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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…

myGov is a simple and secure platform that allows you to link and access government services online from one place.What services you can I access?Here are just some of the services you can link to your myGov account:Australian Taxation Office (ATO)Workforce AustraliaCentrelinkMedicareMy Health RecordsNational Disability Insurance SchemeUsing your myGov InboxYour myGov account has a secure Inbox where myGov and some linked government services…

Draw a flow chart of the services you can access through myGov and what information and services you can access by linking to the Australian Taxation Office.List the advantages of being able to access government services online.Why is it important that you protect your myGov account information and never share your myGov sign in details with anybody else, including tax agents?Go to the ATO website and search 'Create a myGov account and link to…

What is myGov?myGov is a simple and secure way to access government services online in one place. With a myGov account, you can do things like lodge your tax return, look for a job, make Medicare claims, manage your Centrelink and check your super. You'll also receive messages from myGov and some of your linked government services to your myGov Inbox.Before you startYou can create a myGov account, using either:a Digital ID, such as myID, set up…

When it comes to choosing a super investment option, your future could depend on the decisions you make now – so take a little time to make sure you’ve made the right choices by weighing up the options around investment strategies, timeframe, asset-mix, risk-return and volatility.    Image: Annotated line graph showing the difference between conservative, balanced and growth investments in relation to risk, volatility and return on…

Investigate the balance between risk and reward.  The following is an approximate of superannuation returns over a 10-year period. It assumes each fund holder had a balance of $100,000 in June 2008.  Investment types Value of fund in June 2008 Value of fund in February 2009 (Lowest point) Value of fund in June 2012 Value of fund in June 2018 Growth…

Imagine you have inherited $10,000. You have 3 options: save it invest it  deposit it in your superannuation fund. Each of these options has its advantages and disadvantages, or costs and benefits.  Rank the following financial goals in order of importance to you: Financial goals (Criteria) Ranking from highest to lowest priority Having money in the bank in case of…

What is the difference between saving and investing? Have you ever saved up to buy something? Maybe you are putting money aside now to buy something that is important to you. Money can also be saved for a rainy day, or for unexpected expenses or events. Putting money aside into a savings account offers security or a sense of comfort regarding the future. If you save your money in a bank, you begin with a deposit and contribute regular amounts…