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To complete a tax return, you will need information about your income and allowable deductions.Assessable incomeThe 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 and…

Part 1: Identifying allowable deductionsRead the list of items below. Indicate whether you think each item of expenditure is deductible or not. Refer to An introduction to tax returns - Explainer. Income or money receivedIs it assessable income? Y/NThe bus fares to and from work. yes noA $100 donation to the Red Cross. yes noThe amount paid to your tax agent for preparing your tax return. yes noThe cost of taking a taxi to work because your…

Alex is a permanent retail employee, level 7.What is his:base hourly rateSunday rate?When does the base hourly rate apply? Solution: $17.11$30.80Mon-Fri before 6pmIf Alex works a 35-hour week - from 9.00am-5.00pm with an hour for lunch (unpaid), Sunday to Thursday every week.How many hours does he work each day?How many hours does he work at the:base hourly rateSaturday rateSunday rate?How much does he earn each week? Solution:7…

This video explains what the sharing economy is and what it means for you. The sharing economy - more info   Linked activities: The sharing economy and the changing nature of work (Economics & Business, AC v9.0) The sharing economy and the changing nature of work (Economics & Business, AC v8.4) The sharing economy and the changing nature of work (Work studies) The sharing economy and the changing nature of work (NSW…

This video provides an overview of how tax has evolved over time in Australia.   Linked activities: Values of democracy and the tax system (AC v9.0) Values of democracy and the tax system (AC v8.4) Our values and tax law (NSW Commerce)  

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