Learning tax and superannuation is a crucial life skill that builds our capability to be more financially literate. It empowers every individual to become active and informed citizens who can contribute positively to the community and society. 

For the purpose of our Commerce Assessment task 1, this website was created to describe how tax and superannuation helps individuals and community in managing our finance. The below topics provides context of our understanding:

TERM 1: Consumerism and Financial Freedom

• Personal Finance Management: Understanding tax guides us on how to manage our personal finances better. As a community, taxation enables us to calculate tax liabilities and rights.

• Superannuation as a topic, gives us an introduction on how to plan for our retirement through superannuation contributions. This financial literacy is crucial for responsible financial decision-making throughout our lives.

• Compliance with Laws: Taxation is a legal obligation. Superannuation is also a policy for businesses to comply to ensure that individuals avoid penalties and legal issues. Learning about tax and superannuation at an early age helps foster a sense of responsible citizenship.

• Tax Obligation - taxes are mandatory contributions imposed on all eligible individual and businesses. This serve as a primary source of revenue for the government to fund essential services like healthcare, education, infrastructure, and social welfare programs for Australians to rely on. Learning this contributes to our sense of civic responsibility and informed participation in public policy discussions.

TERM 2: Employment and Work Futures:

As part of our Commerce curriculum, we were required to forecast where do we see ourselves in the future and what type of employment opportunities would we choose to finance our needs and wants. The following types of employment were our option:

• 1. Business owner -business owners is classified as self-employed individual or entrepreneur. As a business owner, an individual or group are employing yourself/themselves to run and manage the business. Self employment includes engaging in economic activity to earn a living. 

  2. Full-time Employment: Full-time employees work for a standard number of hours per week, usually 35-40 hours. They receive regular salaries or wages and are entitled to benefits such as paid leave, superannuation, and other employee benefits. Full-time employment provides stability and a steady income.

  3. Part-time Employment: Part-time employees work fewer hours per week than full-time employees. The exact number of hours can vary but is typically less than 35 hours. Part-time employees often receive pro-rata benefits and are entitled to some leave entitlements based on the number of hours they work.

  4. Casual Employment: Casual employees work on an as-needed basis and are not guaranteed regular hours. They are often hired to meet temporary or fluctuating demands in a business. Casual employees typically receive a higher hourly rate compared to full-time or part-time employees, but they may not have access to benefits like paid leave or job security.

  5. Fixed-term Contract Employment: Fixed-term contract employees are hired for a specific period or to complete a particular project. Their employment ends automatically when the contract period expires or the project is completed. These contracts can vary in duration and may offer some benefits depending on the terms agreed upon.

  6. Permanent Employment: Permanent employees have ongoing job security and are not limited by a specific contract duration. They are entitled to regular benefits and have greater job stability compared to temporary or casual employees.

  7. Self employed/business owner: Self-employed individuals work for themselves and run their own businesses. They may operate as sole traders, partners in a partnership, or as owners of small businesses. Self-employed individuals are responsible for managing their business, finances, and taxes.

  8. Apprenticeships and Traineeships: Apprenticeships and traineeships combine on-the-job training with formal education. They are common in trades and vocational fields, allowing individuals to gain practical skills while earning a wage. Upon completion, apprentices and trainees may receive qualifications and certifications.