It’s never too early to start teaching your children about money. According to research from the ATO, over half of parents in Australia have not discussed tax and superannuation with their children. In order to prepare them for their working life ahead, as parents, we should be instilling them with the knowledge and skills they need for their future.

As they prepare to enter the workforce, your children will inevitably encounter taxes and understanding them will be crucial to their financial success.

Teaching your children about taxes can help them develop important money management skills, such as budgeting and saving. By understanding what tax is and how our taxation system works, they can also make informed decisions about their career choices and negotiate their salaries more effectively.

Furthermore, knowing how to submit your tax return and take advantage of deductions can save your children money in the long run. This knowledge can also help them avoid costly mistakes, such as failing to file their taxes on time or claiming incorrect deductions.

Overall, teaching your children about finances is an important step in preparing them for financial independence. We will have more information about teaching children about financial matters in the coming months —stay tuned!