Search

Follow these instructions to play the game. Each group is the government of a nation and must decide on how to spend taxpayers’ money. For each budget category, there are 4 options to choose from. Each option indicates how satisfied citizens will be and the economic or financial cost of this option. You must weigh up the costs and benefits of each decision. You can only choose one option for each budget category. Before you make your…

One of the first things you do when you start a business is decide on how it will be structured. Businesses are set up with differing structures. What are the advantages and disadvantages of each structure? Why does it matter? Explore some of the activities associated with starting up a business. There are different ways to set up a business, each with its benefits and drawbacks. The business structure chosen will determine your: tax…

There are advantages and disadvantages associated with different business structures. Read Business structures – Explainer and complete table 1 to identify the various features of each business structure. Table 1: Comparison of business structures Business Structures Sole trader Partnership Company Trust Is the structure difficult to set up? yes no yes no…

The goods and services tax (GST) is a broad-based tax of 10% on most goods and services sold or consumed in Australia. When you buy goods or services, the GST is included in the price. Most receipts will tell you how much GST you paid. Image: Receipt for the purchase on a product for AUD 149 which includes a GST amount of AUD 12.90. The GST amount appears twice on the receipt and is circled in red. But if you don’t have a receipt, you can…

What is the sharing economy?The sharing economy is economic activity through a digital platform (such as a website or an app) where people share assets or services for a fee, such as:providing ride-sourcing (sometimes also known as ride-sharing) services for a farerenting out a room or a whole house or unit on a short-term basissharing assets, including cars, caravans/RVs, car parking spaces, storage space or personal belongingsproviding…

Refer to Sharing economy – Explainer. Complete the following activities in pairs.Find as many examples of providers in the sharing economy for each major sector.SectorExamplesAccommodationCarFinance (Crowdfunding)SpaceTalentE-commerceExplain each benefit of the sharing economy. Use examples.BenefitExplanation with example/sMore sustainable use of idle and underutilised resources.Flexible employment options for contractors…

Investigate Using the sharing economy as a case study, investigate the following: How has the nature of work changed and how it is likely to change in the future? Some focus questions to guide your research include: How many people in Australia are currently earning money from the sharing economy? How has this changed? Why do people choose to work in the sharing economy? What are the possible effects of increasing automation on the future…

The amount employees earn before tax is called gross income. The amount they are paid, after tax has been deducted is called net income, or disposable income.Part 1: Paint a pictureIn groups of 4, review the following examples of different taxpayer scenarios for workers who are paid fortnightly.Scenario 1 – Executive workerScenario 2 – Business ownerScenario 3 –Part-time workerScenario 4 – Disability Support pensionerGross pay: $6,550Income tax…