Artificial intelligence (AI) and technological change are putting pressure on tax, accounting and legal professions to adapt in order to thrive. Research estimates that emerging technologies like AI and automation could potentially replace a significant portion of jobs in various industries, including nearly 50,000 accountants in Australia in the next decade alone. With the labour market facing significant disruption, it’s vital employees stay current, continuing to develop their skills and adapt to the changing landscape
“The sands are shifting,” says Victoria Lanyon, Senior Associate at King & Wood Mallesons. “Leadership in this new world means embracing technology or risking being left behind. But it should always be complemented by critical thinking and fact-checking.”
“A recent incident serves as a stark reminder of this caution. Lawyers who relied on ChatGPT for case law without fact-checking ended up submitting bogus information, leading to viral embarrassment and hefty fines. This incident serves as a clear example that while technology can be a valuable ally, it cannot replace human intellect.”
Proactive, sustainable and focused leadership
Lanyon, who will be speaking at the The Tax Summit 2023, hosted by The Tax Institute, offers three key considerations for leading effectively in the AI era:
1. Think proactively: Invest time in new technology to see how you can best use it going forward. Lead with curiosity, and emphasise continuous learning. By encouraging a culture of growth within your organisation, your workforce will be empowered to adapt to the changing demands of the digital age. And with an investment in upskilling, you can future-proof your leadership while ensuring your team remains at the forefront of innovation, harnessing the full benefits of AI while avoiding potential pitfalls.
2. Use AI to complement, not replace, your intellect: It’s critical to use technology to help you do your job — not to replace your brain. Technology isn’t a shortcut to doing the work. It functions more like the flippers worn in the pool to enhance swimming abilities. However, just like flippers alone won’t propel you forward unless you also kick your legs and move your arms, technology’s true potential relies on our active involvement and effort.
3. Discover a new niche: AI and other emerging technologies are rapidly changing the landscape, including the world of law. This unlocks a realm of potential, allowing emerging tax lawyers to find their niche. They could be the expert on cryptocurrencies tax or on AI and its effect on transactions.
Empowering professionals and sparking change
Recognising the significance of this seismic shift, The Tax Institute has a sharp focus on providing today’s tax and accounting professionals with the essential skills and knowledge to lead in the ever-evolving new age of AI.
“There is no doubt that technology has a profound impact on the tax landscape,” says The Tax Institute’s President, and Chair of The Tax Summit Organising Committee, Marg Marshall. “At The Tax Institute, we firmly believe that embracing innovation is not merely an option but an imperative for leaders in the tax profession. The age of AI demands a new, vastly different skill set from practitioners, which is why the theme of The Tax Summit 2023 is ‘Spark Change’, empowering professionals to navigate the digital frontier and beyond.
“Attendees will have the unique opportunity to delve into the transformative power of technology on leadership. Through expert-led discussions and interactive sessions, the profession’s best and brightest will shed light on how practitioners can seamlessly adopt and use new technologies while fostering a culture of encouragement among their teams.”
Lanyon joins a compelling speaker lineup of the nation’s most forward-thinking minds, including Karen Payne, CTA, Inspector-General of Taxation and Taxation Ombudsmen; David Thodey, AO, Chair of Xero, Director and Chair in waiting at Ramsay; Australian Sporting Legend Kevin Sheedy; and many more. Held at the Melbourne Convention and Exhibition Centre (MCEC), The Tax Summit 2023 brings together taxation specialists, lawyers, accountants, newcomer tax professionals and business leaders as well as anyone with an interest in the latest issues impacting businesses on a local and global scale.
The Tax Institute is the leading forum for the tax community in Australia. It is committed to furthering tax education, representing its members and continuously improving the tax system for the benefit of all.
For more information on The Tax Summit and its line-up of more than 70 expert speakers, covering topics including economics, property, business, global tax developments and technology, please see the full program.
About Victoria Lanyon
Victoria Lanyon is a Senior Associate in the taxation team at King & Wood Mallesons where she advises on all aspects of Australian taxation law for large multinational corporations. She has a particular focus on private equity, corporate, and resource clients and sits on the firm’s climate and ESG committee. She also advises on matters involving the taxation of not-for-profits. In addition to her Australian qualifications, Victoria has been awarded a Master of Laws from Columbia University and is licensed to practice law in the state of New York.
About The Tax Institute
The Tax Institute is the leading forum for the tax community in Australia. Our reach includes membership of 10,000 tax professionals from commerce and industry, academia, government and public practice and 40,000 Australian business leaders, government employees and students. We are committed to representing our members, shaping the future of the tax profession and continuous improvement of the tax system for the benefit of all, through the advancement of knowledge, member support and advocacy. Read more at taxinstitute.com.au.
