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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. Sector Examples Accommodation Car Finance (Crowdfunding) Space Talent…

Investigate Using the sharing economy as a case study, investigate the following: How has the nature of work changed and what does it mean for employers and workers? Some focus questions to guide your research include: What is the sharing economy? 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 implications does the sharing…

In groups, investigate the dispute resolution options offered by the ATO. Part 1: Watch videos to locate information Go to the ATO panel discussion on dispute resolution. Watch: Introduction to dispute resolution. In this video, David Koch and the panel of experts share insights into dealing with tax disputes, the benefits of resolving disputes early and how the process has changed over the years. Focus on the first 3:30 minutes of the…

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…

  Linked activity: Budgetary policy

  Linked activity: Tax reform

Under tax law, a person who carries on a business must keep records to explain all the business’s transactions and related activities. Generally, these records must be kept for 5 years. Businesses need to keep a record of all transactions so that they can: prepare business activity statements (BAS) prepare an annual tax return meet other tax obligations run a successful business. What types of records does a business need to keep? To…

Scenario Adele and Nalu have set up a business called Beachcrazi that sells surfboards, leisure wear and a range of skateboards. The business has been running for less than a year and is quite profitable. They attended a local business network meeting and heard from a speaker about the importance of keeping good records for tax and business purposes. Both Adele and Nalu love the selling and marketing side of the business but are not interested…