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A basic lack of financial literacy among Australians has prompted a national accounting network to target tax in the high school curriculum.
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H&R Block goes back to school
05 March 2020
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H&R Block has partnered with Kimberlin Education to deliver a national classroom-based program to teach high schoolers the basics of taxation and superannuation.
A recent study conducted by H&R Block found that 54 per cent of Australians claim to have limited knowledge about tax and super, while 90 per cent believed tax should be a staple in the high school curriculum.
H&R Block director of tax communications Mark Chapman told Accountants Daily the results highlighted a gap in education that needs to be filled.
“[People] need that basic understanding of how these systems work in order to fully engage in the [tax] system and get the best outcomes for themselves,” Mr Chapman said.
“We’re not looking to turn people into tax experts, but it’s just that understanding of why we actually pay tax in the first place and why we pay money into superannuation.
“All of this is really basic information that people don’t currently have but what they really need to have if they’re going to be able to… successfully work their way through the tax and super systems.”
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The course will be available on H&R Block’s online education hub and can be accessed by the general public for free.
The program will be aimed specifically at Year 9 and 10 students, with Kimberlin Education set to market the program towards teachers to encourage them to use the course as a part of the school curriculum.
Despite the ATO continuing its focus on work-related deductions, Mr Chapman said the course will not “delve down into the weeds” but will go some way in helping students better understand the tax system in the future.
“I think the real problem with work-related expenses and deductions is the law is very complex,” Mr Chapman said.
“There is a lack of knowledge that our course won’t necessarily address because we don’t go into that much detail, but just giving people that understanding… is a useful step forward.”
Mr Chapman said the course hopes to engage people in understanding how complicated tax is and that the “best possible outcome” is to use an accountant or tax agent.
“People who lodge through myTax often make mistakes; they either over or underclaim deductions, they forget to include items of income, that kind of thing,” Mr Chapman said.
“Part of the battle is just getting people to understand how complicated tax is. Once you’ve done that, people understand that an accountant or tax agents is the best way of handling your affairs.”
The program was piloted in a Year 10 economics class in a Sydney high school at the end of 2019.
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