Member profile: Julien Wong

Employer: GFA Accountants & Business Advisers

Position: Senior Accountant

I moved from Mauritius to Perth in 2007 to undertake my Bachelor of Commerce majoring in Accounting and Finance at Curtin University. Straight after my university degree I went on to complete a post graduate diploma in Chartered Accounting which I completed in November 2012. More recently I completed the Chartered Tax Adviser Program in November 2014. I recently joined the team at GFA accountants & business advisers moving from Grant Thornton.

Describe your current role

A typical day in my role would involve, client meetings, preparation of financial statements and tax returns, tax research and advice and so on.

Working in a small tight knit environment at GFA accountants & business advisers enables me to work with colleagues with definite skill sets. In so doing, I gain exposure and experience in areas such as superannuation, audit and financial planning.

Describe your involvement in The Tax Institute’s committees or contribution to the Institute

I am currently a member of the Western Australian membership services committee.

What are your career highlights?

Having completed the Chartered Tax Adviser Program of The Tax Institute. Being able to win over clients and seeing them achieving their financial goals because of the sound advices our team provided.

Why did you join The Tax Institute?

The tax institute is now a reference for tax expertise in Australia and it was natural to join The Tax Institute to gain access to the high quality of tax training and resources. The tax institute also provide good networking opportunities. Having the CTA designation in the tax industry is almost a requirement to be considered by your peers.

What advice can you give to graduates?

My advice would be to be as proactive as humanly possible in gaining as much knowledge as possible. Nowadays, we should not be afraid of learning, hard work and failure as they will be ever present. We should embrace these experiences as they will better us as professionals.

Who or what inspires you?

I would say that in addition to the prominent world figures like Gandhi, Mandela and Mother Teresa, there are a lot of people among my family, my friends and my colleagues who inspire me. They are those who while being great professionals are able to lead happy, balanced and fruitful lives. I am also highly inspired by those kind and loving people who consciously do things to make the world a better place to live in for everybody, even if it often means going against the tide. Also, in the course of my readings, I often come across ideas that are food for thought and help me grow both as a professional and as a person. I usually value these ideas too.

What do you do to unwind?

I find that exercising is a good way to evacuate stress. Also, spending time with my family is always invigorating and inspiring.

Favourite holiday destination?

Actually, I have no favourite holiday destination because all the places that I have visited on holiday are places full of charm and character on their own. I believe that every country or every place in the world has something different but particular to offer to visitors and I just like to enjoy and make the most of what the place has to offer.


Give yourself the edge with free Student Membership

If you are a tertiary education student, The Tax Institute can help you progress in your career journey.

Find out about Student Membership.

Straight from the horse’s mouth

We know that the best tax professionals don’t just bow out of education the moment they have a degree in their hands. Beyond connections in the tax industry, the trait that draws in prospective employers most is ambition.

Postgraduate tax qualifications, such as a Graduate Diploma in Applied Tax Law from The Tax Institute, has the ability to shine a spotlight on your aspirations and enthusiasm. We spoke to some recent graduates whose post-university dip into tax training saw their career opportunities flourish.

Working in a foreign country

As with any transition to a new country, the learning curve regarding new tax policies, important dates and documentation requirements can be steep. For James Collacott, who emigrated from the UK and had over 10 years’ experience in mid-tier firms before his Australian move, he found studying the CTA1 Foundations at The Tax Institute had an immediate impact on his application of tax law to day-to-day work. “I found the course to be very practical in terms of the way I have immediately been able to apply what I have learnt.”

He attributes gaining employment at Crosbie Warren Sinclair to applying for a postgraduate – and foreign tax – qualification. James further proved his commitment by completing his studies as dux of CTA1 Foundations.

Practical application of skills

All too often, one of the bigger complaints about university degrees is the absence of immediate practicality. With postgraduate education, which is completed alongside your work commitments, skills can be applied immediately. For Nicole Chromy, who completed CTA2 Advanced, the course gave her confidence in her abilities to break down and tackle left-of-centre tax situations. “The course is extremely practical and has assisted me in engaging in discussions and advice in my role as a tax consultant. It has also helped me think outside what may seem to be the initial question at hand.”

Understanding ‘why’

Too often we are taught how to solve a problem without first understanding why the solution came to be. The ability to think outside the box to solve complex problems can be attributed to having a deep-rooted understanding of the situation itself – in this case, tax law. Anthonius Lukito, who also completed CTA2 Advanced, found the most valuable part was learning “the rationale and insight behind a tax law”. With a firm grounding in ‘why’, he could begin to tackle questions in practical situations that he had never before come across.

Jason DeMarte, another graduate of CTA2, believes he has come away with a more well-rounded tax knowledge base. While he may not encounter all areas of taxation in his day-to-day work at Cooper Partners, he feels he can apply this skill set to many different areas of tax.

Additional tax courses and tax agent training have the potential to steer your career in an upward trajectory as a new professional in the tax accountancy industry. Consider enrolling in further training at The Tax Institute to boost your success.


Take the next step in your tax career with the Graduate Diploma of Applied Tax Law 

Find out more

Sample exam question 4 - June 2015

Doctor House worked as an employee doctor for Princeton Medical Enterprises.  Prior to leaving Perth to move to Sydney on 30 June 2014 he sold the following assets:

• The family home on 1 April 2014.  The home was bought on 31st January 1996.  The house cost $200,000 and renovations totalling $85,000 were carried out in June 2000. Stamp Duty on the purchase was $10,000 which was paid on 2nd February 1996 and commission on sale $25,000 paid on 1st April 2014 - $990,000
   
• Shares in Medical Supplies Pty Ltd on 10 November 2013. The shares had cost $55,000 in January 1995. - $50,000
    
• A vacant block of land on 1 June 2014.  The block had cost $235,000 on 28 June 2013.  Stamp duty on purchase was $20,682 and commission paid on sale was $10,350.  Interest of $13,000 was paid in respect of the loan which had been taken out to finance the purchase. - $345,000

Doctor House had a capital loss from the previous year of $5,900.  In addition, during the current year he had a loss of $7,900 from renting out a factory unit in a Perth suburb. 

 

Doctor House had a salary of $285,000 in addition to a salary of $5,000 from the Naval Reserve in which he was an officer.  Dry-cleaning costs totalled $185 for white medical coats and $53 for the Naval Reserve uniforms.

During the year he received the following dividends from several companies he had invested in –
Medical Limbs Ltd – Fully Franked Dividend with franking credits of

$4286 attached - $10,000

 

Blood Bank Ltd – Unfranked Dividend - $2,500

 

Pills Galore Pty Ltd – Partially Franked Dividend ($1500 franking credits

attached) - $5,000

 He had incurred the following costs whilst working –

a) Subscriptions to “Weekly Medical” a journal for health professionals - $250

b) Fees paid to Medical Association - $2,500

c) Raffle tickets for a hospital charity - $100

d) Costs associated with attending a medical conference - $4,589

Doctor House intended to start his own medical practice in Sydney and intended to use a family trust.  He paid his accountant $1,500 for advice on how to structure his business and a further $800 to prepare his current year’s tax return.

During the current year Doctor House had to work a number of nights as his employer operated a 24 hour emergency clinic.  His travel to the clinic occurred in a number of different circumstances which are set out below.

• Travel from home to work and return for daytime shifts - $3,600
• Travel from home to work and return for night shifts (when there was no public transport available) - $2,100
• Travel from home to work and return at nights when he was called in after having already worked a day shift - $800
• On very busy nights he was contacted at home and would give instructions over the phone to nursing staff then he would drive in and continue treating the patients.  Cost of this travel from home to work and return - $930

Required

Calculate Doctor House's taxable income and net tax payable including Medicare.

  

Click here to view the answer.

 

Time-management tactics to try this EOFY

Nothing tests your ability to crunch deadlines quite like the end of financial year (EOFY). The weeks leading up to the last day of June are often ruled by mountains of paperwork and an endless series of tasks. However, employing a few clever strategies can preserve your sanity and help you optimise the hours you spend at your desk – especially if it’s your first as a full-time tax professional. Here are four top time-management tactics to apply this EOFY.

1. Embrace the Pomodoro technique

Conceived in the 1980s by the entrepreneur Francesco Cirillo, the Pomodoro technique is a foolproof trick for enhancing mental clarity and saving time. Using a timer, work solidly on a task for a 25-minute period before rewarding yourself with a five-minute break. Adhering to strict time increments can help you power through your to-do list. It also chases away the urge to procrastinate. And no need to place an egg timer on your desk – there's an app you can download straight to your smartphone.

2. Keep a daily task list

When you’re faced with serious deadlines, it’s important to know what work to tackle first. Whether you prefer to use the to-do list function in Microsoft Outlook or old-fashioned pen and paper, outlining the tasks you need to accomplish each day and ranking them from low priority to high priority is a clever way to take control of your time. Although the power of the to-do list is well documented, it’s equally important to consider the things that can wait until after 30 June. When compiling your daily tasks, strike out the non-essential items and relegate them to a work period that’s lower pressure.

3. Tackle the most challenging task first

When you’re faced with a daunting project complete with administrative hurdles, it’s tempting to put it off. But if you start your day by addressing the most difficult task on your agenda before moving on to less pressing things, you’ll stand a higher chance of managing your time and energy effectively.

4. Batch-process tasks

Multitasking might be a modern phenomenon, but you’ll be far more efficient if you focus on one thing at a time. Whether it’s responding to an overflowing inbox or reconciling urgent accounts, blocking out time to batch-process your duties is a powerful tactic for bolstering productivity and conserving your hours.
From working within short increments to completing your most difficult task first, mastering the art of time management can make for a smooth lead-up towards EOFY. What’s your favourite time-management trick?


Give yourself the edge with free Student Membership

If you are a tertiary education student, The Tax Institute can help you progress in your career journey.

Find out about Student Membership.

Five ways to impress your boss this EOFY

If you’re an accountant, you’ll know that nothing can accelerate stress levels quite like end of financial year (EOFY). Whether you’re tasked with processing countless tax returns or reconciling accounts, the weeks preceding 30 June can be fraught with professional and administrative challenges. However, the end of financial year also offers a serious opportunity to prove your ability to perform under pressure and establish yourself as the firm’s rising star. Here are five ways to impress your boss this EOFY.

Don’t be afraid to take initiative

If you’re facing back-to-back deadlines, it’s tempting to take a reactive approach to work. However, taking the time to identify a scheduling clash before it happens or fixing a mistake before it creates bigger problems can show your manager you’re unwilling to simply go through the motions.

Put in extra time

High-stress periods often call for employees to go above and beyond. Although work-life balance is essential, preparation for EOFY often involves the kind of mounting workload that warrants extra hours. Whether it’s arriving at the office half an hour early or staying back late, proving that you’re willing to be flexible when your job demands it can be a testament to your work ethic and level of commitment.

Dream up a system that’s more efficient

Sometimes, small changes to workplace systems can spell big gains in terms of productivity, efficiency and your ability to get things done. Whether it’s coming up with a new way to enter data or a filing method that improves client-record accuracy, spearheading a system that’s more efficient is a sign you can think outside the box. Don’t be afraid to schedule a meeting to communicate your ideas to your boss. Even if your scheme isn’t implemented, giving it your best shot can be rewarding in itself.

Offer to lend a hand

When your team mates are struggling with their workloads or dealing with a client issue that’s come out of nowhere, it’s wise to extend a helping hand. High-pressure periods can send stress levels through the roof, so putting your own interests aside to be a supportive colleague can make a world of difference.

Show extra attention to detail

It’s no secret that long days at your desk can see concentration levels wane. However, paying extra attention to the task at hand – even if it means giving yourself more time to complete it – can deepen your manager’s faith in you and save your firm from costly mistakes.

From taking initiative to helping struggling colleagues, EOFY can be a great opportunity for your skills and talents to shine. How do you go about upping your performance in the lead-up to 30 June?


Give yourself the edge with free Student Membership

If you are a tertiary education student, The Tax Institute can help you progress in your career journey.

Find out about Student Membership.