tax and superannuation
bossley park high school students
Embedded Files
Topics:
Consumerism
Financial Literacy
Employment and Work Futures
Tax
Superannuation
Disclaimer: This website is created for Commerce 09, Assessment Task 1 & 2.
We rightfully acknowledge that this work is our own work except where appropriately referenced.
The creator of this website is a group of year 9 students in Bossley Park High School, learning Commerce as a subject. The teenagers involved in this project are not working right now because they are focusing on their studies. If opportunity comes when they get to be financially able, they would like to be able to spoil their grandma, provide for family, travel the world, be an influencer, be a business owner and be a millionare.
Our learning from Commerce on term 1 and 2 focuses on consumerism, financial choices, financial freedom, and employment and work futures. Part of the main content is learning about the Australian taxation system and superannuation as an important topic to enable us to be work ready.
Our knowledge of tax and superannuation provided us with strategies to effectively manage our money and be mindful of how we use money in many ways. Hard earned money funds our well being and lifestyle and it can be invested, taxed, and re-allocated to finance government activities without imposing unnecessary costs on the economy.
How our consumerism impact our financial stability:
How our consumerism impact our financial stability:
Consumerism:
Consumerism:
Upon reflecting on a high school student's wants and needs, we realised that Goods and Services tax (GST) is often included in the price of most goods and services we buy. As per Australian Taxation Office, GST is an additional charge of 10% on most goods, services and other items purchased or consumed in Australia.
Upon reflecting on a high school student's wants and needs, we realised that Goods and Services tax (GST) is often included in the price of most goods and services we buy. As per Australian Taxation Office, GST is an additional charge of 10% on most goods, services and other items purchased or consumed in Australia.
Should we also start working, we need to have a tax file number as a requirement of employment along with necessary documentation such as our bank account, resume and choice of superannuation fund. Some of us also wants to be a business owner. An Australian Business Number is required to start a business.
Should we also start working, we need to have a tax file number as a requirement of employment along with necessary documentation such as our bank account, resume and choice of superannuation fund. Some of us also wants to be a business owner. An Australian Business Number is required to start a business.
Moreover, should we decide to go to university, we can apply for VET fee help, or HECS debt, which we need to pay in the future. These are loans that impact our buying power in the future.
Moreover, should we decide to go to university, we can apply for VET fee help, or HECS debt, which we need to pay in the future. These are loans that impact our buying power in the future.
Consumer Needs:
Consumer Needs:
House
House
As a minor, a house (shelter) is necessary for survival. This is a consumer need as this is what protects and stores all of our belongings. We all live with our parents/carers and do not pay for the bills. For a desired home, allocation for mortgage could be approximately around $2600+
Food
Food
Food is a consumer need because this is what helps people function and live. For food consumption, collectively the daily consumption will range from $36 upto $50 per week.
Water
Water
Water is a consumer need as this is a fundamental thing that every human needs to survive. The water bill is usually around $200
Consumer wants:
Consumer wants:
Netflix Subscription
Netflix Subscription
Netflix is a source of entertainment. This is a consumer want because this is a Netflix subscription that is not something we necessarily need. This cost approximately $22.99 per month
Mobile Phone
Mobile Phone
Social Media is life and having an iPhone for better video quality and features is cool. A person can settle with a cheaper mobile phone and prepaid but a new iPhone that passes our taste cost about $1000 - $2000. Monthly data that we may take is $19 per month
Books
Books
Books are a necessity for our studies to learn. Books may also be a source of entertainment and learning, However it is not a need in these days as everything is now accessible online. These are usually around $12-18+
EXPLORE OUR PROJECT (CLICK THE IMAGES!)
EXPLORE OUR PROJECT (CLICK THE IMAGES!)
future job &taxes
future job &taxes
FOLLOWING THE DREAM
VIDEO REFLECTION
VIDEO REFLECTION
COLLABORATIVE ANALYSIS
Superannuation and Us
Superannuation and Us
FUNDING FOR RETIREMENT
FURTHERING OUR FINANCIAL LITERACY
FURTHERING OUR FINANCIAL LITERACY
FINANCIAL LITERACY
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