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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…

Managing tax affairs is essential if a business is going to be successful. This includes reporting tax collected and paying the amount owed. A business uses a business activity statement (BAS) to report and pay its tax obligations, including GST. The format of the BAS is personalised according to the business situation and any options the business has previously selected. BAS includes information on the following: GST collected and paid out…

Calculate the impact of your wildcard/s on retirement outcomes and consider how to mitigate these impacts. Assume you are the following person: Age: 28 Income before event: $50,000 Retirement age: 67 years Status: Single Super balance: $30,000 Voluntary super contributions before event - Nil As a group, discuss: the impact of each of your wildcards on your retirement outcomes what this will mean for your lifestyle in…

The Australian Government raises revenue to spend on various goods and services to support our communities. The link below gives a summary of this revenue and expenditure, outlined in the 2019 Budget. Social security and welfare is one area of government spending. Refer to the graph on Using taxes and social welfare payments to redistribute income - Explainer to answer the following questions: How much money did the government spend in total…

Continuity and change in Australia’s taxation and welfare systems Paragraph 1 1 There has been both continuity and change in taxation collection in Australia in the time period since Federation. 2During this period, the collection of money from citizens in the form of tax has remained a constant. However, there was a significant shift in the responsibilities for tax collection during both the World Wars.  3 States and…

Part 1: Saving to achieve goals Dev is a 25-year-old business consultant and earns a disposable income of $80,000 a year. His expenses for the year are $65,000. This includes his entertainment costs of about $10,000 a year. Dev has lots of items on his wish list, including overseas travel in the next 12 months and having the deposit to buy a home in the next 5 years. He estimates that his overseas travel will cost him about $20,000 and he will…

Develop questions and answers to test your team members in a game of chance. Example Question: What is this? Health care Answer: Service provided by government and services with social benefits produced by free-market Question: What is this? JobSeeker payment Answer: Cash benefit provided by the Australian Government to individuals or families.     Question 1 Question: What is this?   Answer :   Question 2…