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Table 1: The annual salaries of 25 people in one street in a new suburb of Canberra$71,562$49,587$53,654$102,658$42,985$31,595$24,450$26,860$55,614$56,555$50,500$37,951$44,214$64,195$81,687$41,665$59,654$18,671$54,450$42,900$61,460$38,523$78,159$52,365$67,222Table 2: Average and median taxable income by selected occupation 2019-20201OccupationNo of individualsAverage taxable income($)Median taxable income($)Occupation code blank3,064,70438,10819…

  Linked activity: Exploring net worth

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  Linked activity: Simple saver

Learn how to calculate your net worth, which assets and liabilities to include, and why it’s important to know how much your net worth is. Who is worth more? These 2 people live in the same suburb. One lives on the waterfront; the other lives in a house that is land locked. The values of their properties are: Person 1: $1,670,000 Person 2: $980,000 Which of these people do you think is worth more? You probably picked person 1 and that…

Answer these questions in your workbooks.Represent Elon Musk’s net worth of $200 billion in at least 6 different ways.When working out net worth, we say an asset is a plus (e.g. an asset of $100 is +$100) and a debt is a minus (e.g. a debt of $200 is −$200). We can write gaining and losing assets and debts as number sentences using + and −, like this:ActionAssetDebtGaining (+)+(+$500) is gaining an asset+(-$400) is gaining a debtLosing (-)-(+$…

Goods and services tax (GST) The Goods and services tax (GST) is a broad-based tax of 10% on most goods and services sold or consumed in Australia. When you buy goods or services, the GST is included in the price. Go to the Calculating GST at 10 percent – How-to-sheet to find out more. Some goods and services are 'GST free' which means it does not have GST included in the price. The GST-free list includes: basic foods (see the list below…

In this investigation you will consider what effect it would have on families if the GST increased to 12.5%, 15% or even 20%. What effect would it have if every item was subject to GST?     Part A: Raising the GST A packet of crackers has a price tag of $3.50. What was its price before GST was added? If you need help, refer to Calculating GST at 10 percent – How-to-sheet.   Which method did you use to work it out…