Weathering the storm: tax as a component of financial capability

Article


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

Weathering the storm: tax as a component of financial capability

ERA Journal ID40372
Article CategoryArticle
Authors
AuthorChardon, Toni
Journal TitleAustralasian Accounting Business and Finance Journal
Journal Citation5 (2), pp. 53-68
Number of Pages16
Year2011
Place of PublicationWollongong, Australia
ISSN1834-2000
1834-2019
Web Address (URL)http://ro.uow.edu.au/aabfj/vol5/iss2/5/
Abstract

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.

Keywordsfinancial capability; financial literacy; taxation; financial education
ANZSRC Field of Research 2020350202. Finance
380115. Public economics - taxation and revenue
480106. Taxation law
Public Notes

© 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: morgan@uow.edu.au.
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.

Byline AffiliationsSchool of Law
Institution of OriginUniversity of Southern Queensland
Permalink -

https://research.usq.edu.au/item/q0x2y/weathering-the-storm-tax-as-a-component-of-financial-capability

Download files


Published Version
Chardon_AABFJ_2011_PV.pdf
File access level: Anyone

  • 1849
    total views
  • 198
    total downloads
  • 2
    views this month
  • 0
    downloads this month

Export as

Related outputs

Tax literacy of Australian small businesses
Freudenberg, Brett, Chardon, Toni, Brimble, Mark and Belle Isle, Melissa. 2017. "Tax literacy of Australian small businesses." Journal of Australian Taxation. 18 (2), pp. 21-61.
Overconfidence in financial literacy: implications for planners
de Zwaan, Laura, Lee, Chrisann, Liu, Yulin and Chardon, Toni. 2017. "Overconfidence in financial literacy: implications for planners." Financial Planning Research Journal. 3 (2), pp. 31-46.
Tax and superannuation literacy: Australian and New Zealand perspectives [Part 2]
Chardon, Toni, Brimble, Mark and Freudenberg, Brett. 2017. "Tax and superannuation literacy: Australian and New Zealand perspectives [Part 2]." Taxation Today.
Tax and superannuation literacy: Australian and New Zealand perspectives [Part 1]
Chardon, Toni, Brimble, Mark and Freudenberg, Brett. 2017. "Tax and superannuation literacy: Australian and New Zealand perspectives [Part 1]." Taxation Today.
Are Australians under or over confident when it comes to tax literacy, and why does it matter?
Chardon, Toni, Freudenberg, Brett and Brimble, Mark. 2016. "Are Australians under or over confident when it comes to tax literacy, and why does it matter?" eJournal of Tax Research. 14 (3), pp. 650-682.
Broadening generic skills development: improving financial literacy of university students
Palm, Chrisann, de Zwaan, Laura and Chardon, Toni. 2015. "Broadening generic skills development: improving financial literacy of university students." RMIT Accounting Educators’ Conference 2015: Responding to Challenges: The Future of Accounting Education. Melbourne, Australia 23 Nov 2015 Australia.
Tax and superannuation literacy: Australian and New Zealand perspectives
Chardon, Toni, Brimble, Mark and Freudenberg, Brett. 2016. "Tax and superannuation literacy: Australian and New Zealand perspectives." New Zealand Journal of Taxation Law and Policy. 22, pp. 327-345.
University students and tax literacy: opportunities and lessons for tax teaching
Chardon, Toni, Lee, Chrisann, de Zwaan, Laura and Liu, Yulin. 2016. "University students and tax literacy: opportunities and lessons for tax teaching." Journal of the Australasian Tax Teachers Association. 11 (1), pp. 85-102.
Tax literacy in Australia: not knowing your deduction from your offset
Chardon, Toni, Freudenberg, Brett and Brimble, Mark. 2016. "Tax literacy in Australia: not knowing your deduction from your offset." Australian Tax Forum: a journal of taxation policy, law and reform. 31 (2), pp. 321-362.
Taxation and superannuation literacy in Australia: what do people know (or think they know)?
Chardon, Toni. 2014. "Taxation and superannuation literacy in Australia: what do people know (or think they know)?" JASSA. 2014 (1), pp. 42-48.
Legal educators' perceptions of lifelong learning: conceptualisation and practice
Hammer, Sara Jeanne, Chardon, Toni, Collins, Pauline and Hart, Caroline. 2012. "Legal educators' perceptions of lifelong learning: conceptualisation and practice." International Journal of Lifelong Education. 31 (2), pp. 187-201. https://doi.org/10.1080/02601370.2012.663803
Criterion referenced assessment as a form of feedback: student and staff perceptions in the initial stages of a new law degree
Chardon, Toni, Collins, Pauline, Hammer, Sara and Hart, Caroline. 2011. "Criterion referenced assessment as a form of feedback: student and staff perceptions in the initial stages of a new law degree." International Journal of Pedagogies and Learning. 6 (3), pp. 232-242. https://doi.org/10.5172/ijpl.2011.6.3.232
Academics and assessment: the forgotten meat in the sandwich in the current higher education environment?
Collins, Pauline, Brackin, Toni and Hart, Caroline Lydia. 2010. "Academics and assessment: the forgotten meat in the sandwich in the current higher education environment?" Harris, Bruce (ed.) 65th Conference of the Australasian Law Teachers' Association (ALTA 2010): Power, Regulation and Responsibility: Lawyers in Times of Transition. Auckland, New Zealand 04 - 07 Jul 2010 Sydney, Australia.
The real deal: using authentic assessment to promote student engagement in the first and second years of a regional law program
Hart, Caroline, Hammer, Sara, Collins, Pauline and Chardon, Toni. 2011. "The real deal: using authentic assessment to promote student engagement in the first and second years of a regional law program." Legal Education Review. 21 (1), pp. 97-121.
Rocky rhetoric and hard reality: the academic's dilemma surrounding assessment
Collins, Pauline, Brackin, Toni and Hart, Caroline. 2010. "Rocky rhetoric and hard reality: the academic's dilemma surrounding assessment." Legal Education Review. 20 (1-2), pp. 129-164.
Tax havens and the Australian tax system - are we 'match fit'?
Brackin, Toni. 2006. "Tax havens and the Australian tax system - are we 'match fit'?" 2006 Australasian Tax Teachers Association Conference. Melbourne, Australia 30 Jan - 01 Feb 2006 Melbourne, Australia.
Overcoming tax complexity through tax literacy – an analysis of financial literary research in the context of the taxation system
Brackin, Toni. 2007. "Overcoming tax complexity through tax literacy – an analysis of financial literary research in the context of the taxation system." 2007 Australasian Taxation Teachers Association Conference. Brisbane, Australia 22 - 24 Jan 2007