How is business tax collected?

NSW Commerce Stage 5 30

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Introduction

Students explore how business tax is reported and collected through business activity statements. They apply their understanding by completing a BAS for a hypothetical business.

This activity contributes to the following outcomes:

  • applies consumer, financial, economic, business, legal, political and employment concepts and terminology in a variety of contexts COM5-1
  • works independently and collaboratively to meet individual and collective goals within specified timeframes COM5-9.

Related Stage 4 outcomes: COM4-1, COM4-9

Related Life Skills outcomes: COMLS-13

Content

Option 4: Running a Business

Business operations

Students:

  • examine key considerations involved in running a small business, including:
    • local, state and federal regulations affecting a business’s operation, for example, Work Health and Safety, taxation, environmental regulations.

Maintaining financial records

Students:

  • explain the importance of maintaining financial records and minimising risk, including: (ACHEK018)
    • the features of key business documents and how to interpret them, for example, taxation records (ACHEK018).

Student learning resources

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Explainer

Business activity statements

 
Instructions

Preparing a business activity statement (BAS)

 
Interactive

ATO online services simulator

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.

  1. As a class, read the explainer.

Alternatively, have students read the explainer individually and encourage them to take notes using the Cornell note taking system.

  1. Students complete the worksheet. They will need to access the ATO online services simulator.

Note: This simulator is for educational purposes only.