Commerce AT3 2024 - Topic Test

• Loving your job


  Important to have a good quality of life, it will ensure you enjoy working and you are putting your full effort into it
• Benefits of loving your job

  • Making friends
  • Doing something you are passionate about
  • Increasing confidence
  • Earning an income
• Reasons people may get a certain job

  • Due to its status
  • Family pressure
  • High-paying income
• High-paying jobs and status


  Boost self-esteem as money is highly valued in today's society
• Employment provides


  • Sense of purpose and belonging
  • Material living standards: physical goods and services eg.cars, healthcare
  • Non-material living standards: nonphysical things eg.environment, freedom of speech, crime rates
• Needs for economic well-being

  • Good disposable income for expenses
  • Superannuation
• Benefits of work


  • Self esteem
  • Resources for household management
  • Defining purpose
  • Achievements
  • Integrity in work relationships
  • Positive thoughts
  • Meaning in work
• Taxation


  Compulsory payment of a proportion of earnings based on your annual income to the government
• Uses of tax revenue


  • Fund public services and infrastructure, such as education, health, infrastructure and social welfare
• Types of tax


  • Personal Income Tax
  • Fringe Benefits Tax
  • GST (already included in all items)
  • Company Tax
  • Capital Gains Tax
  • Stamp duty (Cars, Houses etc)
  • Land tax
  • Payroll tax
• Why pay tax?


  Moral and ethical obligation, tax avoidance means fines/prison, need to pay tax to operate a legitimate business, SMEs (small to medium enterprises/businesses need to manage financial position and tax obligations)
• Higher rate of tax


  Paid by people who earn more
• Taxable income


  Assessable income - tax deductions
• Capital Gains Tax


  Paid on many types of investment assets (anything that is investments)
• Interest


  Becomes part of taxable income
• Medicare Levy and Surcharge


  Paid by Australian residents as part of a yearly tax return
• Budget


  Sets out government's priorities for the years ahead including revenues and expenses, Forecast of the economy over the next 12 months
• Deficit


  If government spends more than it owns (debt)
• Surplus


  If government makes more than what it is spending
• PAYG Tax


  Amount taken from employee's salary to pay tax over time
• Fringe Benefits Tax (FBT)


  Tax employees pay on benefits paid to an employee
• GST


  A tax of 10% applied on goods and services
• Company Tax


  A tax imposed on the earnings of a company and calculated on the company's taxable income, which is income left after allowable deductions are calculated
• Stamp Duty


  A tax imposed on various transactions, including the transfer of real estate, vehicles, and certain financial transactions
• Land Tax


  An annual tax imposed on the ownership of land, excluding the primary place of residence
• Payroll Tax


  A state-based tax imposed on the wages paid by employers when their total wage bill exceeds a certain threshold
• Local Government Rates and Charges


  Fees levied by local councils to fund local services and infrastructure, including waste management, parks, and community facilities
• Types of work arrangements

  • Paid employment
  • Unpaid employment
  • Full time
  • Part-time
  • Casual
  • Work From Home
  • Self-employed
  • Volunteer
  • Traineeship
  • Apprenticeship
• Paid employment


  People who performed some work for wages, salary or payment of some kind for 1 hour or more per week
• Unpaid employment


  People who performed some work for no remuneration (payment) which can be volunteered work or forced labour
• Full time


  Generally 38 hours per week, set roster - entitlements (sick/holiday leave)
• Part-time


  Less than 38 hours per week - regular payment basis, entitlements (sick/holiday leave)
• Casual


  Employed on hourly basis, pay rate higher than full/part time, no entitlements (sick/holiday leave)
• Work From Home


  Paid to work at home
• Self-employed


  People who work for themselves or have their own business
• Volunteer


  Undertaking a task for no payment
• Employed workers


  Be aged 15+, work at least an hour or have a job even if you don't work in that week, receive payment for work
• Traineeship


  Formal training which combines work with study for qualification
• Apprenticeship


  Workplace pays for you to learn on the job
• Salary


  A fixed regular payment (weekly, fortnightly, monthly) that is expressed as an annual sum and is made by an employer to an employee (without tax eg. $75,000 p.a.)