Building Financial Capacity for Students – Understanding Tax
Staff Reporter
Auckland, March 25, 2022
The Retirement Commission and Inland Revenue Department (IRD) have launched a new learning taxation module to provide specialised tax information for Year 9 and 10 students aligned to the New Zealand Curriculum.
Nick Thompson, Director, Financial Capability at the Retirement Commission said that the partnership module has been designed to enable students to understand the tax system better and improve their working lives.
Shaping the financial future
He said that arming young people with an understanding of taxation early is another key step in setting them up well for their future.
“Whether students are future employees paying income tax or running their own businesses, the modules provide practical details and the big picture of why we pay tax in Aotearoa. We want our students leaving school confident about what money is and how to make it work for themselves,” he said.
Mr Thompson said that learning about financial capability and taxation in school will not only benefit students but also the country.
The Retirement Commissioner launched its ‘Sorted in Schools’ initiative in 2019 and has since then achieved 76% participation rates.
About Sorted in Schools
Stated to the first government-supported financial education programme fully aligned with the Curriculum, it can be taught as a part of day-to-day classes in subjects as diverse as Mathematics, Social Sciences, Technology, English and even Health.
Additional resources cover topics ranging from debt and money management to KiwiSaver and insurance and include learning and assessment materials for NCEA unit and achievement standards.
Corey Sinclair, National Leader for Community Compliance, Inland Revenue described the Programme as a great opportunity to work with the Retirement Commission and Sorted in Schools to support students with learning about IRD and how tax works in New Zealand.
“The approach fits perfectly with our goal of helping our customers to get things right from the start. It’s important to help lift students’ financial capability and decision making at the very start of their journey in contributing to our communities,” he said.
Tina Rose-Dutton, Head of Department Commerce at Cambridge High School said that while everyone has to pay taxes, the learning activities through the varied contexts are great in this resource. Sorted in Schools is committed to ensuring every young New Zealander has equitable access to financial capability education, and understanding taxation is an important component, she said.
About the Taxation Module
The taxation module will be taught across the New Zealand curriculum and Māori Medium Education (in Te Reo). It is designed to be accessible and respond to diverse learner needs, providing real-life and future-focused examples to engage students.
More than 300 resources, designed by teachers for teachers, are already available through the website sortedinschools.org.nz, and free professional development workshops and webinars are available to help teachers feel confident to teach the subject.
During the past 12 months, 66.5% of schools have used Sorted in Schools.
In 2021, more than 300 teachers have completed professional development with a team of specialists and 98% of teachers value Sorted in Schools as a financial capability programme.
About the Inland Revenue
The Inland Revenue Department plays a critical role in improving the economic and social wellbeing of New Zealanders.
The Department collects 80% of the Crown’s revenue. It also collects and disburses social support programme payments and provides the government with policy advice. It is responsive in meeting the changing and increasing expectations of government and society.
