Published: 1 Sep 2023
Yuxi Dedic is Supervisor at Martin and Martin Consulting Pty Ltd; Canterbury VIC and was Dux of Tax for Trusts in Study Period 1 2023. She shares her experience and explains how the subject helped improve her approach to client advice and communication.
I started my full-time professional role as an SMSF auditor and later developed an interest in general accounting and taxation. After immersing myself in SMSF auditing for about a year, I moved to my current firm where I have been for five years now. I prepare annual financial statements and income tax returns for companies, trusts, partnerships, superannuation funds and individuals/sole traders. I also prepare monthly, quarterly, and annual GST/BAS/IAS and annual FBT returns. I enjoy managing client relationships and providing advice on various tax issues such as Division 7A, PSI income and payroll tax.
It is mainly my strong interest in trusts . Almost 100% of my clientele have trusts as a part of their group entities. To study with The Tax Institute and dive into Tax for Trusts helped me build a solid knowledge base to assist my clients.
I would say 80% of the subject content covered what I do daily in the office, such as loss of trust estate and relevant tests, streaming of trust distributions, and Division 7A. These are knowledge refreshments. The other 20% is what I understand but do not regularly practice such as trust vesting, disclaimer of trust entitlement and capital gains distribution to non-residents. Those bring me to the next level in terms of building up knowledge in trusts.
Definitely. Take trust vesting as an example, now when I review the trust deed of a discretionary trust, I pay closer attention to the trust vesting date and advise trustees to extend the date if permitted by the deed to avoid the situation where trustees lose their discretionary power to distribute.
The practice of writing a letter of advice has changed the way I structure my emails to clients when providing advice.
I would say the benefits are massive. Compared to my previous study experience, the materials provided by the Tax Institute are well-structured and super relevant to my daily job. Secondly, the lecturers are experts in the subjects that they are teaching, and they all have solid practical knowledge. I benefit a lot from Q&A sessions with lecturers because they not only help with the questions that I have about study materials, but also help with issues I encounter in daily practice. The Tax Institute is also well recognised in the accounting and taxation professions so the study experience at The Tax Institute Higher Education is well valued by employers.
I guess the trick here is to be organised and have a routine. I allocated two nights of study during the week and 2-3 hours per day during weekends. I prefer this way as I can have enough time to go through study materials more than once and enough time to prepare for assignments and exams.
I am a CPA. And once completing the CTA3 advisory subject, I will obtain the CTA designation and qualification, along with the Graduate Diploma of Applied Tax Law. I love tax, refreshing my knowledge, and building on it. Besides, legislation and regulations about tax keep changing, so I cannot see myself stopping tax education.
I will absolutely recommend to other tax professionals they start studying with The Tax Institute. I developed a deeper understanding of what I do daily in the office after I started the CTA program and Graduate Diploma of Applied Tax Law. The study also changed my way of analysing and tackling problems. It is mind-opening for me.
Interested in a formal qualification in tax? Learn more here.
Read time: 2 minutes