Wendy Maloney CTA is Business Advisory Director at Moore Stephens in Geelong, Victoria. She has been a member of The Tax Institute since 2000.
We asked Wendy about her career and life.
How did you end up in tax?
I started my career at a mid-tier chartered firm in Melbourne, where I rotated through the various divisions as part of my graduate program. During this time, I was lucky enough to be mentored through challenging tax consulting assignments, and I discovered that it was an area in which I had an interest and skill.
Given the technical nature of taxation in Australia, having expertise in this area has enabled me to solve a number of significant challenges for my clients.
What are your areas of specialty?
My area of specialisation revolves around advising private family groups, corporate groups and the not-for-profit sector. As such, I have a particular interest in a broad range of tax issues, including small business CGT concessions and tax structuring.
In recent years, I have seen cross-jurisdictional structuring and transactions becoming more prevalent for the SME market, and I have enjoyed advising in this area with the support of our international network.
Can you tell us about your most memorable career moment?
Expanding our practice into Geelong has been one of my proudest career moments to date. I am incredibly excited to see all of the commercial and economic development that is taking place in regional Victoria.
What do you see as the challenges for tax practitioners this year?
As always, navigating the compliance minefield for self-managed superannuation funds is going to be a big challenge for advisers in this space. Also, I suspect that recent changes to the reporting and compliance requirements for multinational business structures will create challenges.
Why are you a member of The Tax Institute?
I became a member of the Institute for a number of reasons. First, I have found it to be a forum to connect with like-minded people who face similar challenges within our industry and to network with leading tax practitioners.
Second, the training provided through the Institute, particularly with respect to complex technical matters, is invaluable. The Institute has an extensive professional development program which enables members to attend short technical sessions right through to comprehensive intensives.
How does Institute membership benefit your practice and clients?
In order to fulfil the role of trusted adviser to my clients, I feel that it is critically important to always stay abreast of changes in legislation and movements in the commercial and tax landscapes. In my experience, this is an important factor in being able to create value for my clients.
The support, training and mentorship provided by The Tax Institute are second to none, and having access to these resources means that ultimately my clients benefit too.
How do you relax?
I enjoy running, sailing, travel and, of course, enjoying time with friends and family. Despite the usual stereotype associated with accountants, I promise I don’t spend my evenings reading tax legislation!
Do you have advice for someone entering the tax profession?
My main piece of advice for those entering the profession is to never stop learning. Learn from your past experiences, learn from others, and invest in your education.
Balance is important in professional services as the career is often a stressful, fast-paced environment which requires a lot of time and commitment. Remember to take time out and dedicate yourself to creating a positive work-life balance.
This profile was originally published in the March 2017 issue of The Tax Institute's member-only journal, Taxation in Australia.