CTA: The Global Tax Qualification
THE STEPS TO TAKE TO CHASEGLOBAL TAX OPPORTUNITIESCTA: The Global Tax Qualification
CONTENTS34567891011121314151617182021THE TAX INSTITUTEThe premier designation for tax professionalsMeet our Chartered Tax AdvisersThe growth and success of the CTA designation in the UKThe CTA in AustraliaGiving you a competitive advantageGlobal opportunities for Australian tax professionalsFuture-proofing your careerAn establised alternativeWhy get a CTA in Australia?Celebrating our CTA achieversStarting the journeyMeeting the requirementsThe Chartered Tax Adviser programThe Tax Institute’s CTA programMaintaining your membershipBenefiting from your membershipIn summaryFinal insightsThe Steps to Take to Chase Global Tax Opportunities - 2
CTATHE PREMIER DESIGNATIONFOR TAX PROFESSIONALSInternationally,tax professionalsrecognise ‘CTA’as the premierdesignation – whenyou need tax advice,you see a CTA.Australia has one of the most complex tax systemsin the developed world – something the FederalGovernment has recognised. And for a complexproblem, you need a sophisticated solution,which is where the Chartered Tax Adviser (CTA)designation comes in.Traditional Australian accounting and legaldesignations are undeniably worthy but do notguarantee an understanding of the deep complexitiesand advanced knowledge required to advise clientson difficult tax issues.Internationally, tax professionals recognise ‘CTA’as the premier designation – if you need tax advice,you see a CTA.THE TAX INSTITUTECommunication skills for tax professionals - 3
MEET OUR CHA RTERED TA X A DVISERSMEET OURCHARTERED TAX ADVISERSIn the following pages, three CTAs provide insightson their tax experience in Australia and abroad:ICIain CooperDirector of Taxation APAC, Sinclair Knight MerzWith a wealth of experience working as a tax specialistfor Australian, UK and US multinationals, Iain Cooperis well versed in international taxation across a rangeof jurisdictions.CKChrystal KimberManager, Bowden LiberatoreBrisbane-based CTA Chrystal Kimber grew up aroundtaxation with a mother who worked in the field. Shediscovered the CTA designation after moving to the UK.It has since allowed her to work and advise on all taxmatters, while raising a family.JCJames CollacottSenior Manager, The MBA PartnershipJames Collacott has 25 years’ experience in a range ofaccounting and professional services firms, includingBDO International and PwC. He immigrated to Australiain 2012, and was dux in The Tax Institute’s CharteredTax Adviser program.THE TAX INSTITUTEThe Steps to Take to Chase Global Tax Opportunities - 4
T he gro w th and success of the C T A D E S I G N A T I O N in the U KTHE GROWTH ANDSUCCESS OF THE CTADESIGNATION IN THE UKFounded in 1930, the Chartered Institute of Taxation(CIOT) in the United Kingdom received its Royal Charterin 1994, giving it the right to designate CTAs. It now hasmore than 18,000 CTA members. In addition, the IrishTax Institute (ITI) has over 5,000 CTA members.To attain a CTA credential, a member must pass the CIOT’s toughexamination, which requires an examinee to demonstrate a high level oftechnical knowledge of the tax system and an understanding of the ethicalprofessional conduct required of them.Members can attain Fellowship status by submitting a thesis or a body ofwork. However, to maintain their CTA status, tax professionals must stayabreast of developments in the tax system in which they operate – usually30 hours each year. Learning can include conferences, webinars andonline reading material, and is monitored by the governing body.The CIOT views taxation as an entirely separate profession to accountingin the UK. While an accountant can handle some tax matters, people withtax issues are usually advised to seek out a CTA rather than a CharteredAccountant.THE TAX INSTITUTEThe Steps to Take to Chase Global Tax Opportunities - 5
THE CTA IN AUSTR A LIATHE CTAIN AUSTRALIAThe Tax Institute introduced the CTA designationin Australia in 2014, and it now represents the goldstandard for tax professionals in this country.The CTA post-nominals represent international recognition andrespect, technical excellence and professional integrity. CTAs inAustralia have the experience and expertise to now lead the taxprofession’s future direction and growth.JC According to James Collacott, the tax profession:is almost separate from accounting. I deal witha lot of tax lawyers or solicitors and I probablyhave more in common with them than I do withan auditor in many ways.Tax has almost developed as a profession in itself,and as such needs a separate representative body– the CTA designation is representative of that.THE TAX INSTITUTEThe Steps to Take to Chase Global Tax Opportunities - 6
GI V I NG YOU A COM PE T I T I V E A DVA N TAGEGIVING YOU ACOMPETITIVE ADVANTAGEIf you’re a tax professional in Australia, the CTA designation is anadvertisement to employers and clients of your high standing andyour commitment to maintaining currency in your profession.The constantly evolving state of tax law and administration means that Australian taxpractitioners need to keep their skills and knowledge up to date with the changing landscape.Employers and taxpayers want the confidence of knowing that their tax professional hasthe right qualifications to manage their affairs. Those carrying this designation have provedthemselves to be of the highest calibre and equipped to provide the best tax advice.Whether you dream of working for a multinational finance firm or a humble not-for-profit, a CTAdesignation will supercharge your employability and set you apart from other candidates.Chartered Tax Advisers are required to absorb complex technical knowledge and developa nuanced understanding of taxation issues – attributes that equip them to deal with aspectrum of business challenges. In many ways, a CTA signifies that a tax professional is atthe top of their game. In a tight job market, it serves as a powerful asset that can help yousecure a competitive edge.CTA status indicates that a tax professional is at the top of their game. In a tight job market,it serves as a powerful asset.CK Chrystal Kimber says:I recommend it more to graduates coming upthe ranks, if they want to be taken seriouslyas a tax adviser This is a qualification that they need to obtain.THE TAX INSTITUTEThe Steps to Take to Chase Global Tax Opportunities - 7
G L O B A L O P P O R T U N I T I E S F O R A U S tralian T A X P R O F E S S I O N A L SGLOBAL OPPORTUNITIESFOR AUSTRALIANTAX PROFESSIONALSCountry-specific laws and regulations sometimesmake it difficult for tax professionals to launch globalcareers. However, a CTA designation is a passport tointernational success.CTA students learn how to manage international tax risks and complywith cross-border reporting duties – powerful knowledge that will putyou head and shoulders above the rest. Tax practitioners who attainCTA status are sought after in job markets across the UK, Europe andIreland. This means greater access to hard-to-find international rolesthat can fast-track your career growth.Being a CTA enables accountants or lawyers to specialise as taxprofessionals – much as a doctor might choose to become adermatologist or surgeon.THE TAX INSTITUTEThe Steps to Take to Chase Global Tax Opportunities - 8
F uture - proofing your careerFUTURE-PROOFINGYOUR CAREERA CTA designation can attract high-profile clients who wantto invest in the industry’s best.It also cultivates leadership abilities and sharp analytical skills – paving the wayfor greater remuneration, professional stability and the chance to step ahead inyour career.Designed by industry-leading taxation experts, The Tax Institute’s CharteredTax Adviser program is intellectually rigorous yet practical, flexible and fair.It represents the ultimate step towards your dream career in tax. When youdecide to embrace it, you’ll never look back.CKChrystal Kimber says:If [graduates are] interested in a careerin tax then the CTA is a genuine optionfor them to be able to fulfil that.THE TAX INSTITUTEThe Steps to Take to Chase Global Tax Opportunities - 9
A N ESTABLISED A LTER NATIVEAN ESTABLISEDALTERNATIVEThe CTA designation helps to delineate specialist taxexpertise from general accounting or legal services.When clients consult with a CTA, they know they’re notdealing with someone for whom tax is just an ‘add-on’ skill.CK Chrystal Kimber says:I see it from the other side where I’m fixing upproblems that accountants have advised on;where mistakes have been made just becausethey don’t have that specialist knowledge I’d like to see it as a genuine alternative tothe CA, as it is in the UK, and get dedicatedtax people coming through the ranks As a result, people with tax issues will geta better service and the standard of taxprofessionals rises as a whole.With tax professionals properly recognised in Australia,the excellence and quality of service is monitored andmaintained by The Tax Institute.THE TAX INSTITUTEThe Steps to Take to Chase Global Tax Opportunities - 10
Why get a C T A in A ustralia ?WHY GET A CTAIN AUSTRALIA?Our experts weigh in 1Technical excellenceThe technical aspects of the qualification are superb. Itwas probably singularly the most important qualificationI’ve done in terms of day- to-day tax calculations andhaving a deep understanding of how tax works.IC Iain Cooper2NetworkingI get to talk about issues with other tax professionals;they might have a view on something that I hadn’t evenconsidered. From a technical aspect, I have that fantasticinput from other CTAs in Australia and they’re not eventhe ones that are in my firm.JC James Collacott3CredibilityYou’re no longer a self-professed expert in tax. You’vegot an independent standard that you’ve had to conformto that demonstrates your expertise is in tax.CK Chrystal KimberTHE TAX INSTITUTEThe Steps to Take to Chase Global Tax Opportunities - 11
CELEBR ATING OUR CTA ACHIEVERSCELEBRATING OURCTA ACHIEVERSEach year, at The Tax Institute’s National Convention GalaDinner, we celebrate our Tax Adviser of the Year award winners.These are the best and brightest of their profession, acrossfour categories and different levels of experience.The most prestigious category is that of Chartered Tax Adviser of the Year.The awards are assessed by an independent expert judging panelthat comprises leading members of the tax profession.THE TAX ADVISER OF THE YEAR AWARD FINALIST 2017THE TAX INSTITUTEThe Steps to Take to Chase Global Tax Opportunities - 12
STA RTING THE JOUR NEYSTARTINGTHE JOURNEYAustralian accountants and lawyers can deepen theirtax knowledge by studying for the CTA designation.The Tax Institute’s CTA course modules are designed for taxprofessionals at different stages of their career, such as those:Gain the entry-level skills required to performcommon tax compliance tasks.Become a tax agent.Secure a management role that requires advancedcompliance and planning skills.THE TAX INSTITUTEThe Steps to Take to Chase Global Tax Opportunities - 13
MEETING THE REQUIREMENTS OF CTA STATUSMEETING THEREQUIREMENTSTo achieve CTA status, applicants undergoa rigorous testing process and participatein 30 hours of structured continuingprofessional development (CPD) each year.The globally recognised designation was introducedto Australia in May 2012 through The Tax Institute ofAustralia, which became the third association – afterthe Irish Tax Institute (ITI) – to officially license it.This new designation illustrates the esteem inwhich The Tax Institute’s programmes and thereputation of its members is held internationally.We are delighted to be collaborating with theCIOT in promoting excellence in tax advice.Ken Schurgott, former president of The Tax Institute.IC Iain Cooper says:I’ve done five postgraduate qualifications andit’s the toughest one by far It’s the only one I’ve ever failed and it’s becauseit’s tough that it represents a gold standard intax education and tax capability.THE TAX INSTITUTEThe Steps to Take to Chase Global Tax Opportunities - 14
THE TA X INSTITUTE’S CTA PROGR AMTHE TAX INSTITUTE’SCTA PROGRAMThe Chartered Tax Adviser (CTA)designation is the world’s numberone tax credential, in Australiait’s bestowed to tax professionalswho successfully complete TheTax Institute’s CTA3 AdvisoryExam, as part of the CharteredTax Adviser Program.All the topics are relevant and immediatelyapplicable to the workplace, so you’ll beequipped with the skills to make your mark:as a leading tax professional, both in Australiaand internationally.Written, presented and assessed by leading,practising tax experts, the program has atiered structure – from CTA1 Foundations,through CTA2A and CTA2B Advanced, andfinally the CTA3 Advisory component – toeducate every level of tax professional, fromentry level to seasoned leader. how to manage complex tax complianceaffairs and planning issuesYou’ll learn: the key tax compliance requirements,principles and processes tax planning and advisory skills acrossdifferent tax specialisations.The Chartered Tax Adviser Program can help youlaunch your career or cement your existing role.The CTA1 balances technical materialand practical application, bridgingacademia with the practice of tax law.Rachel Vijayaraj, ATI,Associate, Brown Wright Stein LawyersThe CTA2 demonstrates a keen interestin tax and that’s what employers look for.Tony Underhill, CTA,Principal – Tax, Grant Thornton AustraliaTHE TAX INSTITUTEThe Steps to Take to Chase Global Tax Opportunities - 15
C T A and T he T ax I nstituteCTA ANDTHE TAX INSTITUTEFOUR LEVELSOF MEMBERSHIPChartered Tax Adviser(CTA)(voting member) criteriaFour levels of membership are available to tax professionals.Each category demonstrates a different level of expertise andhas its own eligibility criteria, including education and relevantexperience requirements.The four levels are: Chartered Tax Adviser (CTA) Fellow (FTI) Associate (ATI) Affiliate(non-voting member) criteriaA person will be eligible to apply to beif they:1 are of good fame, integrity andcharacter; and2 satisfy one or more of the followingcriteria:(a) have passed The Tax Institute’sequivalent; (b) would otherwise qualify foradmission as an Associate memberbut do not have the experience;(c) are enrolled in The Tax Institute’sAssociate (ATI)(voting member) criteriaA person will be eligible to apply to beadmitted as an Associate of The TaxInstitute if they:1 meet the core voting membershipcriteria;* and2 have a minimum of one year’s relevanttax experience; and3 satisfy one or more of the followingcriteria:(a) have passed The Tax Institute’san equivalent; (b) are a member of the ICAA, CPA,IPA;(c) are a barrister or solicitor; and/or(d) are a voting member of anotherregistered tax agent association. Fellow (FTI)(voting member) criteriaA person will be eligible to apply to beadmitted as a Fellow of The Tax Instituteif they:1 meet the core voting membershipcriteria;* and2 have a minimum of three years’relevant tax experience; and3 satisfy one or more of the followingcriteria:(a) have passed The Tax Institute’sassessments or equivalent;. and/or(b) have been awarded a Master ofTax or equivalent. A person will be eligible to apply to beadmitted as a Chartered Tax Adviserof The Tax Institute if they:1 meet the core voting membershipcriteria;* and2 meet the Fellow membership criteria;and3 have passed The Tax Institute’sChartered Tax Adviser exam.Core voting membership criteria*Each Chartered Tax Adviser, Fellow andAssociate (as voting membersof The Tax Institute) must meet thefollowing criteria. The applicant must:1 be of good fame, integrity and character;and2 satisfy one or more of the following:(a) hold a degree or postgraduate awardfrom an Australian tertiary institution oran equivalent institution in the disciplineof accounting;(b) hold a diploma or higher award froman Australian registered trainingorganisation or equivalent institution inthe discipline of accounting;(c) have completed the academicAustralian legal practitioner;(d) be registered as a tax agent;(e) be a Registered Tax Agent or nomineeimmediately before 1 March 2010and a voting member of a recognisedprofessional association immediatelybefore 1 March 2010; and/or(f) have the equivalent of eight years’full-time experience in providing taxagent services in the past 10 years.(d) are an employee, working in taxof the Commonwealth or a staterevenue authority; and/or(e) have an interest in the affairs ofThe Tax Institute and its NationalCouncil resolves to admit themRegisters available at taxinstitute.com.au/CTA THE TAX INSTITUTEThe Steps to Take to Chase Global Tax Opportunities - 16
M aintaining your membershipMAINTAININGMAINTAININGYOUR MEMBErShIpMEMBERSHIPyOurAll CTAs, Fellows and Associates of The Tax Institute can retain theirstatus,continueto meetthe Institute’smembershipAllCTAs, providedFellows and theyAssociateswill retaintheir status,provided theycontinue to meet theircriteria andannualCPD requirements.membershipcriteriaand subjectto meeting The Tax Institute’s annual CPD requirements.0042MAR 05/12TheCPDrequirementsrequirementswill be applicable from 1 July 2012:The followingfollowing CPDapply:Membership categoryMembership CpD requirementsCTA30 hours of tax-related structured CPD per annumFellow and Associate30 hours of tax-related CPD per annummade up of 50% unstructured (15 hours)and 50% structured (15 hours)AffiliateNo CPD requirementsMore information can be found on our website attaxinstitute.com.au or contact us on 02 8223 0060 or viaemail at membership@taxinstitute.com.au.THE TAX INSTITUTE-6-The Steps to Take to Chase Global Tax Opportunities - 17
BENEFITING FROM YOUR MEMBERSHIPBENEFITING FROMYOUR MEMBERSHIPEnhancing your professional statusThe Tax Institute sets the standard for tax professionals in Australia.Your CTA status is an internationally recognised mark of expertise fortax professionals. When you align your reputation with the Institute, youimmediately distinguish yourself in the profession.You can do this immediately by using your CTA Member post-nominals– CTA – on your business cards or profile (on LinkedIn or yourcompany website).We also encourage you to display your membership certificate anddecal in your office, so clients and colleagues will be aware of yourexpertise and your ongoing commitment to the tax profession andto your own career ting with like-minded professionalsYou now belong to an extensive network of over 12,000 tax advisersand agents, specialist accountants, lawyers, analysts, policy developersand other practitioners.Our many events and discussion groups provide excellent opportunitiesto network, connect and discuss ideas, issues and trends that affectthe tax profession.You can also connect with other members via our LinkedIn group,Facebook page or Twitter account.taxinstitute.com.au/connectTHE TAX INSTITUTEThe Steps to Take to Chase Global Tax Opportunities - 18
BENEFITING FROM YOUR MEMBERSHIPContributing to the tax professionAs an Institute member, you can contribute to the integrity andreputation of the tax profession through publishing, presenting,supporting the Institute’s education program and supporting thedevelopment of continuing professional development programs.We also advocate on Australian tax policy issues, and we welcomeyour contribution to our submissions. In this way, you can have yoursay in tax policy debates.Your membership status also gives you the opportunity to nominatefor positions on our various counsels and committees.taxinstitute.com.au/getinvolvedAccess to a range of benefitsThe benefits of Institute membership described above are just a fewof the many available.Others include: Your personal ‘Find a tax specialist’ online listing Specialist career development support, and Special offers through our business alliance program.taxinstitute.com.au/memberbenefitsTHE TAX INSTITUTEThe Steps to Take to Chase Global Tax Opportunities - 19
I n S ummaryIN SUMMARYSince obtaining its Royal Charter in 1994, the CTA hasgrown into an internationally recognised designation fortax professionals, representing the highest watermark forthose who work in tax.There are now already over 7,000 CTAs in Australia and its ever-growingreputation means that it is the pre-eminent designation for thosespecialising in tax. The CTA is a valuable credential equal to any otheraccounting or legal designation.For further information about the CTA designation or to apply formembership, please visit our website taxinstitute.com.auor call (02) 8223 0089.ttiadvice@taxinstitute.com.auTHE TAX INSTITUTE02 8223 0089The Steps to Take to Chase Global Tax Opportunities - 20
FINAL INSIGHTSHere’s what the qualification means to current CTAsThe great thing about the CTA is that it is avery broad based professional qualificationso it covers all aspects of tax.Iain Cooper, CTADirector of Taxation, APAC & India – Sinclair Knight MerzI think that if your serious about tax then[CTA] is just a no-brainer.Sacha Rowlands, CTAManager, Corp & Managed Trusts – HLB Mann JuddThe Tax Institute has enhanced the reputationof the profession tremendously and the CTAdesignation has topped that off.Vince Bailey, CTAPrincipal – Vince Bailey LawyersIt’s certainly been easier to be recognisedamong corporates and clients.Scott Treatt, CTAPartner, Taxation – Pitcher PartnersTHE TAX INSTITUTECommunication skills for tax professionals - 21
The Tax Institute has been Australia’s leadingprofessional association in tax since 1943.With over 12,000 members, we enhance the credentials oftax professionals through education, information products,events and our internationally respected Chartered TaxAdviser (CTA) designation.For further information, please visit taxinstitute.com.auor call 1300 829 338.taxinstitute.com.au1300 829 338
T TA ISTITUT The Steps to Take to Chase Global Tax Opportunities - 2 CONTENTS 3 The premier designation for tax professionals 4 Meet our Chartered Tax Advisers 5 The growth and success of the CTA designation in the UK 6 The CTA in Australia 7 Giving you a competitive advantage 8 Global opportunities for Australian tax professionals 9 Future-proofing your career
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