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Australia’s tax system can affect a number of business decisions, including the business structure to choose, whether to change a business structure as the business expands or whether to register for GST. Which business structure? The type of business structure you choose comes with big tax implications. For now, let’s look at the difference between sole traders, partnerships, and companies. Australia has a progressive income tax system for…

Part 1: Which business structure? Use the business tax calculator to complete the following table. All you need to add to the calculator is the income.   Sole trader Partnership Company Income Total tax payable (including Medicare levy) Total disposable (NET) income Average rate of tax (including Medicare levy) Total tax payable (including Medicare levy) Total…

Now that you have explored where most of Australia’s tax revenue goes, consider the following ‘what if’ scenario: Due to a rise in tax evasion, the Australian Government has to significantly cut spending on social security and welfare, education and health.  The Australian Government significantly cuts spending to pay down debt. Draw a consequence wheel on a large piece of paper. Identify one area of current government services that will be…

Taxes are a big part of our lives and the government uses them to pay for all kinds of important things, like hospitals and schools and support for people in need. Part 1: Write an explanation Write you own statement (1 or 2 paragraphs) explaining the following: How Australia’s taxation system supports individual human and financial wellbeing, communities and Australian society.   Part 2: Create a message on the value of tax…

Rules Each member of your group has a starting ‘bank balance’ of $10.00. The communal pot is a community resource. We will play 5 rounds. In each round you will decide how much to contribute to the communal pot – you can contribute all your money, some of your money or play your zero card. At the end of each round, the money in the pot will be doubled and then given back to everyone in the group in equal shares – to those who contributed…

Reading & Constructing an Income Tax Graph   Linked activity: Impact of changes to the income tax system  

  Linked activity: The importance of the Australian Taxation system

Click on the image below to locate all the goods and services that: have government involvement. incurred a tax or government fee. Find all 5 goods and services for the "continue" button to appear under the image. When a good or service is correctly identified, a short description will appear underneath the image to identify if the good or service has government involvement or incurred a tax or government fee.