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There are advantages and disadvantages associated with different business structures. Read Business structures – Explainer and complete table 1 to identify the various features of each business structure. Table 1: Comparison of business structures Business Structures Sole trader Partnership Company Is the structure difficult to set up? yes no yes no yes no Is it…

Part 1: Deciding on the characteristics of entrepreneurs In groups, decide on the meaning of each quality listed in table 1. Underline the unfamiliar words and research their meaning. Identify those qualities you think are important to entrepreneurialism – highlight them. From these, select the top 10 entrepreneurial characteristics. Share your short list with another group and discuss any differences between each group’s list. Both groups…

  Linked activity: Entrepreneurs and record keeping (AC v9.0) Profit, loss, and record-keeping (AC v8.4)

As entrepreneurs, you are going to open a hypothetical dog-walking business. Entrepreneurs assume risks and then keep track of income and expenses to inform decision-making and fulfil legal requirements. In your groups, decide on a name for your business and how much you will charge per dog per 10 minutes. Scenarios Day of the week Number Activity Monday 1. Bought 2 new leashes at $20.00 each. Tuesday 2.…

Everyone is different. Some people are natural savers, some are natural spenders and others are somewhere in between. Read the following profiles of young people your age. Profile 1: Tim parents give him $20 pocket money each week. He spends $30 a month on a pre-paid phone, and if his credits expire, he waits for the next month to arrive before he tops up. He also budgets $20 a month for entertainment. His parents buy his clothes, but he…

Income taxAustralia has a progressive tax system. This means that the more people earn, the more tax they pay and the bigger contribution they make to government services. The tax rates for different incomes in 2024-25 is shown in the table below. For the most recent tax rates, visit ato.gov.auTable 1: Resident tax rates 2024-25Taxable incomeTax on this income0 – $18,200Nil$18,201 – $45,00016c for each $1 over $18,200$45,001 – $135,000$4,…

Part 1: Calculating taxUse the ATOs weekly tax table or the ATO app Tax withheld calculator to work out how much tax should have been withheld in the following scenarios.Income detailsAlexBinSuzieGross income for the week$321$1,292$851Tax withheldNet weekly incomeSuzie works for 25 hours a week during the school holidays. She earns $651 a week for 10 weeks of the year. The other weeks of the year, she earns $220 per week (for 42 weeks).How much…

Cash wages and tax When you are employed, it’s important you understand your rights in relation to tax. Some employers pay their workers cash-in-hand rather than into a bank account. There is nothing wrong with being paid in cash as long as your employer reports the payment as income. Some employers deliberately use cash transactions to avoid meeting their tax and employee responsibilities, which is a crime. It threatens the revenue our…