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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…

Businesses need to make plans for the short- and long-term that will help them successfully achieve their objectives. A key strategy to support planning is to consider the opportunities and threats provided by governments and their policies. Governments have a significant role in influencing the environment in which businesses operate. This includes the choices governments make in relation to how they collect and spend taxes. Typically, the way…

Print one copy and distribute one card to each group   Business responsibility for the collection and payment of tax on goods and services (GST)       Support service or small business             Payment of taxes – taxes for employees, company tax           Subsidies paid to businesses…

Part 1: Does taxing fat work? The Australian of the Year 2020 Dr James Mueckefight against sugar In this acceptance speech, Dr James Muecke, made it clear he was going to continue to fight for a tax on sugar. Dr Muecke has seen how people suffer from having consumed too much sugar in their lives, for example, loss of eyesight and other diabetes related illnesses. Dr Muecke is campaigning for a tax to be put on sugar, making it more expensive…

Scenario The government has been advised by the Minister for Health that there are not enough hospitals, cancer treatment centres and practising health consultants in regional areas to cope with number of patients currently seeking medical help for allergies, flu and cancer. They are advised that they need to spend another $5 million on these health services.   The government does not want to borrow money or sell assets, so it has to make a…

Your superannuation balance at retirement may influence how comfortable your retirement is. It is important that you manage your superannuation throughout your working life. If you act now, you may have a more comfortable retirement. Here are some steps that might help. Set up a myGov account With a myGov account, it’s easy to manage your super. You can use your myGov account to: Check whether your employer is paying your…

What happens when you have super in more than one fund? Compare how multiple funds can affect your retirement earnings. Scenario: Eva Eva began her first full-time job one year ago. Her annual salary is $70,000 and her employer contributes $127 a week to super. Before then she worked as a casual waitress and part-time singer. Eva had not thought about super until her friend explained to her that the fees you pay multiply by the number of funds…

Part 1: Knowing the facts Sometimes people impersonate the Australian Taxation Office (ATO) with scam phone calls, text messages and emails designed to trick you into paying money or giving out your personal information. The ATO will never: call you saying the police are coming to arrest you or demanding urgent payment of money (this might be a pre-recorded message) ask for payment in iTunes, Google Play or other prepaid cards or…