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The Australian Government introduced superannuation to ensure every Australian has a financially secure life in retirement. It was introduced in the context of an ageing population and concerns that age pension payments would be overwhelming to the country’s economy in the future if nothing was done.Part 1: Write an explanationWrite you own statement (1 or 2 paragraphs) explaining the following:How Australia’s superannuation system supports…

When you are employed, it’s important you understand your rights in relation to super.What are your rights?If you are under 18, you are entitled to superannuation for each week you work more than 30 hours. Most people also have the right to choose their own super fund. You can choose your super fund by completing a superannuation standard choice form.How do I know how much super should be paid?Under the superannuation guarantee, employers must…

Your superannuation balance at retirement may influence how comfortable your retirement is. It is important that you manage your superannuation throughout your working life. If you act now, you may have a more comfortable retirement. Here are some steps that might help. Set up a myGov account With a myGov account, it’s easy to manage your super. You can use your myGov account to: Check whether your employer is paying your…

Draw a flow chart of the services you can access through myGov and what information and services you can access by linking to the Australian Taxation Office. List the advantages of being able to access government services online. Why is it important that you protect your myGov account information and never share your myGov sign in details with anybody else, including tax agents? Go to the ATO website and search 'Create a myGov account…

myGov is a simple and secure platform that allows you to link and access government services online in one place. What services you can I access? Here are just some of the services you can link to your myGov account: Australian Taxation Office (ATO) Workforce Australia Centrelink Medicare My Health Records National Disability Insurance Scheme Receive secure messages Your myGov Inbox keeps the messages from your linked services safe…

Part 1: Calculating superannuation Moneysmart has a tool that you can use to calculate the amount of super that should have been paid by your employer into your super fund each pay. Use the employer contributions calculator to find out how much superannuation that should have been paid for Alex, Bin and Suzie. Super details  Alex – 15 years of age, worked 20 hours Bin – 21 years of age -worked 38…

Print one copy for every 6 students, cut into individual cards and distribute one set to each group. Healthcare policy No Decision Satisfaction Cost 1. Free healthcare for all. +10 -7 2. Subsidise healthcare for all. +8 -5 3. Subsidise healthcare based on need. +5 -2 4. Don’t subsidise healthcare – user pays. 1 0…

Part 1: Saving to achieve goals Dev is a 25-year-old business consultant and earns a disposable income of $80,000 a year. His expenses for the year are $65,000. This includes his entertainment costs of about $10,000 a year. Dev has lots of items on his wish list, including overseas travel in the next 12 months and having the deposit to buy a home in the next 5 years. He estimates that his overseas travel will cost him about $20,000 and he will…