Year 10 World of Business

Australian Tax Office (ATO) Incursion 

On Monday 3rd June 2019, Year 10 World of Business students had the excellent opportunity of an incursion hosted by Australian Tax Office.

This School Education Program helps students to understand the importance of Tax and Super (in their core unit on Consumer and Financial Literacy) to become informed citizens of society, by teaching the topics in an engaging way.

The purpose of this program is to provide a chance for students to extend their subject knowledge of Tax and Super in Australia.

The following are the topics that were discussed during this presentation:

1. An introduction to the tax and super systems
2. Why you need a tax file number (TFN) – How to get one
3. Information on tax and HECS/HELP scheme, when preparing to enter the workforce or study
4. Understanding tax brackets and how to lodge tax returns
5. What type of information the ATO wants from  businesses in Australia
6. Taxable deductions in businesses
7. Cash economy in the country
8. How to spot if there is a SCAM under the name of ATO, what strategies can be used to avoid such scams
9. An overview of superannuation.

It was a very informative presentation with PowerPoints and videos to engage the students. It was very nice to see our students asking the presenter many questions about how they can prepare themselves for future jobs as well as about working for the ATO in the future.

The students and staff who attended this event found the incursion to be an invaluable learning activity.

Parminder Kaur

Business Management and Mathematics Teacher