Investing in tax knowledge maximises efficiency
Published: 3 Nov 2023
Taylor Gogerly, Client Engagement Officer, Australian Taxation Office, Melbourne, is the Co-Dux of CTA2A Advanced for Study Period 1 2023. He shares what the subject has taught him and explains how investing in his further education has increased his efficiency.
Tell us about your tax career so far
I kicked off my tax career as a graduate with the Australian Taxation Office a number of years ago, and have since had roles across various areas that seek to address some of the more serious risks to the integrity of the Australian tax system. In my current role within the Private Wealth business line, we engage with tax professionals and taxpayers in a tailored manner to provide assurance to Government and the Community that Australia’s largest privately owned and wealthy groups are paying the right amount of tax.
Why did you take CTA2A Advanced?
I undertook CTA2A as part of the CTA program, the intention for which is the deepening and crystallisation of my knowledge of tax technical concepts that I use in my current role. This allows me to better assist and work more efficiently with clients, my colleagues, and other relevant stakeholders. Additionally, the CTA program affords me the opportunity to explore and cultivate a strong comprehension of areas of tax I have not yet encountered throughout my career.
What did you gain by undertaking the subject?
The areas covered within the CTA2A unit are all concepts I have had at least some experience with previously, however, the primary benefits to my professional toolkit involved the reinforcement of my existing knowledge, as well as deepening my understanding of the more granular details of each topic covered. These granular details are, as I’m sure many tax professionals can attest to, the fulcrum upon which the tax treatment of an arrangement, transaction or event pivots.
Have you had the chance to apply this knowledge in your work yet?
Yes; particularly with respect to the many intricacies of the small business CGT concessions, specifically the various conditions and modifications that apply depending on the entity type, the CGT asset and the CGT event. The legislation and relevant case law can be quite challenging to work through, so the fostering of a deeper understanding of these concepts has greatly improved the efficiency at which I am able to identify and assess an entity’s entitlement to specific concessions with minimal expert consultation.
What do you attribute your success in the subject to?
Other than sticking to a disciplined routine, I made sure to utilise an efficient learning approach. I find the most time-effective way to absorb the content was to really understand it from a high-level perspective; that is, what is the intention of the legislation and how it operates, develop hypotheses around how it functions in varying circumstances, and then test your understanding with the practice scenario materials.
Where to now for you when it comes to continuing your tax education?
Having recently completed CTA2B, I'll be continuing on to undertaking CTA3 and obtaining the CTA designation, with further study and specialisation likely on the horizon.
What's your advice to others?
By investing in my tax knowledge, I have greatly augmented my ability to deal with complex tax issues in a fraction of the time that I would have otherwise spent researching and consulting with experts and relevant stakeholders to deal with and resolve these issues. Consequently, I encourage tax professionals to consider seeking opportunities to develop their capabilities through formal education.
Interested in the Chartered Tax Adviser designation? Learn more here.
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