Weathering the storm: tax as a component of financial capability

Chardon, Toni (2011) Weathering the storm: tax as a component of financial capability. Australasian Accounting Business and Finance Journal, 5 (2). pp. 53-68. ISSN 1834-2000

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In a time of global economic uncertainty, maintaining a financial environment where consumers are protected from risk and continue to have opportunities to create wealth should be critical for governments, business and administrators. A financially capable population could therefore be the key to avoiding the crises of the past and getting back to economic prosperity. The Australian Government has recognised that for those with the lowest levels of financial literacy, specific financial literacy programs can equip them with the appropriate financial skills and knowledge to ensure that they can make well informed decisions and be less vulnerable to scams and market risks (Commonwealth Department of Treasury 2006). However, if these programs are to be successful it is imperative that all aspects of financial capability have been considered. This paper will argue that there is a research gap in terms of what components should be considered (and therefore measured) as part of financial capability and specifically that taxation and to a lesser extent, superannuation have largely been excluded in both the measurement and education program aspects. If taxation and superannuation are not seriously considered as important components of financial capability, there could not only be risks to an individual's financial position, but also significant risks to the broader economy, consumer wealth and the revenue base through poor financial capability.

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Item Type: Article (Commonwealth Reporting Category C)
Refereed: Yes
Item Status: Live Archive
Additional Information: © 2011 Australasian Accounting Business and Finance Journal and Author. Research Online is the open access institutional repository for the University of Wollongong. For further information contact Manager Repository Services: This publication is copyright. It may be reproduced in whole or in part for the purposes of study, research, or review, but is subject to the inclusion of an acknowledgment of the source.
Faculty/School / Institute/Centre: Historic - Faculty of Business and Law - School of Law (1 Jan 2011 - 30 Jun 2013)
Faculty/School / Institute/Centre: Historic - Faculty of Business and Law - School of Law (1 Jan 2011 - 30 Jun 2013)
Date Deposited: 31 Aug 2011 23:38
Last Modified: 01 Jun 2015 01:54
Uncontrolled Keywords: financial capability; financial literacy; taxation; financial education
Fields of Research (2008): 15 Commerce, Management, Tourism and Services > 1502 Banking, Finance and Investment > 150201 Finance
14 Economics > 1402 Applied Economics > 140215 Public Economics-Taxation and Revenue
18 Law and Legal Studies > 1801 Law > 180125 Taxation Law
Fields of Research (2020): 35 COMMERCE, MANAGEMENT, TOURISM AND SERVICES > 3502 Banking, finance and investment > 350202 Finance
38 ECONOMICS > 3801 Applied economics > 380115 Public economics - taxation and revenue
48 LAW AND LEGAL STUDIES > 4801 Commercial law > 480106 Taxation law
Socio-Economic Objectives (2008): B Economic Development > 91 Economic Framework > 9102 Microeconomics > 910207 Microeconomic Effects of Taxation

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