intensive and cutting-edge workshops designed to ensure your knowledge as a tax professional is as up to date as possible.

Find out more about joining the 13,000-member community and gain access to powerful resources, progressive education and influential networks.


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.

Sample exam question 6 - August 2015

Go Explore is the name of a popular retailer, supplying camping, fishing and outdoor equipment.

Go Explore is the trading name of Go Explore Pty Ltd which is a private company, incorporated in Australia.

Go Explore is seeking to expand and will be meeting with potential financiers in the near future.  As a result, it wants to maximise its taxable income as part of a broader picture of showing the best results it can.

You have a discussion with the CFO (who has no real idea about stock valuation for tax purposes) and that discussion involves talking with the CFO about the different methods of stock valuation available for income tax purposes.  You do not talk about obsolescence as you know (and have confirmed) it not an issue for Go Explore as they keep fairly low stock levels and the stock turnover is generally good.

The CFO advises that whilst some stock lines actually cost more than their market or replacement values, some cost significantly less.  The following information was provided to you:

Stock line	Units on Hand	Cost per Unit	Market Selling Value per Unit	Replacement Value per Unit
Kids Neon Blue Fishing Rod	400	$10	$15	$10
Self-inflating mattress	650	$60	$55	$58
Super warm sleeping bags	500	$70	$73	$75

You are not sure about the logic of the replacement value of the sleeping bags being higher than the market selling value but the CFO advises that it is soothing to do with the “super cold snap happening down south” which means that the suppliers have put up their price”.  90% of sales by Go Explore are from Brisbane and they cannot sell these super warm sleeping bags at high prices.

Go Explore has lots of other stock lines as well but wants to value these at cost as it does not have details on the other values.  The value of the closing stock (not including the stock lines detailed above) at cost totals $680,000.

All stock for the current year has been valued at cost for accounting purposes and in the prior year ‘cost’ was also used for both accounting and tax numbers.  Prior year closing stock was costed at $610,000.

Other results for the current year were:

Sales	$3,600,000
Purchases	$2,800,000
Operating Costs	$400,000

Go Explore is registered for GST and all amounts above are GST exclusive.
Required

a) What did your discussion with the CFO about the different methods of stock valuation involve? What were the key points you made?    (4 marks)

b) Calculate the taxable income of Go Explore Pty Ltd for the current year assuming that they wish to maximise their taxable income.  Show all workings.    (7 marks)

Click here to view the answers.