Search

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: Action Asset Debt Gaining (+) +(+$500) is gaining an asset…

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? Price/11*10…

Stage 3 Tax CutsChanges to Australia’s taxation system were legislated by the Australian Parliament in 2019. The first 2 stages were implemented on the 25 January 2024, the government announced changes to individual income tax rates and thresholds from 1 July 2024.From 1 July 2024, the tax cuts:reduced the 19 per cent tax rate to 16 per centreduced the 32.5 per cent tax rate to 30 per centincreased the threshold above which the 37 per cent tax…

Part 1: Constructing and reading a piecewise graphUse the tax rates tables in the explainer to construct a piece-wise graph to represent tax rates at each bracket before and after the tax cuts on 1 July 2024. Remember, the point of origin of your piece-wise graph for both income tax systems will begin at $18,200.Use your graph to estimate how much tax a person would pay on the following incomes and their average rate of tax, before and after the…

What is the difference between saving and investing? Have you ever saved up to buy something? Maybe you are putting money aside now to buy something important to you. Money can also be saved for a rainy day, or unexpected expenses or events. Putting money aside into a savings account offers security or a sense of comfort regarding the future. If you save your money in a bank, you begin with a deposit and contribute regular amounts over time.…

Part 1: The difference between saving and investing In your groups, complete the following tables.   Saving Investing Definition How does it work? Purpose   Saving Investing Reward Return Risk Trade-offs…