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To complete a tax return, you will need information about your income and allowable deductions. Assessable income The most common source of income for young people is money earned through employment. At tax time you will be able to access your income statement via myGov. This statement will tell you how much you earned and how much tax was deducted from your income. You may have also received unearned income. This is income from investments…

  Linked activity: Impact of tax on individual and business decisions

Some goods and services are 'GST free' which means they do not have GST included in the price. The GST-free goods and services include: most basic foods some education courses, course materials and related excursions or field trips some medical, health and care services some menstrual products some medical aids and appliances some medicines some childcare services some religious services and charitable activities supplies of…

You must complete part A and part B, but you can choose to do either part C or D. Part A: Strategies to encourage the consumption – EVs Why do governments in Australia want to increase the uptake of EVs? Refer to source 2. What 3 measures would incentivise businesses to purchase electric vehicles (EVs)? Refer to source 3. To what extent do recent government actions address the issues affecting the uptake of cars by businesses…

Part A: Strategies to encourage consumption – Electric vehicles (EVs) Source 1: Reasons for promoting the consumption of EVs Vehicles play an important role in terms of contribution to total emissions. As of 2021, almost one fifth of Australia’s carbon emissions came from transportation-related activities… When used in combination with renewable energy, EVs are critical in helping reduce Australia’s carbon footprint. Source: KPMG.…

Your taskYou have 2 options.Write 2 paragraphs, orCreate a short evidence-based essayWhatever you choose, you must use evidence from the seen stimulus material. Your paragraphs or short essay should:explain why and how governments use the taxation system (tax spending, tax reductions and excise taxes) to encourage and discourage the consumption of some goods and servicesevaluate the extent to which the taxation system influences the decisions of…

Australia’s tax system can affect a number of business decisions, including the business structure to choose, whether to change a business structure as the business expands or whether to register for GST.Which business structure?The type of business structure you choose comes with big tax implications. For now, let’s look at the difference between sole traders, partnerships, and companies. Australia has a progressive income tax system for…

Part 1: Which business structure? Use the business tax calculator to complete the following table. All you need to add to the calculator is the income.   Sole trader Partnership Company Income Total tax payable (including Medicare levy) Total disposable (NET) income Average rate of tax (including Medicare levy) Total tax payable (including Medicare levy) Total…