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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…

Open the income tax calculator. Part 1: Compare different income tax systems Hayley earns $50,000 per year as a part–time primary school teacher; Neil earns $120,000 per year as a shotfirer on a mine site; Tayla earns $250,000 per year as a pilot and Tyrone earns $600,000 per year as an AFL footballer. Type the income and tax rates in the interactive calculator to investigate the total tax payable by each of these individuals and the…

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…

Play: Tax in our lives today - Interactive or Tax and you if instructed by your teacher.  As you play, complete the following table. Services that the family used during the day that have government involvement or were subsidised by tax. Goods or services that the family used during the day that incurred a tax or government fee.…

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…

Work in groups of 3 or 4 to complete this investigation. Choose an organisation to research Your team will focus on one organisation from the category you were given, that is, either: business association or industry or union or non-profit organisation. Agree on an organisation to focus on and begin your research.  To support your team to identify an organisation to research, discuss the task with family, community members…

More than a buzzword: the ins and outs of ‘ethical super’ Posted by Adam Verwey August 2, 2018 (adapted) When you choose a super fund, you have the option of choosing either an ethical super fund or a sustainable or ethical investment options within a super fund.  According to the Responsible Investment Association of Australasia (RIAA) 2017 Benchmark Report, the percentage of funds in core ethical investment products increased by 80%…