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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…

Refer to Saving, investing and super – Explainer. In your groups, complete the following tables. Attributes Saving Investing Superannuation Definition How does it work? Purpose…

Everyone is the workplace has obligations and/or responsibilities in relation to both tax and super. Whether you’re an employee or an employer, you should know what these responsibilities are. The table below outlines the responsibilities of different workplace participants beginning from the point at which you are thinking about seeking employment to the time you have to lodge a tax return. Stage Employers Employees…

Income taxAustralia has a progressive tax system. This means that the more people earn, the more tax they pay and the bigger contribution they make to government services. The tax rates for different incomes in 2024-25 is shown in the table below. For the most recent tax rates, visit the ATO website.Table 1: Resident tax rates 2024-25Taxable incomeTax on this income0 – $18,200Nil$18,201 – $45,00016c for each $1 over $18,200$45,001 – $135,…

Part 1: Calculating taxUse the ATOs weekly tax table to work out how much tax should have been withheld in the following scenarios.Income detailsAlex – 15 years of age, worked 20 hoursBin – 21 years of age, worked 38 hours full-timeSuzie – 16 years of age, worked 38 hoursGross income for the week$321$1,292$851Tax withheldNet weekly incomeSuzie is working for over 30 hours a week during the school holidays. She earns $851 a week for 10 weeks of…

Submitting a tax returnA tax return is the form you use to tell the Australian Taxation Office (ATO) how much income you have earned and any allowable deductions you want to claim.You must lodge a tax return if:- you earn more than $18,200, no matter how old you are- you have had tax deducted from your pay.Even if you don’t need to lodge a tax return in a given year, you should still submit a Non-Lodgment Advice so the ATO doesn’t follow you up…

Being honest is not always easy but the risks of being dishonest can have serious consequences. These range from losing a friend to damaging your reputation and your ability to get a job or losing freedom by having to go to prison. These outcomes affect social wellbeing, income and lifestyle, and family.  We need to think about the consequences of dishonesty - what happens to us if we are dishonest and get caught and how does it affect…

Write answers to the following frequently asked questions: How long does it take to process a tax return? What is a notice of assessment and where do I find it? How will I know if I will get a refund or owe tax? If I owe tax, when will I have to pay it? How can I pay tax I owe? What happens if I don’t pay on time? What can I do if I can’t afford to pay the tax I owe on time? How long do I have to keep my tax…