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Round    ACTION GREEN RED BLUE PURPLE TOTAL   Starting bank balance $10.00 $10.00 $10.00 $10.00 $40.00 ROUND 1 Contribution (-) Share (+) New balance ROUND…

Print one copy for every 6 students, cut into individual cards and distribute one set to each group. Healthcare policy No Decision Satisfaction Cost 1. Free healthcare for all. +10 -7 2. Subsidise healthcare for all. +8 -5 3. Subsidise healthcare based on need. +5 -2 4. Don’t subsidise healthcare – user pays. 1 0…

  Government service Decision number Cost or benefit to welfare Running total (starting score: 15) Cost or benefit (revenue or expenditure) Running total (starting score: 25…

John Jones runs a building and construction business called TOP CLASS CONSTRUCTION. He needs to complete his activity statement to find out whether he must pay the ATO this quarter. He gives you the following financial information about the business to help fill in the form. Sales for the quarter, including GST were $35,000. GST credits on purchases for the quarter were $1,100. TOP CLASS CONSTRUCTION took on a new employee and paid $4,000…

Part 1: Identifying allowable deductions Read the list of items below. Indicate whether you think each item of expenditure is deductible or not. Refer to My responsibilities in relation to tax - Explainer.   Item of expenditure Is it deductible? Yes or No The bus fares to and from work. Yes No A $100 donation to the Red Cross. Yes No The amount paid to your tax agent…

Scenario 1 - Hospitality worker Scenario 2 - Retail worker Scenario 3 - Apprentice tradesperson or trainee Scenario 4 - Yourself (you will need a record of deductions you want to claim).   Scenario 1: Hospitality worker So now you get to have a go at completing a tax return yourself. The ATO has an online services simulator for educational purposes. This includes myTax. Open the ATO Online services simulator and follow these instructions…

Decide whether the following individuals, who are all under 18 years old, should report their employers and how they might do this. Scenario Need to report Possible Action For each situation that should be reported, explain why. 1. Jay works at a local café. His employer pays him cash-inhand for every hour he works. His earnings are not reported to the ATO. During the Christmas school holidays, Jay works a 38-…

In many situations the market fails to capture the external impacts of a transaction. These impacts can be benefits or costs. These side-effects of economic activity can be: the result of production or consumption a benefit (a positive) or a cost (a negative). These side effects are called externalities. They have this name as they affect people who are ‘external’ to a transaction (a ‘third party’). What is a negative externality…