Student Spotlight: CTA2B Advanced has given me the confidence to cite legislation whilst providing tailored tax advice
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This month we chatted to Runxiang Wang, Senior Accountant at Centre of Wealth Accounting Services and one of the duxes of CTA2B Advanced for Study Period 3 2021. He talks to us about the skills acquired from the Chartered Tax Adviser Program and how they’ve helped tailor tax advice for his corporate clients.
Please tell us a bit about your tax career.
I have 5 years of professional experience working in public practice. I am a CPA and working as a Senior Accountant, specialising in the Corporate Tax and SMSF area.
I started out as a graduate accountant in an international trading company. After one year, I found that I was interested in a career in public practice, so I started my first professional job as a graduate accountant in a public accounting firm. Now, I am studying to achieve the internationally-recognised CTA designation.
Why did you choose to study the Charted Tax Adviser Program?
The main reason I chose the Chartered Tax Adviser Program is that it teaches me exactly where I can find specific legislation regarding tax issues. I really enjoy the feeling of being able to cite the legislation whilst providing tailored and detailed tax advice. The program has given me enormous confidence while speaking with clients.
What have you learned from the CTA2B Advanced subject, and have you applied this to your role?
One of the main skills I have acquired is the ability to analyse legislation when I encounter any technical questions in practice. I have also gained extensive knowledge in corporate tax, GST and FBT, which are all areas that I come across in my day-to-day practice.
Some of my corporate clients have Div7A issues, whilst others have dealt with a range of FBT issues. With my newly acquired knowledge, I can quickly locate the potential issue, help mitigate the risk and offer solutions. One example is arranging a complying loan between the corporate entity and the directors to avoid Div7A tax implications. The subjects have also helped me to understand the impact of any change of legislation on my clients, such as the recent draft s100A regarding Div7A.
How did you juggle study, work and other commitments and perform so well?
At the beginning of each semester, I will make a detailed study plan. I’ll always leave one week empty so that I can decide to spend that extra time on work or family closer to the time.
I always make sure I read the study material thoroughly before attending the live seminar, and this helps me to gain a better understanding of the key study points. After the seminar, I will always write down a summary of the key points in my own words, so that it deepens my memory.
Where to now for you when it comes to continuing tax education?
My goal is to complete the Chartered Tax Adviser Program and achieve my CTA designation by the end of the year. I would then like to spend more time on Corporate Law.
What advice do you have for other tax professionals considering the Graduate Diploma of Applied Tax Law Program?
As tax law changes all the time, it is better to start studying as early as possible and to continue your studies for as long as possible. Studying can help you to always keep on top of the legislation changes and provide effective tax advice to clients.
Are you ready to step into the role of giving professional advice? Eager to move into a management role? The CTA2B Advanced subject prepares you for professional advice-giving, with in-depth study of areas such as corporate tax, GST, FBT and international tax. Developed and delivered by experienced tax experts, you’ll discover how to locate the information you need to analyse complex factual scenarios. Interpret tax law to prepare client briefs. Evaluate alternative tax strategies and consider implications of your advice from a Part IV perspective.
Ready to continue your education in tax?