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The ATO has an online services simulator for educational purposes. This includes a scenario to complete a TFN declaration form. Go to the ATO online services simulator and follow these instructions. Scenario Select the following options on the homepage and click Start. This is a replica of the home page of ATO’s online services. Before you complete a TFN declaration, browse the information you can get from this page. At the top of…

Now that you have explored the relationship between a country’s taxation system and living standards, consider the following ‘what if’ scenario: The Australian Government significantly cuts spending to pay down debt. Draw a consequence wheel on a large piece of paper. Identify one area of current government services that would be affected, for example, education, health or social security and welfare. Consider the possible effects on…

  Linked activity: Completing a tax return

Expenses by function 2019-2022   2019-20 2021-22 $m $m Defence 33,187 38,246 Education 39,885 43,225 Health 87,023 106,185 Social security and welfare 196,119 221,427       Social security and welfare expenses 2019-2022   2019-20 2021-22 $m $m Assistance to the aged 71,855 76,283…

  Linked activity: Choosing a super fund

  Linked activity: Government intervention to address externalities

 This video explains how the Australian Taxation System works.  Video viewing guide:The Australian Taxation system - Video viewing guide Linked activities:The Australian taxation system (AC v9.0)The Australian taxation system (AC v8.4)The Australian taxation system (Senior Secondary) 

You are a qualified financial advisor for a reputable financial planning company. Work in pairs to provide advice to 2 hypothetical clients regarding which super investment options they should choose to reach their retirement goals. Objective You have 2 clients in unique situations, each seeking superannuation advice. Each partner chooses a different client to develop advice for. Your task is to analyse your client’s circumstances and…