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  Linked activity: Saving versus investing

Refer to Saving, investing and super – Explainer. In your groups, complete the following tables. Attributes Saving Investing Definition How does it work? Purpose   Investment attributes Saving Investing Reward…

Imagine you have inherited $10,000. You have 2 options: save it invest it  Each of these options has its advantages and disadvantages, or costs and benefits.  Rank the following financial goals in order of importance to you: Financial goals (Criteria) Ranking from highest to lowest priority (1 being highest to 4 lowest) Having money in the bank in case of…

  Linked activity: Managing your spending Starting a job

Step 1: Determine your financial position Your weekly income Your weekly expenses Remaining (if you spend more than you earn, use a negative sign) What financial position are you in? Do you currently: Spend less than you earn? That’s great news, but with some planning and discipline, you can improve. Spend what you earn? You’re living within your means, which is good…

The ATO has an online services simulator for educational purposes. This includes a scenario to complete a TFN declaration form. Go to the ATO online services simulator and follow these instructions. Scenario Select the following options on the homepage and click Start. This is a replica of the home page of ATO’s online services. Before you complete a TFN declaration, browse the information you can get from this page. At the top of the screen…

Part 1: Making predictions, using data and calculating results Before a government sets about making changes to the taxes they put on goods, lots of predictions are made, and research conducted. Predict the number of students in your class that you think would support a tax on sugar-sweetened beverages in Australia. Use a calculator to convert this number into a percentage. The tax implemented in Berkeley was about 12 cents a can (that’s…

  Linked activity: Your responsibilities in relation to income tax