EmNew Posted May 24, 2016 Report Share Posted May 24, 2016 @Leavingforgood I personally found the last modules easier to get through and understand than the first ones. Perhaps first contact the co-ordinator to find out if you have valid grounds to defer?Then at least you know where you stand. I don't remember that they allow many reasons to defer..... Is there any way you can take 2 days off ? I did that to catch up and it was enough to cover the last modules. Not happy about the format of the exam though ...I want a good old fashioned paper , not this online thing......I believe it was written just 2 years ago, so this is new..... 2 Quote Link to comment Share on other sites More sharing options...
Pell Posted May 24, 2016 Report Share Posted May 24, 2016 @Leavingforgood, yes you can catch up, the last four modules are not a lot of volume. I have slacked off a bit as well, since I finished everything it is harder and harder to get myself to sit down and do and re-do questions. I try to do a little bit every day, but most days it does not pan out. Either I'm too tired or I have too much work. I go through the questions and I still make mistakes, which irritates me no end. 1 Quote Link to comment Share on other sites More sharing options...
Leavingforgood Posted May 29, 2016 Author Report Share Posted May 29, 2016 So I am taking a few days off...and determined to finish it (get it over and done with). Thanks for the encouragement. 2 Quote Link to comment Share on other sites More sharing options...
Pell Posted May 29, 2016 Report Share Posted May 29, 2016 If only my brain was not like a sieve.... I finished the FBT module a week ago, and this week I can't remember anything.... 1 Quote Link to comment Share on other sites More sharing options...
Leavingforgood Posted June 2, 2016 Author Report Share Posted June 2, 2016 @ Pell......I finished CGT and FBT in the last two days. Was so encouraged and ready to roll, did Module 1 quiz............got 4/10! Ate a whole chocolate bar to soak up my frustration. We'll get there ;). 1 Quote Link to comment Share on other sites More sharing options...
EmNew Posted June 2, 2016 Report Share Posted June 2, 2016 @Leavingforgood - don't feel so bad , I got 3/10 for my first attempt - that LITO got me ........ I forgot to deduct it. It took me about a month to recover from that - I just wouldn't do the assessments. Finally last weekend I plucked up the necessary courage to try again and it went a lot better. I now just have the CGT and FBT quizzes left and since the first, it's gone really well. Don't lose heart - that first one is a learning opportunity - once you ID where you went wrong, it really sticks and gets a lot better. Those first modules are the worst anyway - struggled a lot more with the individual tax related stuff than the corporate and other taxes. I am just so glad it's open book and we can take notes in. My file is a rainbow of tags to NB pages for reference, and I have summarised everything as best I can for quick reference. I can't remember everything in detail, but I know exactly where to turn to to get to the answer quickly. Still waiting for a unload / dump data function in my brain for all the RSA tax - I still recall that with ease and confuse the two and then it's downhill from there..... 2 Quote Link to comment Share on other sites More sharing options...
Leavingforgood Posted June 2, 2016 Author Report Share Posted June 2, 2016 Thanks @EmNew - it's small details that's getting to me. Like you said, we were trained on SA tax and now all the different limits, the small buts and exceptions etc. Also glad they have put additional revision quizzes that we can do. Are you still enjoying work? I started a casual job and sometimes I feel despondent and incapable, not knowing what I used to know so well. 1 Quote Link to comment Share on other sites More sharing options...
Pell Posted June 3, 2016 Report Share Posted June 3, 2016 On 6/2/2016 at 11:02 AM, Leavingforgood said: @ Pell......I finished CGT and FBT in the last two days. Was so encouraged and ready to roll, did Module 1 quiz............got 4/10! Ate a whole chocolate bar to soak up my frustration. We'll get there ;). OMG @Leavingforgood, I misread the above and read "soap" instead of "chocolate" - LMAO! But yes, I can understand the chocolate eating, and I would have understood the soap eating too (in my world, that is acceptable behaviour for someone who is studying tax! I used to eat instant coffee with a teaspoon out of a jar when I was doing my Board exam, and I normally wouldn't touch instant coffee with a barge pole...). Don't lose heart about the modules 1-3 quizzes, they are b@#$%^s the first time around! You will feel much better doing the modules 4-9 quizzes, trust me. Just keep doing the examples and activities, and don't look back. It gets better, I promise! Quote Link to comment Share on other sites More sharing options...
Pell Posted June 3, 2016 Report Share Posted June 3, 2016 (edited) 15 hours ago, Leavingforgood said: I started a casual job and sometimes I feel despondent and incapable, not knowing what I used to know so well. @Leavingforgood I felt like that as well, but then I realized that here a lot more people "talk the talk" and seem super competent, and so my perception was skewed by that. I still find that sometimes I have to explain something twice, in different ways, to make myself understood, and that is to Aussies, not foreigners (I'm in an APAC role so lots of interaction with Asian countries as well as ANZ). I find the Kiwis somehow easier to relate to, btw. Edited June 3, 2016 by Pell 1 Quote Link to comment Share on other sites More sharing options...
Leavingforgood Posted June 4, 2016 Author Report Share Posted June 4, 2016 21 hours ago, Pell said: in my world, that is acceptable behaviour for someone who is studying tax! I used to eat instant coffee with a teaspoon out of a jar when I was doing my Board exam, and I normally wouldn't touch instant coffee with a barge pole...). Hahaha - the bizarre things we do to get over exams, although I have yet to do instant coffee with a teaspoon, hopefully i won't have to turn to that during these exams. The nutella jar looks far more promising ;). Quote Link to comment Share on other sites More sharing options...
Pell Posted June 9, 2016 Report Share Posted June 9, 2016 @EmNew & @Leavingforgood Ladies, last weekend before the exam... I'm stressing, forgetting more than I am learning, not sleeping etc. Typical pre-exam jitters. I'm sure neither of you is as much of a sissy as I am.... Here's wishing you the best of luck for the exam! 1 Quote Link to comment Share on other sites More sharing options...
EmNew Posted June 9, 2016 Report Share Posted June 9, 2016 @Pell and @Leavingforgood Wishing you all the best too ! I am thanking the Queen profusely for her birthday holiday on Monday and am taking off Friday for a long weekend of swatting . Some has stuck in a well hidden brain cell or 2 , but most is just a void . Hitting all review quizzes , practice exam with a vengeance tomorrow , then identifying weak areas and cramming those for rest of weekend ( hopefully not everything .....) 1 Quote Link to comment Share on other sites More sharing options...
Leavingforgood Posted June 10, 2016 Author Report Share Posted June 10, 2016 @Pell, @EmNew - goodluck as well! I think we will be ok, we need to be 50% wrong (lol). I am so confused with the different holidays in the various states, but lucky you @EmNew PS I just did the practice exams - and I completely blew CGT, completely misunderstood that indexing cannot create a loss but.......(in case you still have to do the exams). Can someone clarify when the reduced cost base must be used - is it only when there is a capital loss based on the reduced cost base method (I think I am going in circles confusing myself). Wondering if all these rules are strictly adhered to in practice. Quote Link to comment Share on other sites More sharing options...
Pell Posted June 10, 2016 Report Share Posted June 10, 2016 (edited) @Leavingforgood, I wrote to the course convener on the same subject, because it is confusing, it's poorly explained in the notes, the Australian tax Handbook is not much help and neither is the CCH Wolters Cluwer Australian Tax Law book. Plus (hardly surprising), there are no examples except in the exam (none in the quizzes, as you probably know). The way I understand it (and it might not be right), is that because she is using the indexation method, the cost base is obviously higher than the proceeds. In that case, one has to calculate the reduced cost base (which is not indexed, and which excludes the repairs or 3rd element of cost), to see if that capital loss will 'stick' or not. Because the reduced cost base is considerably lower than the capital proceeds, the capital loss cannot be claimed. Had the reduced cost base been higher than the capital proceeds, she would have been able to claim the difference between the capital proceeds and the reduced cost base. Not sure if that makes sense.... Chances are, I won't pick that up in the exam if it happens. Also, you saw the mark allocation: it won't cost you the whole question if you don't pick up the reduced cost base vs indexed cost base trick. I've been very mercenary with time and mark allocation, but this computer exam is very frustrating: you cannot format anything properly, cannot 'tab' through it like in word, to align your numbers, but rather have to use the space bar. Not sure if you've tried it, but while I like the fact that we can type, the formatting of the answer will eat up quite a bit of the 2.4 minutes per mark..... Edited June 10, 2016 by Pell Quote Link to comment Share on other sites More sharing options...
Leavingforgood Posted June 10, 2016 Author Report Share Posted June 10, 2016 Thanks @Pell - your explanation makes sense. As you said, the notes in no way say it like that. It didn't even hit me there was a "go-to' process (relationship) between indexed and the reduced cost base. I agree with the formatting, so annoyed with how I presented my calculations (got tired of pressing the space button!) and in between I incorrectly transferred a number and got the wrong answer! I guess complaining won't help ;). Again thanks for the explanation - these exams must just get over. Although I must say I have learned a LOT. 1 Quote Link to comment Share on other sites More sharing options...
DXB2OZ Posted June 10, 2016 Report Share Posted June 10, 2016 To all of you writing on Tuesday, wishing you the very best of luck. If you don't believe in luck, I will quietly wish you luck anyway, but out loud state that you have obviously worked hard and made every effort to actually understand what you are studying. That can only ever be good. Read the questions carefully, don't pick the first answer until you have looked at them all and remember how smart and brilliant you actually are. This is one little exam in a history of tough exams. 2 Quote Link to comment Share on other sites More sharing options...
Leavingforgood Posted June 13, 2016 Author Report Share Posted June 13, 2016 Hi @Pell, @EmNew - hope today is going good for you guys, relaxed and confident. Two questions if you have done the sample exam: 1. Do you agree on Question 3 that the retainer should have been recognized as assessable income in CY? 2.On question 15, why did they apportion during the year? I have re-read the question to see if I have missed some info, or perhaps I have missed a clause/ limit altogether? Thanks Quote Link to comment Share on other sites More sharing options...
EmNew Posted June 13, 2016 Report Share Posted June 13, 2016 (edited) @Leavingforgood Hi there - no not relaxed or confident 1) I didn't put it as assessable either, and can only rationalise that because it is not refundable, and will not be easy to recognise as services are delivered from an admin point of view, that the retainer is treated as cash basis, not accrual basis, therefore assessable in income year received 2) FBT year is not same as tax year..... so apportion from 1 July to 31 March Edited June 13, 2016 by EmNew Quote Link to comment Share on other sites More sharing options...
Leavingforgood Posted June 13, 2016 Author Report Share Posted June 13, 2016 @EmNew- thanks! I'm starting to make idiotic mistakes like tax year not being the same as FBT year (I could kick myself for that one!!). You will be fine, evident from your answers above that you know what you are talking about. Hope you relax this evening and tomorrow. Quote Link to comment Share on other sites More sharing options...
Pell Posted June 13, 2016 Report Share Posted June 13, 2016 (edited) @Leavingforgood & @EmNew Definitely not relaxed and confident... more in fight or flight mode.... at the moment flight seems a good option , alas, I will have to fight.... 1. I put the retainers as assessable income since she uses the accruals basis (looking at the size of her firm). 2. I blew the FBT year as well, and apportioned incorrectly the first time around. I had more issues with the compensation payment of $400, because the fire happened in the prior year, and the loss of profit happened in the prior year.... Edited June 13, 2016 by Pell Quote Link to comment Share on other sites More sharing options...
Leavingforgood Posted June 13, 2016 Author Report Share Posted June 13, 2016 Ok, so tomorrow the only I thing I am going to do is write the exam. I cannot possible absorb anymore. Goodluck guys - thanks for the much needed encouragement, I was about to bail two week ago ;). Any tips on what print out for the TASA module, for reference? I did this very very quickly and can't remember most of it - it was sooo unexciting! Quote Link to comment Share on other sites More sharing options...
Pell Posted June 14, 2016 Report Share Posted June 14, 2016 @Leavingforgood, I printed out the registration, Code of Conduct and Civil Penalties... hope that will be enough. Good luck to you and @EmNew! Quote Link to comment Share on other sites More sharing options...
EmNew Posted June 14, 2016 Report Share Posted June 14, 2016 Me no like why Trusts for structures ??? oh well , it's done and dusted . Now for the results wait .....Coles better keep up the TimTam special !!! Hope you ladies have a great restful day now that the dreaded exam is out the way. I am going to drown myself in a tub of ice cream and a glass or 10 of gin and tonics ..... 1 Quote Link to comment Share on other sites More sharing options...
Pell Posted June 14, 2016 Report Share Posted June 14, 2016 80% into question 1, something popped up on my screen and I pressed escape. My whole answer disappeared. Had to start again.... so I was pressed for time. Hated the trusts question, and chose that as my sacrifice question (due to lack of time because of the above). Everyone seemed miffed after the exam. I'm trying not to split hairs, but keep going back over it... yes I need some black label, and I don't drink. Quote Link to comment Share on other sites More sharing options...
EmNew Posted June 14, 2016 Report Share Posted June 14, 2016 Oh no re escape key . Happened to guy next to me too . Write a letter to TIA re conditions affecting your performance and impact of hitting escape key . That is just not on . They need to scrap this online answering . Yes it eliminates bad handwriting for easier marking but it makes it hard to format answer and something like that happened to you is inadvertent but debilitating . Quote Link to comment Share on other sites More sharing options...
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