Tax and financial record keeping
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Introduction
Students learn about the legal requirements for keeping tax records. They learn that, under tax law, record keeping is a responsibility of all businesses. Students categorise business income and expenses according to purpose. They use an ATO tool to evaluate the record keeping practices of a hypothetical business and provide advice to business owners on strategies they can use to improve their record keeping processes and meet their responsibilities in relation to tax. Students also learn about the myDeductions tool on the ATO app.
This activity links to several business curriculums across most states and territories. In particular, it addresses the need for businesses to comply with tax requirements for financial record keeping and the importance of establishing effective procedures.
See also:
Teacher resources
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Using the ATO app myDeductions tool
Student learning resources
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Tax and financial record keeping
Keeping financial records
Record-keeping evaluation tool
Business records
Business record-keeping
Suggested activity sequence
This sequence is intended as a framework to be modified and adapted by teachers to suit the needs of a class group. If you assign this activity to a class, your students will be assigned all student resources on their 'My learning' page. You can also hand-pick the resources students are assigned by selecting individual resources when you add a work item to a class in 'My classes'.
- Students read the explainer, or read it as a class, clarifying the meaning of key terms as you do. Encourage students to take notes using the Cornell note taking system.
- Students complete the worksheet. They will need to access the ATO’s record keeping evaluation tool.
- Students complete the business records interactive.
- As a class, discuss why keeping tax records is important.
- Invite students to share the advice they developed for Katherine and Nic.
- Play: Using myDeductions. This video shows how easy it is to use the ATO app’s myDeductions tool to keep your records
- As students view the video, ask them to complete the sequencing interactive.