Lesson 4

Syllabus Dot-Point(s)

Determine annual taxable income by subtracting allowable deductions and use current tax rates to calculate the amount of tax payable for the financial year

Lesson Goal

By the end of this lesson, students will apply their knowledge of subtracting allowable deductions to calculate the amount of tax payable for the financial year

Outcomes

• MA5.1-2WM Selects and uses appropriate strategies to solve problems
• MA5.1-4NA Solves financial problems involving earning, spending and investing money

Working mathematically

• Determine a worker's tax refund or liability by comparing the tax payable for a financial year with the tax already paid under the Australian PAYG system (Problem Solving)

Class

Stage: 5.1

Ability: Mixed

Duration: 50 minutes

Introduction

5 mins

• Recap: Ask if students have any questions from homework assigned in the previous lesson. Quickly address any misconceptions. Explain and demonstrate working-out on the whiteboard. Students copy this into their exercise books.
• Distribute Exit Slip to students
• Briefly explain what will be learned during this lesson.

Activity

20 mins

Using a job assigned to them in previous lessons, students will research the possible deductions allowed and compare the reductions of tax payable. This information will be tabulated in table 3 of a class google doc. After subtracting allowable deductions to calculate the amount of tax payable for the financial year. The teacher can explain/demonstrate a few related examples from their preferred textbook.

Literacy & Interdisciplinary Activity - History

20 mins

Following the previous activity, in groups of four, students play the role of budding historians as they research primary and secondary sources. In doing so, they figure out what an average person would purchase and calculate what tax deductions would be possible for their job. Students may use the Australian Bureau of Statistics to incorporate elements of sociology into this task.

Drawing on what they have learned in history lessons, students will use this portfolio to develop a person’s personality, lifestyle habits and work ethic. They will then create a portfolio with calculations for their purchases and what is tax-deductible during different stages of a person's life. This information is to be presented via google docs, google spreadsheets and/or google slides shared with the teacher.

These may include:

• Adolescence
• Adulthood
• Retirement

Conclusion

5 mins

• Homework: assign related exercises in your preferred textbook. Remind students to label questions they have trouble with for clarification at the beginning of the next lesson.
• Briefly explain the relationship between this and the following lesson
• Students return completed Exit Slip (AFL)
• Students show completed homework from previous lesson

Educators are encouraged to keep a teacher’s journals for the following critical reflections, based on class observations and feedback from exit slips:

What went well, and why?

Did students understand the concepts?

Were students engaged?

What improvements can be made, and how?

Which students may require extra support, and how?

Which students may require more challenging content?

Are there additional resources that can be added to this lesson?