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Reflective Portfolio-Taxation Add in library

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Question:

Describe about the Taxation?
 
 

Answer:

When I attended the first class on Taxation, the topic was about Family Trusts and right from the beginning I got the concept wrong. I was thinking on the lines of trust among family members as I had no idea about the topic. It was all confusing. I had not studied my course notes and found most of concepts which the lecturer taught in the class were beyond my knowledge. Although I expected difficulties in the taxation classes as I had little interest in tax matters, I had not anticipated that my skill in dealing with numbers could be so useful in this course. From here onwards, I started taking-up the challenge, especially because I had confidence in my strong analytical and numerical skills, as explained by Barkoczy, (2015).

From that moment, I decided to pay more attention to the lectures and keeping my apprehensions aside, take the help of two of my colleagues whom I found to be quite proficient in the subject. However, I soon found that paying attention to the lectures and seeking help from colleagues was of little help. I had to be prepared well before attending the lecture. So I started reading the course notes before attending the class. Soon I started reaping the benefits of my strategy as I could clear my doubts with the lecturer whenever I had difficulty in understanding a complex problem, assert Alexander & Fogarty, (2009).

My numerical skills were now the foundation of the theoretical parts of the taxation matters which I started understanding more efficiently. This confidence helped me to understand some of the core concepts and soon my misconception about Family Trusts was resolved. In fact, I started taking keen interest in this branch of taxation as I realised that if I took it seriously it could become my specialisation when I start my professional practice as a Tax Practitioner. I also realised that more I indulged in solving the problems put to us by the lecturer the more it sharpened my focus and this not only generated a clarity with regard to the application of the concepts involved, it also changed the perception of my lecturer towards me, as per Renton, (2012).

This further boosted my confidence as I realised that I could get more help from my lecturer in shaping my career. He had experience and knowledge but I had enthusiasm and commitment. If our enthusiasm about what we are taught leads us towards the successful application of the teachings, it is our commitment which teaches us to resolve the complex practical problems, asserts Renton, (2012).

I intend to take this ideology with me in my professional practice and my lecturer too encouraged me of keeping my focus on getting my training while I am learning instead of learning while I am training, as suggested by Barkoczy, (2015).

This recommendation shall help me to cope with case studies and ensure a better clarity of concepts through practical application of the theory. My advice to other learners, who face the same predicament as I faced, is to concentrate on the fundamentals of the subject they are learning as such an action shall reduce their timeline of the learning process, explains Barkoczy, (2015).

 

List of References

Alexander, Dr. R. and Fogarty, H. J. 2009. Australian Master Family Law Guide, 3rd ed.

CCH Australia Limited, Sydney, NSW.

Barkoczy, S. 2015. Australian Tax Case book, 12th ed. CCH Australia Limited, North Ryde, NSW.

Renton, N. E. 2012. Family Trusts: A Plain English Guide for Australian Families of Average Means, 4th ed. John Wiley & Sons, Milton, QLD.

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