Preparing and lodging a tax return

Economics & Business Year 8 AC v9.0 70

Access denied

Please login or register to take this course.

Introduction

In this activity, students learn about the information they need and the steps to take to complete a tax return. They also engage in completing and lodging a tax return using a simulated online ATO tool myTax.

Achievement standard

By the end of Year 8, students explain how markets influence the allocation of resources to the production of goods and services. They explain ways that businesses adapt to opportunities in markets and respond to the work environment. They describe the importance of Australia’s taxation system and its effect on decision-making by individuals and businesses. Students explain why individuals and/or businesses budget and plan.

Students develop a range of questions to investigate an economic and business issue. They locate, select and organise relevant information and data. They interpret information and data to identify economic and business issues and trends, and describe economic cause-and-effect relationships. They develop a response to an economic and business issue. They identify and evaluate potential costs and benefits. Students use economic and business knowledge, concepts, terms and research findings to create descriptions and explanations.

Content descriptions

Economics and Business Knowledge and Understanding

The importance of Australia’s system of taxation and how this system affects decision-making by individuals and businesses. (AC9HE8K04)

Economics and Business Skills

Develop a response to an economic and business issue, identifying potential costs and benefits. (AC9HE8S04)

Teacher resources

In order to see the resources you must Register or Login if you already have an account.

 
Visualiser

Ways to lodge a tax return

Student learning resources

In order to see the resources you must Register or Login if you already have an account.

 
Explainer

An introduction to tax returns

 
Worksheet

Allowable deductions

 
Interactive

ATO online services simulator

 
Instructions

Completing a tax return

Suggested activity sequence

This sequence is intended as a framework to be modified and adapted by teachers to suit the needs of a class group. If you assign this activity to a class, your students will be assigned all student resources on their 'My learning' page. You can also hand-pick the resources students are assigned by selecting individual resources when you add a work item to a class in 'My classes'.

Part A: Preparing to lodge a tax return

  1. Students read the explainer. Encourage students to use the reading for meaning strategy or take notes using the Cornell note taking system to scaffold their reading.
  2. Students complete the worksheet.

Part B: Lodging a tax return

  1. Display and explain information on visualiser about the different ways of lodging a tax return.
  2. As a class, discuss the benefits and costs of each method.
  3. Students choose a scenario that relates to them or piques their interest and complete a tax return by following their scenario instructions. Students do this by using the simulated ATO online services simulator.
  4. Students complete a 3-2-1:
    • 3 things the student learned from the activity
    • 2 things the student found interesting and what they’d like to learn more about.
    • 1 question they still have.
  5. Discuss the questions students still have and give them time to explore answers.

Related Activities

The following activity includes similar or the same learning experiences. It is recommended that you choose either activity, not both.