Tax lawyer Hugo Southcott is busy all year around despite public perceptions that tax lawyers are only busy around the end of the financial year.
The McCullough Robertson tax and superannuation lawyer says this work is also more about solutions than spreadsheets.
When Hugo is not reviewing changes to federal or state taxes, he is a member of the Queensland Law Society Disability and Accessibility Network (DAN) and says it is important to promote awareness and diversity of all abilities in the legal profession.
The DAN is co-hosting an Inclusion at Work Panel Discussion and Lunch at Law Society House on Tuesday, 19 November.
Hugo took time away from his superannuation statistics to speak with Proctor about a regular day for a tax lawyer.
Could you give me a brief summary of a typical day on the job?
Each day on the job is a mix of client interactions and strategic problem-solving. The day flows between meetings with clients where I work to understand their needs so that I am able to provide them with tailored advice, draftiling legal documents and submissions, and working on corporate restructures and business transactions. It’s all about tackling complex tax issues and helping clients to navigate these tax issues smoothly.
What regular challenges are you faced with in the work day?
One of the challenges is there are frequent changes in case law and the ATO’s view on how they think the law should be interpreted. The ATO regularly publishes new rulings on its position on various tax questions and so it is important to regularly keep up to date.
Another challenge in my job is that I consistently deal with ambiguity and uncertainty in the tax legislation, or novel issues from clients, however this often provides me with great enjoyment as I get to explore tax issues for which there is little legal authority or guidance. In these circumstances, the main way to overcome the uncertainty in the law is to put arguments towards the ATO or state revenue office authorities in the form of private ruling applications. Working on a private ruling application is always an exciting part of my job.
What are some common misconceptions about your job?
One common misconception is that tax law is all about crunching numbers. In reality, it involves a lot of strategic thinking and legal analysis of legislation, case law, policy documents and revenue office rulings. I find that my job is primarily writing, researching and liaising with clients and revenue authorities. It is more about problem-solving than maths equations. Often, the very meaning of a single word or phrase in the legislation could have a huge impact on a client’s tax bill.
Some may think that tax law has a limited scope of work. However, the opposite is true. From small businesses to multinational companies to individuals, tax issues can vary wildly, depending on the client. The variety of matters that I work on keeps the job interesting and challenging.
Another misconception is that there is little room for creativity in tax law. Creativity is crucial to working as a tax lawyer, as I have to find solutions to complex tax problems and provide technical tax advice that achieves both commercial and practical results for my clients. Tax is often not the only issue that a client needs to consider when undertaking a transaction or restructure.
Another misconception is that tax law is seasonal and revolves around the financial year. While I am usually most busy leading up to the end of financial year, in truth, tax law is a year-round practice with a wide range of tax issues that can arise at any time.
If you had an extra hour in the work day, what would you do with it?
If I had an extra hour in the work day, I would use it for professional development. This could include deepening my knowledge of emerging tax issues and attending additional seminars and membership association events.
What’s the best part of your work day?
The best part of my work day is when I achieve a successful outcome for a client. It’s incredibly rewarding to see the tangible impact of my work on their and to know that my expertise has made a significant difference. Whether it’s navigating a complex tax dispute or advising a client on their tax position or their business structure, these moments of success and client satisfaction are what make the work most fulfilling.
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