As can be seen in FIGURE3 , the percentage of income paid in taxes increases as income increases. The ýrst $18 200 of a person’s income is free of tax — this is called the ‘tax-free threshold’. Most school students with a part-time job won’t earn more than $18 200 and so will not pay tax. However, a tax return is usually completed because a student may do extra shifts during holidays and may earn extra money and have to pay tax for that period. They may be entitled to a refund if their yearly income is still below $18200. 17.6 SkillBuilder activity INVESTIGATING Entrepreneurs are required to negotiate with various stakeholders as they go about pursuing their ideas. 1. Construct a mind map of the stakeholders that an entrepreneur may need to negotiate with. 2. Choose three stakeholders. Describe the kind of negotiation they may have with an entrepreneur. 3. Entrepreneurs must follow laws and treat customers fairly. They need to listen to their needs and concerns. Using the internet, identify information on treating customers fairly. You may like to visit the ACCC website. 4. Using the information you ýnd, choose ýve areas of consumer law. For each one, explain how the entrepreneur should respond in a table like the one provided. The ýrst one is already done for you.
Area of consumer law How should the entrepreneur respond? Customer rights and obligations
• The entrepreneur must provide safe goods that are ýt for purpose and last a reasonable amount of time. • The entrepreneur must provide options for refund according to the law.
17.6
Exercise
Learning pathways LEVEL1 1, 2, 3, 4, 7
LEVEL2
LEVEL3
5, 6, 8
9, 10
REMEMBER AND UNDERSTAND 1. What is meant by fair trading? A. Selling a safe and fairly priced product B. Setting a price that all customers can afford C. Offering 10 guarantees on all items D. All of the above 2. Who must follow workplace health and safety laws?
A. Employers B. Employees C. Employers and employees D. They are not laws, only recommendations
TOPIC17 Working for a living 611
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