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Tax revenue and spending Paragraph 1 1Taxes collected at the federal, state and local levels of government provide the financial resources necessary to fund goods and services required for the common good of Australian citizens, both in the immediate and longer-term future. 2Taxes are imposed to create and maintain the systems on which we all depend, the institutions required to preserve our health and safety, the initiatives that sustain and…

Tables and charts serve as visual representations of datasets.Tables present lists of numbers or text in columns and can be used to present raw data.Charts or graphs, on the other hand, are used to visually represent the relationship between 2 or more variables, each measured across an axis.Building tablesTables can be constructed by hand or by using a word processor or a spread sheet program such as Excel. The following elements should be…

Mean The ‘mean’ is the total of the numbers divided by how many numbers there are. For example, if our set of values was $[1,2,6,6]$, the mean would be calculated like so: \begin{equation*} \text{Total}=(1+2+6+6)=15 \end{equation*} \begin{equation*} \text{How many numbers}=4\end{equation*} \begin{equation*} \text{Mean}=\frac{\text{Total}}{\text{How many}}=\frac{15} 4=3.75 \end{equation*} So, the mean of [1, 2, 6, 6] is 3.75. Example 1 What…

The average annual economic cost of natural disasters in Australia in 2007–2016 was $18.2 billion, and this is expected to increase to $39 billion in 2050. When a natural disaster impacts an area, there are the immediate economic costs of providing emergency assistance as well as the costs associated with the loss of industrial output and agricultural produce. In the longer term, during the period of recovery, there are both the costs of…

  Linked activities: Emergency tax levy debate (AC v9.0) Emergency tax levy debate (AC v8.4)

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TaxTax is the money paid by individuals and businesses to government. Taxes are used to pay for public goods and services needed by the community, such as health, education and infrastructure such as roads; to provide income support to disadvantaged Australians; and to influence consumption and production.Everyone pays tax. We pay tax when we buy something, pay a bill or earn an income. Each level of government spends the money they have raised…

Part 1: How much tax should I pay?Complete table to calculate how much income tax each person should pay.Table 1: Calculating total amount of income taxIndividualAnnual salaryTax on the amount in the 0 – 18,200        bracketTax rate is 0 centsTax on the amount in the 18,201 – 45,000  bracketTax rate is 15 centsTax on the amount in the 45,001 – 135,000 bracketTax rate is 30 centsTax on the amount in the 135,001 – 190,000…