Position: Analyst (2017 Graduate)
Division: Tax Consulting
Degree: Master of Management (Accounting)
University: University of Melbourne
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7.45am | Preparation is key
On my way into work I grab a coffee ahead of my early conference call with a client from the US to discuss tax planning for their Australian branch. Normally, my working day starts at 8.45am, however, we need to be flexible when arranging times for our conference calls with our international clients. Before the meeting, my manager and I go over the topics being covered today, ensuring that we have all documents ready.
8.00am | Prioritisation and organisation
During the conference call I make notes and afterwards I discuss the action items from the meeting with my Manager. I finish conducting my background research and summarise the action items, contacting various divisions to get fee details and procedures that we might need to provide to the client based on our conversation. I check my emails and add urgent matters in my to-do list for today. For example, there are a few returns due for lodgement today. Therefore I need to check with the parties who are working on it to make sure we get everything ready for the lodgement.
10.30am | Property settlement
I receive a call from a manager who has a client settling a property very soon. I need to attend to the registration for the entity urgently, for example ABN, TFN and GST. I lodge the application and contact ATO officers to ask for further information required for the registration and get back to the client to organise the documents needed.
11.20am | Sharing is caring
I receive an email from a client with some GST queries. I discuss the matter with our GST specialist team and forward them the email to reply to. It is really good to have specialists within our group as they have detailed knowledge on their area of expertise. I always make sure I confirm with them before I get back to a client for complicated queries. I find that it’s also a good learning process talking with our specialists, as they have in depth technical experience and are willing to help and teach.
12.00pm | Technical training
I attend our State Tax Team technical training which covers some stamp duty and land tax updates that we need to be aware of. We discuss the potential risks that may impact our clients, which we must ensure that our clients are made aware of.
1.00pm | Lunch time
We have flexible lunch break hours, with most people opting to take their break sometime between 12pm and 2pm. Today I’m having lunch with some of my friends from other divisions, taking a walk together alongside the Yarra River. I enjoy catching up with friends from other divisions and talking about the different types of work we are doing within the firm.
2.00pm | Working to win
I accompany a manager to a meeting with a prospective client who needs tax advice regarding setting up group structures for property development. After the meeting, the manager and I discuss the potential structures that are most suitable for the client. I prepare an engagement letter, including details of the services we will provide to the client and a fee quotation. I now keep my fingers crossed, hoping that we can win the work.
4.00pm | Thoughts, comments, queries
I receive a call from someone in the Private Business and Family Advisory division regarding an international tax question and let them know that I’ll get back to them with a response after confirming my answers with a member of the international tax group. I then prepare a number of tax returns for an individual client and his family trust and discuss my questions from the work papers with the senior analyst in charge of the group.
5.15pm | Knock off
It’s been a busy day for me. I update my to-do list and head home for a run and for some fresh air in the park – it’s always good to do some exercise after a busy day at the office.
7.30pm | Me time
I prepare dinner, spend some time with my family, and am thinking about getting a dog, so I do some research on what breed of dog might be most suitable for me.
10.00pm | R&R
I finish off my day watching some TV shows and getting ready to go to sleep.
A Day in the Life, originally published on GradAustralia.