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  Linked activity: Superannuation risks and rewards

What is GST? The goods and services tax (GST) is a tax of 10% added to the value of most goods and services sold or consumed in Australia. Goods are things that are produced, bought or sold and then finally consumed or used by the purchaser. Examples of goods include: cars food drinks mobile phones sports equipment computers clothing furniture. Services involve the action of helping or doing some form of work for someone. Examples…

  Linked activity: Completing a tax return

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…

Print one copy and cut into individual cards to share among groups.   Have several superannuation funds: Fund 1 - $10,000 Fund 2 - $5,000 Fund 3 - $3,000 Shift from fulltime to part-time employment (2 days per week). Serious illness – unable to work for 2 years. Six years off work to have children. Work overseas for 5 years. Begin your…

  Linked activity: Playing the long game Why do we have a superannuation system?

  Linked activities: The Budget - Getting the balance right for voters (AC v9.0) The Budget - Getting the balance right for voters (AC v8.4)

  Linked activity: Tax spending and our sense of community (AC v9.0) Tax spending and our sense of community (AC v8.4)