Every year, competition within the tax profession heats up as firms find innovative ways to attract and retain the right talent, but experts agree there’s still a lack of guidance and uncertainty when it comes to nurturing the next generation of talented tax professionals.
We speak with The Tax Summit Program Committee Chair, Marg Marshall, who is also a Partner at WLF Accounting & Advisory in Hobart, to discover how The Tax Summit 2020 plays an integral part in bringing like-minded people together, and nurturing and guiding the talent in your team.
More guidance needed as issues heat up
As a tax practitioner, advising clients with the most accurate information is vital, which means practitioners are under pressure to be constantly educated with the latest changes to Australian tax law.
“There are a number of challenges that tax practitioners face now. We've got uncertainty in a number of areas, says Marg. “Pick any you like really, Division 7A, Residency. There's been so many recent changes around NALI for superannuation funds, particularly the self-managed funds. Practitioners will need to work in synchronisation with all these ever-evolving laws.
With increased digitisation, Marg sees the biggest challenge for tax practitioners as ensuring accurate and efficient decision-making in times of uncertainty.
“In recent times, tax authorities have been digitising their IT systems to optimise outcomes and revolutionise taxation. However, the pace of transitioning volumes of big data to new IT systems and innovative solutions, makes it difficult for practitioners to maintain efficient workflow processes during times of great change.”
But according to Marg, tax practitioners can face a lack of uncertainty when it comes to understanding the latest changes and feel there’s not enough guidance around the practical application and intricacies of complex technical law.
“Even though we haven't got certainty and there’s pressure for tax practitioners to be across a global spectrum of topics, there are tools and resources now available to give the guidance they need,” she explains. “They can easily access a broader network of data.
“To maintain proficiency, practitioners should also keep up with the news, attend CPD events, read professional journals, meet with colleagues, broaden their engagement within their network and ensure they are staying abreast of the movement that’s going on around those issues.”
Don’t battle it out on your own
According to Marg, many tax practitioners, especially those who are battling it in the frontline across suburbs and remote locations, can feel quite isolated and that they are ‘practicing in the dark.’ But going to events such as The Tax Summit can make you feel like you’re not alone to face each challenge, and it presents an opportunity to solve common problems together.
“The Tax Summit provides a great opportunity to mingle with people who are going through the same experiences together,” she says. “It’s a space for tax professionals to rekindle their purpose and connect with individuals as part of a larger community.”
“There's nothing better than meeting with someone else who's in the same space as you are and sharing the same challenges at an event like The Tax Summit. You feel like you're part of a big community rather than just someone who's sitting in his desk or her desk battling it out on their own,” she says.
“In terms of bringing your teams, what better way for them to expand their horizons and understand what other knowledge is out there, than coming along and seeing what other people are doing,” she adds.
The carefully curated sessions at The Tax Summit present an engaging and invaluable approach to shining the light on even the darkest and most complex of taxation issues. What’s most rewarding about it, as Marg notes, is being able to witness speakers across a diverse range of topics and practices and experience all the different streams in the one location.
“I've always loved national convention, so to think that The Tax Summit is going to be even bigger and better is incredibly exciting,” she says. “We're going to have speakers from across a diverse range of topics and practice areas. I can't wait to see how we go with all of those different streams and getting people together.”
Build a smarter future with a smarter you
To build a smarter future, practitioners will need to prepare for global tax trends and intuitively decide on the next best decision for their clients. According to Marg, a great way for tax professionals to thrive is by connecting and learning at events like The Tax Summit, especially given the wealth of in-depth industry knowledge and practical takeaways that can be accessed during the event.
“We're expecting a really strong contingent of small-to-medium enterprises, particularly tax practitioners attending The Tax Summit. It's because you can get the practical resources and knowledge that can be implemented in your practice. I think that’s really important."
At the same time, Marg stresses that heads of tax should come to The Tax Summit as there will be plenty of opportunity to leverage off each other’s knowledge and skills to be able to effectively steer tax leadership in 2020.
Want your tax practice to shine in 2020?
Attend The Tax Summit and discover over 60 sessions delivered by local and global tax experts, across SME, Corporate and Hot Topic streams.
The Tax Summit also includes keynote sessions from the biggest and brightest minds in tax, 90+ speakers, interactive workshops and four new streams: Professional Practice, Emerging Leaders, International and Technology.
With over 1,000 attendees against the stunning habourside backdrop of the ICC in Sydney, The Tax Summit is the unmissable opportunity to network, refine your skills and take your career to the next level.
Don’t miss out. Register for The Tax Summit 2020 today.