Friday, 28 August 2015

Discussing Tax Reform with the Treasurer

On Monday 24 August 2015, Federal Treasurer, the Hon. Joe Hockey MP discussed tax reform at 'Morning Tea with the Treasurer', a free event for members which we co-hosted with Chartered Accountants Australia and New Zealand.

The Treasurer's speech argued the case for personal income tax cuts mainly by reference to income tax rates in other OECD countries. Our President, Stephen Healey, tied the discussion back to the tax reform priorities of the Institute.

The key issue for us in this debate is Australia's tax mix and its dependency on income tax for the bulk of revenue collections, particularly given an ever increasing mobility of capital in the modern economy and our country's future revenue needs given the increasing dependency ratio as highlighted in the intergenerational report.

In our Tax Discussion Paper submission we have recommended that the Government consider shifting away from income tax and increasing reliance on simpler and more efficient consumption taxes, such as the GST. Australia's corporate income tax rate should also be lowered as part of the overall tax reform agenda.

Last Friday, State and Territory Treasurers met in Canberra and agreed to broaden the GST to cover overseas online transactions under $1,000. The Treasurer was tight-lipped on broader tax reform discussions at the meeting but it is encouraging to see that all parties remain committed to working together to achieve a better tax system.

If you are interested in tax reform, next stage of the process is coming soon and you can get involved by contacting us at Tax Policy.


Thilini Wickramasuriya FTI is a Tax Counsel of The Tax Institute.

The Tax Institute is Australia’s leading professional association in tax. Its 13,000 members include tax agents, accountants and lawyers as well as tax practitioners in corporations, government and academia.

3rd Annual Tax Forum speaker profile: Paul Abbey

Paul is a Partner in the International Tax and Transaction Services group of PwC in Melbourne. He has over 20 years’ experience advising local and international clients on income tax issues. Paul drives PwC's Tax Reform project, aimed at building momentum within the community around the need for comprehensive tax reform in Australia.

What is the topic that you are presenting at the Forum?

“The Need for Genuine Tax Reform in Australia”

What can attendees expect to take away from your session?

We need a balanced debate that keeps all issues on the table. The public and indeed participants need to better understand why tax reform is needed. All stakeholders have an obligation to sell that message.


Join us in Melbourne for The Tax Institute's 3rd Annual Tax ForumIt is Tasmania's premier annual taxation event with an outstanding line up of speakers that are sure to educate and stimulate.  

Wednesday, 26 August 2015

2015 Tasmanian State Convention speaker profile: Matthew Cridland

Matthew Cridland is a Partner in the Tax group of DLA Piper and is based in Sydney. He has advised on GST and other indirect taxes, across all industry sectors, for more than 15 years.  He also assists clients to manage indirect tax audits and disputes. Matthew is a member of the GST committees of the Property Council of Australian and the Retirement Living Council. He is also a Chartered Tax Adviser.

What does 2015 Tasmanian State Convention mean to you, and more broadly, to the tax industry?

While I practice law in Sydney, I'm a Graduate of the University of Tasmania. I graduated at the end of 1999 and moved to Sydney shortly thereafter to accept a Graduate position in the GST team at Ernst & Young, about 6 months prior to the commencement of the tax on 1 July 2000. I regularly stay connected with other UTAS graduates. It is a pleasure to be able to return to Hobart some 15 years later to present to the State Convention on GST issues.

What can attendees expect to take-away from the session?

The session will provide an update on the GST issues that most commonly arise for property developments. It can be a complex area and the session will ensure that attendees are up-to-date on the latest developments.

Which other sessions at the 2015 Tasmanian State Convention are you most interested in attending?

I plan to get to most if not all of the sessions. Josh Cardwell's session on property development will be of particular interest.

What do you like to do when not knee deep in tax?

I enjoy following sport, in particular Rugby and NRL.


Join us in Hobart for The Tax Institute's 2015 Tasmanian State ConventionIt is Tasmania's premier annual taxation event with an outstanding line up of speakers that are sure to educate and stimulate.  

Tuesday, 25 August 2015

Understanding the ESS changes: Five things you need to know

Recently, changes to the tax rules surrounding employee share schemes (ESS) were made, with the intention of making it more attractive for employers and employees to participate in them.

The changes to the ESS rules came into effect from 1 July 2015 and effectively allow potentially longer deferral periods for taxing points. In addition, the changes introduce a new concession for startup companies.

Here are five things you must know about the changes.

1. Changes to the tax treatment of employee share schemes take effect on 1 July 2015

The 2015 changes apply to ESS interests issued on or after 1 July 2015. They apply to shares, stapled securities, rights and options to acquire shares or stapled securities.

2. Additional concessions are available for startup companies

Under the new rules, where shares are issued to employees in a startup company at a discount of up to 15 per cent (relative to market value), the discount is exempt from income tax. The shares will only be subject to capital gains tax on disposal.

The rules apply to startup companies from any industry, but they must be a company that has been incorporated for less than 10 years, have no equity interests listed on a stock exchange and aggregated turnover of less than $50 million.

For the concession to apply, the ESS must satisfy the following criteria:
  • For share interests issued under the ESS, a share must be provided at a discount that is no greater than 15 per cent of the market value.
  • For rights issued under the ESS, a right must have an exercise price (or strike price) that is equal to or greater than the market value of an ordinary share in the issuing company.
  • The ESS must require that employees hold ESS interests for at least three years.
3. In tax-deferred schemes, the taxing point may be deferred from vesting to the date of exercise

This change has the effect to, in some circumstances, postpone the occurrence of the first taxing point for rights. Under the new rules, the taxing point in tax-deferred schemes is the earlier of:

  • For rights, when the employee has exercised the rights and there is no risk of forfeiting the resulting share and no restriction on disposing of that share.
  • For all ESS interests, when there is no risk of forfeiting the interest and any restrictions on its sale are lifted.
  • The time when the employee ceases the relevant employment.
  • 15 years after the ESS interests were acquired (previously the deferral was only for 7 years).
4. The test for significant ownership or voting rights limitations has been eased

The limitation on shareholding and voting power has increased from 5 per cent to 10 per cent. However, previously only share ownership was considered in the significant ownership test, but now all interests in the company, including rights to acquire shares, are taken into account.

This effectively allows employees to own a greater share of the company, but takes unexercised options into account.

5. An income tax refund is possible where an employee acquires rights but does not exercise them

Where an employee chooses not to exercise his or her option to acquire shares under an ESS but was taxed on the discount upfront, the employee will be entitled to a refund of any income tax paid. However, the refund will only be available if the ESS was not structured to directly protect the employee from a fall in the market value of the shares (i.e. downside market risk).

The 1 July changes have been eagerly awaited by professionals in the tax, accounting and legal professions. Of them, Louise Boyce, of Squire Patton Boggs says, “[the changes] have been welcomed by employers. We have seen a rush of interest in establishing employee option schemes, particularly by companies who qualify for the startup concessions.”

The new standard

Along with the above changes, the Australian Tax Office (ATO) recently released standard share plan documents to help make ESS easier for startup companies to implement. Available on the ATO website, this library of templates includes a standard employee Option plan and letter of offer to kick off the proceedings for you.


Where can a career in tax take you?

What do you want from your career? A new challenge every day? The opportunity to travel the world? To make a difference? Financial security? Whatever your reasons, it's important to give the question some genuine thought, especially if you have your eye on working in a competitive field like tax and accounting.

As industry experts at the recent Tax Institute webinar on working as a tax professional revealed, tax is alluring to today's graduates for many reasons. Here we examine several of their suggested benefits of entering the numbers game.

More advice

According to Stephen Holmes, CTA and partner at WMS Chartered Accountants, professional services firms are expanding knowledge so they can provide advisory in addition to tax compliance services.

“You need extra skills to ensure clients stay with you and have confidence in your abilities,” he says. For you, this means more exciting and challenging work, as well as opportunities to develop your potential.

Flexible options

Holmes added that a major challenge facing new entrants is how to become an indispensable expert. While you can specialise in an industry or technical area that interests you, he emphasised the importance of getting to know your niche really well.

International opportunities

The transferable skills you develop as a tax professional will give you confidence to pursue global opportunities. Speaking during the webinar, James Collacott, CTA and senior manager at DFK Crosbie, shared his experience in becoming a successful local tax professional after migrating from the UK.
“[The] tax systems are different,” he says. “You need to swallow your pride, knuckle down and work hard.”

Purposeful days

If you're seeking variety in your career (as well as in life), the tax and accounting path is for you. As Holmes reveals, there is really no ‘typical day’ once you reach partner level.

“Early on, your days are similar, but doing the same thing over and over is a good thing for your future career.” Your days will become more varied as you climb the ranks, although the repetition you experience at a junior level is still necessary – and extremely valuable, as it will help build your technical and client skills.

How can you kick-start your tax career today?

Collacott encourages budding tax agents to stand out from the crowd by demonstrating their abilities in all facets of the industry. You can undertake the Chartered Tax Adviser program, which increases your knowledge and bridges the gap between the theoretical and practical aspects of practice, or become a member of The Tax Institute. He also suggests gaining education in areas like marketing, management and communication.


http://taxinstitute.com.au/education/graduate-diploma-of-applied-tax-lawTake the next step in your tax career with the Graduate Diploma of Applied Tax Law 

Find out more 

Monday, 24 August 2015

Member profile: Abby Hinchcliffe

Employer: Thomas Noble & Russell

Position: Intermediate Accountant

As a mature aged student I completed my Bachelor of Business degree majoring in Advanced Accounting in 2013. Shortly after I kick started my career in a medium size private practice firm named Thomas Noble and Russell where I have been working for the last 22 months whilst undertaking my Diploma of Chartered Accounting. Thomas Noble and Russell (TNR) is a longstanding firm with a reputation for providing high quality and detailed service. With a strong focus on in-house training it is the perfect environment for me to develop a solid foundation as a Tax Practitioner.

Describe your current role

With almost 2 year experience in business services I am currently focusing on learning the mainly technical aspects of accounting. My daily activities include the preparation, lodgment and administration of Business Activity Statements, Monthly Payroll Tax Calculations, Instalment Activity Statements, Income Tax Returns, and Financial Reports for all types of entities. I correspond with the ATO, other government bodies, bookkeepers and other businesses on behalf of our clients. I liaise and build relationships with my clients and colleagues, which I find most rewarding.

Describe your involvement in The Tax Institute’s committees or contribution to the Institute

Having completed the CTA1 Foundations and CTA2 Advanced course through The Tax Institute. I was so impressed by the concise and practical content and delivery of these courses that I wanted to get more involved with The Tax Institute. I now sit on the Graduate Diploma Committee, which allows me to meet more young tax practitioners (like myself) and discuss how we can support ourselves more as upcoming Tax Professionals. Studying with The Tax Institute has hugely supported me to be more confident applying my knowledge and understand of tax on a daily basis.

What are your career highlights?

I am very thankful for being hired by TNR where the partner and the team I work for take the time to train me in all areas of tax. Other highlights include many moments of appreciation such as receiving client referrals and feedback, the satisfaction of working well with my team and getting to meet people I would not have the opportunity to meet elsewhere.

Why did you join The Tax Institute?

I joined The Tax Institute because I want my involvement in accounting to be broader than the sole office I work in and to network with other Tax Professionals. My commitment to The Tax Institute is a gesture of support and respect for the industry I work in.

What advice can you give to graduates?

Don’t be shy to upsell all your great qualities even if you have no experience, you are no less because you are at the beginning of your career. Understand and respect the wealth of understanding you will build over time. If there is something you don’t understand, make the time to research and discuss with other professionals for your own understanding. Appreciate anyone who is willing to support your learning. Get to know you clients and colleagues as best as you can.

Who or what inspires you?

Many people inspire me including my colleagues, friends and family. I will use this opportunity to thank Natalie Benhayon specifically who inspired me follow my heart and peruse a career in accounting.

What do you do to unwind?

Walking, Conversations with my fiancée, family & friends, Cooking, Having a bath and an early night (especially on a Wednesday).

Favourite holiday destination?

Hoi An in Vietnam, it is super relaxing by the beach, lovely people, great food and full of tailors…and a bargain!


http://taxinstitute.com.au/education/graduate-diploma-of-applied-tax-lawTake the next step in your tax career with the Graduate Diploma of Applied Tax Law 

Find out more 

Friday, 21 August 2015

The interim report on corporate tax avoidance

Late Tuesday afternoon this week, the Senate Economics References Committee released its interim report on ‘corporate tax avoidance'. The report, entitled ‘You cannot tax what you cannot see' contains 17 recommendations drawn from the inquiry, including recommending the Australian government take unilateral action to combat tax avoidance and the introduction of a mandatory tax reporting code.

To put these recommendations in some context, below is a synopsis of the activity already occurring in this space:

  • Australia is heavily involved in the OECD's work that seeks to address base erosion and profit shifting in a co-ordinated way. The OECD recommendations are due out in the next month or so.
  • Australia has also sought to move unilaterally on this issue with the government intending to introduce the proposed ‘multinational anti-avoidance law' tax integrity measure at some stage in the Spring Parliamentary sitting. Our views on this proposal are contained in our submission to Treasury.
  • There are domestic transparency laws in place under which the ATO is required to report the name and ABN, total income, taxable income and tax payable of corporate taxpayers with income of $100 million or more. The first report containing this information is due out later this year. Our views on the transparency laws are contained in our latest submissions to Treasury and the ATO on our website.
  • The Board of Taxation is working on preparing a voluntary tax transparency code, including what the code might look like, who can disclose information under the code and who is the intended audience of the information disclosed. The Tax Institute attended a consultation with the Board of Taxation on this matter last week (details are below) and will be closely involved in this consultation.

It is worth noting there is a dissenting report from two of the Government Senators involved in the inquiry attached to the Committee's interim report. There are also an additional 7 recommendations from the Australian Greens Party attached to the interim report. The finalised report from the inquiry is due out on 30 November 2015.

There are a lot of moving parts to addressing the matter of ‘corporate tax avoidance', though there is one clear theme - a desire for some level of transparency by corporates over tax matters to be provided in some way, shape or form.
 
 
Stephanie Caredes CTA is a Tax Counsel of The Tax Institute.
 
The Tax Institute is Australia’s leading professional association in tax. Its 13,000 members include tax agents, accountants and lawyers as well as tax practitioners in corporations, government and academia.

Thursday, 20 August 2015

Ten estate planning strategies – free from Estate & Business Succession Planning

View these ten strategies, taken from Estate & Business Succession Planning, 7th edition, covering:
  • the nuclear family 
  • the wealthy nuclear family
  • problem children
  • the blended family 
  • the blended family and life interest
  • elderly and single
  • same-sex couples
  • dealing with the family trust
  • dealing with public offer superannuation interest
  • dealing with a self-managed superannuation fund.

View these ten strategies online, and purchase your copy of Estate & Business Succession Planning, 7th edition from our website today.

Bernie O’Sullivan, CTA, is Principal of Bernie O’Sullivan Lawyers, an independent law firm that specialises in wealth succession. He advises individuals and their advisers in regard to estate planning, superannuation, family trusts and business succession, and acts in disputes relating to these arrangements. 

Bernie is the author of Estate & Business Succession Planning, now in its seventh edition, and a regular presenter at The Tax Institute’s seminars and conventions.

Dux interview: Shireen Silva, CTA1 Foundations

What is your background?

I have over 5 years experience within the Schiavello Group as an accountant where I have gained experience in taking care of the accounting function of companies in industries such as constructions, manufacturing and hospitality.

What was the most valuable aspect of CTA1 Foundations?

The subject gave me a great foundation and start to understanding Australian Taxation to assist me in better performing my day to day job.

What areas are you now more confident in?

I gained confidence in understanding trusts and other structures.

What were your reasons for undertaking CTA1 Foundations?

I wanted to become an all-round accountant.

Where to now with continuing education?

I plan on continuing with the Graduate Diploma of Applied Tax Law.


http://taxinstitute.com.au/education/graduate-diploma-of-applied-tax-lawTake the next step in your tax career with the Graduate Diploma of Applied Tax Law 

Find out more



Friday, 14 August 2015

Our submission to the Australian Law Reform Commission

The Australian Law Reform Commission (ALRC) recently released an Interim Report into its Inquiry on Traditional Rights and Freedoms—Encroachments by Commonwealth Laws. Taxation laws feature in the report, in no small part due to the Institute's submission which is cited extensively.

In the tax world, we are accustomed to working in a system administered by a Commissioner with extraordinary executive powers which would make many practitioners outside the tax field gasp. These powers encroach on the traditional rights and freedoms of individuals, particularly in the areas of property rights, privilege against self-incrimination and judicial review.

We are also faced with retrospective legislation in areas such as transfer pricing and Part IVA, which are difficult for practitioners to provide clear advice on, even at the best of times. This impacts on the fundamental principle that laws should be capable of being known in advance so that people subject to those laws can exercise choice and order their affairs accordingly.

The Institute plays a key role in scrutinising the unique legal framework in which we operate to ensure that executive powers in tax are not expanding beyond what is essential to preserve revenue and encourage taxpayer compliance. We will shortly be participating in a further round of consultation with the ALRC to discuss matters raised in the Interim Report. The ALRC is due to deliver its Final Report in December.

In other news, we would like to give a plug for Morning Tea with the Treasurer, a free event for members which we are co-hosting on 24 August. Click here to find out more.


Thilini Wickramasuriya FTI is a Tax Counsel of The Tax Institute.

The Tax Institute is Australia’s leading professional association in tax. Its 13,000 members include tax agents, accountants and lawyers as well as tax practitioners in corporations, government and academia.

Wednesday, 12 August 2015

2015 Tasmanian State Convention speaker profile: Brad Eppingstall

Brad is a Director at the RSM Bird Cameron office in Ballarat. He specialises in providing advice to SMSF members as well as SME’s in the areas of small business concessions and other technical tax matters.

What does 2015 Tasmanian State Convention mean to you, and more broadly, to the tax industry?

The convention is a change for practitioners to get together and obtain a better understanding of the issues affecting their practice.

What can attendees expect to take away from your session?

Some practical issues with case studies of what is impacting the SMSF sector at the moment.

Which other sessions at the 2015 Tasmanian State Convention are you most interested in attending?

The sessions related to property development and dealing with inherited problems.

What do you like to do when you’re not knee-deep in tax?

I enjoy good food, wine & coffee.  As well as cycling with the aim of heading to France one day to climb some of the big tour climbs.


Join us in Hobart for The Tax Institute's 2015 Tasmanian State ConventionIt is Tasmania's premier annual taxation event with an outstanding line up of speakers that are sure to educate and stimulate.  

Friday, 7 August 2015

The decision on digital currency

In October 2014, the Senate commissioned its Economics References Committee to undertake a review of digital currency and focus in particular on developing an effective regulatory regime for digital currency in Australia. Earlier this week, the Committee issued its report following its review.

The potential issues arising from digital currency are far-reaching and touch everything from the most obvious, Australia's banking system, to perhaps the less obvious, Australia's tax system. The particular tax system issues of note are whether a digital currency, the most well-known of these being Bitcoin, is in fact ‘money', or something else, for the purpose of income tax, GST, fringe benefits tax and capital gains tax.

The Tax Institute lodged a submission with the Senate Committee in December 2014 arguing that digital currency should be treated as currency/money for tax purposes.

The Committee has concluded that digital currency should be treated as ‘money' for GST purposes and recommended that further examination of the appropriate tax treatment of digital currencies, with a particular focus on income tax and fringe benefits tax, should form part of the Tax Reform White Paper process. These are both common sense conclusions.

For members interested in reading the whole Committee report, a copy may be accessed here.


Stephanie Caredes CTA is a Tax Counsel of The Tax Institute.
 
The Tax Institute is Australia’s leading professional association in tax. Its 13,000 members include tax agents, accountants and lawyers as well as tax practitioners in corporations, government and academia.

Thursday, 6 August 2015

Member profile: Julien Wong

Employer: GFA Accountants & Business Advisers

Position: Senior Accountant

I moved from Mauritius to Perth in 2007 to undertake my Bachelor of Commerce majoring in Accounting and Finance at Curtin University. Straight after my university degree I went on to complete a post graduate diploma in Chartered Accounting which I completed in November 2012. More recently I completed the Chartered Tax Adviser Program in November 2014. I recently joined the team at GFA accountants & business advisers moving from Grant Thornton.

Describe your current role

A typical day in my role would involve, client meetings, preparation of financial statements and tax returns, tax research and advice and so on.

Working in a small tight knit environment at GFA accountants & business advisers enables me to work with colleagues with definite skill sets. In so doing, I gain exposure and experience in areas such as superannuation, audit and financial planning.

Describe your involvement in The Tax Institute’s committees or contribution to the Institute

I am currently a member of the Western Australian membership services committee.

What are your career highlights?

Having completed the Chartered Tax Adviser Program of The Tax Institute. Being able to win over clients and seeing them achieving their financial goals because of the sound advices our team provided.

Why did you join The Tax Institute?

The tax institute is now a reference for tax expertise in Australia and it was natural to join The Tax Institute to gain access to the high quality of tax training and resources. The tax institute also provide good networking opportunities. Having the CTA designation in the tax industry is almost a requirement to be considered by your peers.

What advice can you give to graduates?

My advice would be to be as proactive as humanly possible in gaining as much knowledge as possible. Nowadays, we should not be afraid of learning, hard work and failure as they will be ever present. We should embrace these experiences as they will better us as professionals.

Who or what inspires you?

I would say that in addition to the prominent world figures like Gandhi, Mandela and Mother Teresa, there are a lot of people among my family, my friends and my colleagues who inspire me. They are those who while being great professionals are able to lead happy, balanced and fruitful lives. I am also highly inspired by those kind and loving people who consciously do things to make the world a better place to live in for everybody, even if it often means going against the tide. Also, in the course of my readings, I often come across ideas that are food for thought and help me grow both as a professional and as a person. I usually value these ideas too.

What do you do to unwind?

I find that exercising is a good way to evacuate stress. Also, spending time with my family is always invigorating and inspiring.

Favourite holiday destination?

Actually, I have no favourite holiday destination because all the places that I have visited on holiday are places full of charm and character on their own. I believe that every country or every place in the world has something different but particular to offer to visitors and I just like to enjoy and make the most of what the place has to offer.


http://taxinstitute.com.au/education/graduate-diploma-of-applied-tax-lawTake the next step in your tax career with the Graduate Diploma of Applied Tax Law 

Find out more


Monday, 3 August 2015

Now available: Tax Risk Management and Governance Review Guide.

The ATO has just launched the Tax Risk Management and Governance Review Guide.

The guide was developed in consultation with The Tax Institute, Tier 1 advisory firms, the Law Council, and members of the Corporate Tax Association, to allow businesses to self-evaluate their governance framework and strategic and operational tax risks.

The guide has been developed primarily for large corporations, and other corporations will have to think carefully about how they tailor and apply the extensive guide to manage their own tax risks and internal controls.

The guide is based on what the ATO believes are corporate tax governance 'better practices' and will assist businesses to:
  • develop their own tax governance framework
  • test the robustness of the design of their framework against the ATO’s benchmarks
  • understand how businesses can demonstrate the operating effectiveness of their internal controls to their stakeholders.


For those with an interest in Tax Risk Governance, the upcoming Queensland Tax Forum (27-28 August, Brisbane) features the panel discussion: ‘Tax Risk Governance – What Is It? Why Should You or Your Clients Care?’.

Facilitated by Sarah Blakelock, CTA, the panel includes Bruce Collins, CTA, and Belinda Darling, CTA, from the ATO, alongside Peter Nearhos, CTA, and Brian Richards, CTA, discussing:
  • What tax risk governance is and what it should look like in practice
  • How to approach the development of a tax risk governance framework, whether you are a public company or a key adviser to a closely held private group
  • ATO expectations and tools – how do you demonstrate good risk management to the regulator?
  • Tax governance concerns observed by the ATO
  • Some of the practical issues in developing and implementing a tax risk governance framework.

The Hon. Josh Frydenberg MP, Assistant Treasurer will also open the Forum with an address. Find out more and view the entire program here.



Where can a career in tax take you?

What do you want from your career? A new challenge every day? The opportunity to travel the world? To make a difference? Financial security? Whatever your reasons, it's important to give the question some genuine thought, especially if you have your eye on working in a competitive field like tax and accounting.

As industry experts at the recent Tax Institute webinar on working as a tax professional revealed, tax is alluring to today's graduates for many reasons. Here we examine several of their suggested benefits of entering the numbers game.

More advice

According to Stephen Holmes, CTA and partner at WMS Chartered Accountants, professional services firms are expanding knowledge so they can provide advisory in addition to tax compliance services.

“You need extra skills to ensure clients stay with you and have confidence in your abilities,” he says. For you, this means more exciting and challenging work, as well as opportunities to develop your potential.

Flexible options

Holmes added that a major challenge facing new entrants is how to become an indispensable expert. While you can specialise in an industry or technical area that interests you, he emphasised the importance of getting to know your niche really well.

International opportunities

The transferable skills you develop as a tax professional will give you confidence to pursue global opportunities. Speaking during the webinar, James Collacott, CTA and senior manager at DFK Crosbie, shared his experience in becoming a successful local tax professional after migrating from the UK.

“[The] tax systems are different,” he says. “You need to swallow your pride, knuckle down and work hard.”

Purposeful days

If you're seeking variety in your career (as well as in life), the tax and accounting path is for you. As Holmes reveals, there is really no ‘typical day’ once you reach partner level.

“Early on, your days are similar, but doing the same thing over and over is a good thing for your future career.” Your days will become more varied as you climb the ranks, although the repetition you experience at a junior level is still necessary – and extremely valuable, as it will help build your technical and client skills.

How can you kickstart your tax career today?

Collacott encourages budding tax agents to stand out from the crowd by demonstrating their abilities in all facets of the industry. You can undertake the CTA tax training program, which increases your knowledge and bridges the gap between the theoretical and practical aspects of practice, or become a member of The Tax Institute. He also suggests gaining education in areas like marketing, management and communication.

A successful career in tax will change your life. Figure out your aspirations and start taking action today.


http://taxinstitute.com.au/education/graduate-diploma-of-applied-tax-lawTake the next step in your tax career with the Graduate Diploma of Applied Tax Law 

Find out more