Written by: The Tax Institute
Published: 8 Dec 2023
Daksh Aggarwal, Intern Accountant at Fortuna Advisory Group, Perth, was the Dux of CTA1 Foundations for Study Period 2 2023. He shares how he managed to ace this tax subject whilst also studying his undergraduate degree and working.
Tell us about yourself
I am currently in my first year of university studying Finance and Data Science and have been working as an intern tax accountant for the last 5 months. I’ve worked primarily on taxation for individuals, small businesses and companies. I enjoyed working progressively through more complex scenarios as I gained more experience in the role.
Why did you undertake the CTA1 Foundations subject?
I wanted foundational knowledge in tax which I could apply during my internship. CTA1 Foundations introduced me to Australian Taxation Laws and provided an important insight into the fundamentals that are applied across various aspects of day-to-day tax accounting.
CTA1 Foundations is an extremely well-thought-out and structured subject that really immersed me in tax from the get-go. It covers topics from assessable income, deductions, CGT, GST and FBT which are all essential topics in any tax role. An understanding of these different areas as well as how they interplay and relate with each other allowed me to handle many situations, from the easy to the more complex in my job.
Did the new knowledge assist you in your work?
I have been able to apply this new knowledge in my work, it was my first insight into tax education and underpins the majority of the work I do in my internship.
What’s your experience of studying at The Tax Institute Higher Education?
The subject was set out well and the learning platform made it easy to access all the required resources. I also appreciated the clarity of the unit's structure, indicating the breadth and level of knowledge needed. The study materials were both comprehensive and presented in a clear and concise manner.
How did you balance studying at two different institutions and working at the same time?
Balancing almost full-time work (4.5 days a week), full-time university study and CTA1 Foundations study was quite tough. During school, I was always busy juggling many different things, so I developed strong time management skills then and I learnt to be efficient while studying. These skills help me to complete large tasks in short amounts of time.
Where to now for you when it comes to continuing education?
Given I have 3 years left in my undergraduate degree in Finance and Data Science as well as a lot more to learn in my formal tax education, there are many different career paths I could take and I am still undecided. However, given my current position in a tax role and desire to continue my tax education, this field is definitely near the top of my list and career paths to choose.
What advice do you have for other tax professionals considering studying?
For those looking to get into the tax industry, I recommend this subject as a great foundation that can be directly implemented in your daily job from the moment you begin working in taxation.
Interested in CTA1 Foundations? Find out more here.