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Tax professionals lack thorough tax education with 72 per cent revealing their university degree left them underprepared, according to the Tax Institute.
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Survey reveals critical lack of tax knowledge among professionals
13 December 2024
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Recent research conducted by the Tax Institute has found tax professionals have to apply themselves to their own learning and expertise due to a lack of tax education at the university level.
A survey conducted by the institute found that around seven in ten tax professionals felt they were underprepared for their career in tax.
To combat the shortage of tax knowledge, the Tax Institute launched a new micro-credential learning tool last month to offer upskilling opportunities for individuals and companies.
As previously reported by Accountants Daily, CQ University manager for the centre of professional development, Deb Friel, said micro-credentials were an efficient way to effectively address and fill the skills gap.
“Universities obviously have an important place in education, but it’s clear there is a unique place for micro-credential learning in preparing professionals for their careers,” Friel said.
“Microcredentials engage the learners, it’s so easy to study, it’s dynamic and they are incentivised because they achieve something much quicker than if they were to undertake a degree.”
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“You need microcredentials as part of that co-curricular upskilling, which industry is loving because they get graduates and current employees who are eager to learn.”
The institute said that based on the survey of accountants, tax lawyers, BAS agents and academics, it was clear opportunities for learning were a key component of a successful career in tax.
Ninety-nine per cent of survey respondents said specialised learning was beneficial to their tax career.
Tax Institute general manager of education, Murray Cassar, said the new program ‘Tax Academy’ was focused on providing effective education.
“The key is not just to provide further learning but to provide specialised learning that makes a real-world impact,” Cassar said.
“Given the shortage of tax professionals in Australia, it's vital that flexible, practical education options are available to prepare and empower practitioners to excel in tax careers.”
Along with 72 per cent of respondents believing they were underprepared for the tax industry, 82 per cent of their colleagues said they felt new professionals coming into the workplace were definitely lacking expertise.
The survey demonstrated that for the majority of respondents, upskilling was important for their current role and for the career they planned to grow into.
Respondents were motivated to upskill by requirements for their current role, career progression and promotion, personal interest in the subject and industry relevance.
Cassar said tax professionals weren’t “standing still” in their careers as one in three were upskilling to take the next step in their career.
“Diversifying skills and knowledge are an excellent way to future-proof your career. Plus, being able to learn and pick up new knowledge as needed is a skill in itself, one that employers like to see.”
“Professionals have more career mobility than ever before. More flexible and varied careers call for learning options to match.”
“For employers and team leaders, the investment into learning opportunities is a no-brainer. Talented professionals are more engaged, more effective and more likely to stick around when they have the opportunity to upskill.”
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