Assignment Directions
Assignment marks: 95 | Analysis and referencing marks: 5 Whole marks: 100
Whole phrase restrict: 7,000 phrases
Weighting: 50%
Your assignment should be loaded into KapLearn by 11.30 pm AEST/AEDT on the due date.
Discuss with ‘Time remaining’ on the ‘Assignment’ web page in KapLearn to make sure you submit your assignment by the specified due date and time.
Studying outcomes (LO) mapping Marks
LO1 Analyse superannuation buildings and methods for numerous shopper conditions 25
LO2 Clarify the taxation implications of superannuation methods for contribution, withdrawal and insurance coverage at the fund stage 10
LO3 Analyse superannuation retirement earnings stream methods based on their advantages, tax implications and social safety remedy as they relate to totally different shopper conditions 10
LO4 Formulate methods to maximise superannuation advantages and purchasers’ entitlements to social safety advantages and aged care 30
LO5 Talk about the benefits and drawbacks of fairness launch schemes as a supply of retirement earnings 5
LO6 Design superannuation methods in respect of divorce, chapter and dying advantages 5
LO7 Develop a compliant assertion of recommendation (SOA) 10
Analysis and referencing 5
Whole marks 100
Doc classification: Confidential
Assignment particulars
• This assignment covers Matters 1 to 12 and accounts for 50% of your last grade.
• Marks will be awarded for analysis and referencing.
• Your total mark for this assignment will be rounded to the nearest complete quantity.
• Phrase restrict: Your response to the assignment duties should not exceed 7,000 phrases, excluding appendices. Marks will solely be awarded on your assignment response as much as the phrase restrict, plus 10% for the total assignment. Any materials written in extra of the restrict is not going to be eligible for marks consideration, so you will need to be not solely communicative but in addition concise and selective in the method of your responses. Numerical tables, calculations and reference lists aren’t included. For extra info on phrase counts and their rationale, go to Assessment Assignment Assessment Preparation Information.
• Assignment construction:
– Pattern Assertion of Recommendation: You might use the pattern case examine and pattern Assertion of Recommendation, as a information, to help you in formatting your SOA in a Phrase doc. Any use of templates, software program, merchandise really helpful, and impartial analysis will need to have in-text citations and be included in your reference record.
– You might seek advice from the broad construction of the pattern assertion of recommendation supplied in Subject eight Additional assets. It’s designed as an example minimal requirements for this assignment.
– High quality of recommendation and proposals: High quality of recommendation and proposals are to be in your individual phrases. Reference and cite all of your sources (inside the textual content of your reply) when quoting or utilizing materials from exterior sources. Embody a reference record at the finish of your assignment. – Please be sure to present a reference record that adheres to the Harvard referencing model.
– Disclosures and warnings: Disclosures and warnings are necessary. Charges should be disclosed precisely in each share and greenback phrases and adjust to ASIC regulatory pointers on disclosures. Discuss with the format contained in the pattern SOA positioned in ‘Subject eight, Additional useful resource three’.
– Product disclosure statements: When you reference a PDS or different prolonged hard-copy product doc in your SOA, you don’t want to bodily present that doc along with your SOA.
– Authorisation: You’re authorised to supply recommendation on all areas on which the purchasers have requested recommendation. Marks will be deducted for those who purposely prohibit your authorisation in response to an assignment.
– Appendices: Full workings should be proven for all calculations. The appendices part of the SOA should include these calculations, together with any supporting documentation, for instance assumptions; tax, money circulate and any social safety calculations; projections; charts; and referencing. Be sure that your appendices are appropriately referenced in the physique of the plan and labelled appropriately. State all assumptions utilized in offering your reply.
– Use of software program: You might use monetary planning software program to help in modelling strategic choices for the purchasers and for getting ready the SOA. Please personalise the content material and be sure that it’s clear, concise and efficient and conforms to the structural pointers for an SOA contained inside
Subject eight and the pattern SOA. Your SOA doc should be formatted and introduced in an expert method that will be acceptable to supply to a shopper.
When you use software program, please be sure that you embody in the reference record the software program supplier title, software program model quantity, Licensee Identify and Licensee Quantity.
– Instance reference record
insert software program title insert yr insert model quantity , Insert Licensee title and quantity ,
insert title of software program supplier
Xplan 2021 v12, ABCFinplanning lic: 123451, Iress Ltd.
• Mark allocations: Mark allocations are famous beside every a part of the SOA in the Standards-Primarily based Marking Information. Use these allocations to help along with your allocation of time and assets. The weightings point out the relative significance of every part.
• Marks will be deducted if content material supplied, equivalent to an adviser’s title, apply title and licensee particulars, will not be correctly mirrored in the SOA. Don’t use your actual title or your employer’s title. For this case examine, you’re a senior monetary planner and principal of All Out Monetary Planning, a boutique monetary planning apply licensed by ABC Monetary Options Pty Ltd (AFSL 222222).
• Discuss with the Standards-Primarily based Marking Information for pointers on what is predicted for every Question Assignment.
• State all assumptions utilized in offering your reply.
Insurance policies
• The general phrase restrict for the assignment is 7,000 phrases. Marks will solely be awarded for solutions as much as the phrase restrict (plus 10%) for the total assignment. Any materials written after this is not going to be counted in direction of your mark for that Question Assignment. Headings, quotes and references inside the physique of the reply are included in the phrase depend. Numerical tables, calculations, and reference lists aren’t included. For extra info on phrase counts and their rationale, go to Assessment Assignment Assessment Preparation Information.
• The Assessment Preparation Information comprises details about format and presentation, phrase limits, citations and referencing, collusion, plagiarism and different insurance policies, helpful assets, submitting your assignment and accessing your outcomes.
• Solutions are to be in your individual phrases. Reference and cite all of your sources (inside the textual content of your reply) when quoting or utilizing materials from exterior sources. Embody a reference record at the finish of your assignment.
• Comply with the Harvard referencing model as really helpful in Kaplan Australia: Harvard Referencing Information positioned on the ‘Referencing and Analysis’ web page in the ‘Construct Your Abilities’ hub in KapLearn.
• Requests for particular consideration or info pertaining to particular consideration written in the physique of the assignment is not going to be thought of by the assessor. Discuss with the
‘particular consideration’ part of the Assessment Coverage on Kaplan’s web site for extra info.
Assignment analysis and referencing (5 marks)
Your assignment should be introduced in a transparent and acceptable format, with all sources appropriately referenced and cited.
You’re required to:
• construction a transparent response to every Question Assignment, utilizing headings if required
• guarantee tables or graphs are clearly labelled and readable
• clearly set out calculations or workings, the place they’re required
• adhere to the assignment phrase restrict
• comply with the Harvard referencing model as really helpful in Kaplan Australia: Harvard Referencing Information (out there from the ‘Construct Your Abilities’ hub in KapLearn) to quote sources all through your assignment, and supply a reference record at the finish.
Standards-Primarily based Marking Information for analysis and referencing
The Standards-Primarily based Marking Information (CBMG) supplied at the finish of every Question Assignment is designed to help you to know what is predicted of you in every Question Assignment and to let you understand how your efficiency will be judged. It supplies recommendation about the standards utilized in the marking of the Question Assignment and what discriminates between a wonderful, passable and unsatisfactory reply.
The under CBMG outlines the expectations for presentation and referencing on this assignment.
1. Analysis and referencing
Glorious Passable
• clear and acceptable assignment format and construction
• clear proof of impartial analysis and Assessment all through assignment
• acceptable use of referencing
• correct use of Harvard referencing model
• complete reference record supplied • ample assignment format and construction
• some proof of impartial analysis and Assessment
• acceptable use of referencing
• use of Harvard referencing model
• reference record supplied
(Vary: four–5 marks) (Vary: 2.5–three.5 marks)
• compliant and clear presentation, and acceptable and clear wording to mirror all important components
• cowl sheet consists of full particulars of minimal necessities
• full distinct warnings and disclosures supplied
• clear, legitimate and compliant clarification of foundation for suggestions • compliant and acceptable wording to mirror all important components
• cowl sheet consists of ample particulars of minimal necessities
• ample warnings and disclosures supplied
• ample and compliant clarification of foundation for suggestions
(Vary: 7–10 marks) (Vary: 5.zero–6.5 marks)
Unsatisfactory
• poor assignment format and/or construction
• assignment is considerably below or over the phrase restrict
• no demonstrated impartial analysis or Assessment
• no use of references
• referencing doesn’t use
Harvard referencing model
• no or insufficient reference record supplied
(Vary: 5 marks)
(Vary: zero–2.zero marks)
2. Compliance
• non-compliant and incorrect particulars and inadequate/lacking important components
• no cowl sheet or it consists of insufficient particulars of minimal necessities
• few or no clear warnings or disclosures supplied
• inadequate or invalid clarification of foundation for suggestions
(Vary: 10 marks)
(Vary: zero–four.5 marks)
three. Government abstract/ abstract of suggestions
Glorious Passable
• glorious and concise abstract
• concise inclusion and protection of important components pertinent to shopper SOA • ample abstract in size
• important components of shopper SOA coated
(Vary: 6.5–eight marks) (Vary: four–6 marks)
correct, clear and full description of shopper’s private particulars and current place clearly based mostly on most key legitimate components ample description of shopper’s private particulars and current place sufficiently based mostly on many key legitimate components
• clearly matched to shopper’s expectations
• clear, correct and reasonable identification of monetary goals clearly based mostly on shopper’s monetary place • adequately matched to shopper’s expectations
• ample believable identification of monetary goals adequately based mostly on shopper’s monetary place
• logical, particular and clearly justifiable assumptions clearly based mostly on key components • ample and justifiable assumptions adequately based mostly on key components
(Vary: 10.5–13 marks) (Vary: 6.5–10 marks)
• logical recommendation on asset allocation which clearly aligns with shopper threat profile
• recommendation based mostly on comparability of present asset funding • ample recommendation on asset allocation which adequately aligns with shopper threat profile
• recommendation adequately based mostly on comparability of present asset funding
(Vary: four–5 marks) (Vary: 2.5–three.5 marks)
• plan clearly meets shopper requests
• plan clearly addresses all objectives and goals or moderately explains why not
• post-implementation Assessment clearly connects to suggestions • plan clearly meets shopper requests
• plan addresses most objectives and goals and/or gives some affordable explanations why not
• post-implementation Assessment principally connects to suggestions
(Vary: four–5 marks) (Vary: 2.5–three.5 marks)
• abstract is wordy and never concise
• inadequately covers important components pertinent to shopper SOA
(Vary: eight marks)
(Vary: zero–three.5 marks)
four. Current place/ details about shopper
invalid, unclear or incomplete description of shopper’s private particulars and current place insufficiently based mostly on key legitimate components
5. Monetary goals
• poorly matched to shopper’s expectations
• invalid or incomplete identification of monetary goals inadequately based mostly on shopper’s monetary place
6. Assumptions
• illogical, unclear assumptions with little or no foundation on key components
(Vary: 13 marks)
(Vary: zero–6 marks)
7. Threat profile and asset allocation
• poor recommendation on asset allocation with little or no alignment with shopper threat profile
• recommendation inadequately and insufficiently based mostly on comparability of present asset funding
(Vary: 5 marks)
(Vary: zero–2.zero marks)
eight. Plan thought by and meets objectives
• plan doesn’t meet all shopper requests
• plan doesn’t tackle all objectives and goals nor moderately explains why not
• post-implementation Assessment doesn’t or solely
partially connects to suggestions
(Vary: 5 marks)
(Vary: zero–2.zero marks)
9. High quality of recommendation and
suggestions
Glorious Passable
• high-quality recommendation supplied, particularly related to shopper questions inside the SOA
• recommendation clearly and skilfully integrates particular details about shopper scenario and consideration of key points
• logical, strategic and totally reasoned plan which clearly considers
results of
suggestions
• plan clearly aligns with shopper objectives • ample high quality recommendation supplied which applies to shopper questions inside the SOA
• recommendation adequately applies details about shopper scenario and a few consideration of key points
• adequately reasoned plan which sufficiently considers results of suggestions
• plan adequately aligns with shopper objectives
(Vary: 30–40 marks) (Vary: 20.zero–29.5 marks)
• complete clarification of the want and justification for service
• implementation schedule, together with all related steps
• complete notice about sustaining the SOA
• all charges and prices disclosed absolutely
• acceptable authority to proceed with all related info
• all acceptable warnings included • ample clarification of the want and justification for service
• implementation schedule, some steps included
• ample notice about sustaining the SOA
• some charges and prices disclosed absolutely
• ample authority to proceed with some related info
• some acceptable warnings
(Vary: three–four marks) (Vary: 2–2.5 marks)
• poor recommendation supplied with little or no relevance to
shopper questions inside the SOA
• recommendation has little or no software to details about shopper scenario and/or consideration of key points
• poorly thought by plan which inadequately considers results of suggestions
• plan has little or no clear alignment with shopper objectives
(Vary: 40 marks)
(Vary: zero–19.5 marks)
10. Ongoing service and Assessment
• insufficient/no clarification of the want and justification for service
• implementation schedule with minimal/no steps included
• insufficient/no notice about sustaining the SOA
• no charges and prices disclosed absolutely
• insufficient authority to proceed
• minimal/no acceptable warnings
(Vary: four marks)
(Vary: zero–1.5 marks)
11. Total SOA construction and
presentation of
SOA
Glorious Passable
• SOA is logical, simple to comply with and effectively structured, and would be understood and valued by the shopper
• important sections
(e.g. cowl sheet, desk of contents and many others.) are included
• materials inside sections is evident and full
• any tables or diagrams are clear and straightforward to know
• any supporting materials is important to understanding the plan and referenced inside the plan • SOA in all fairness effectively structured and would be helpful to the shopper. Some points missing clear communication
• important sections
(e.g. cowl sheet, desk of contents and many others.) are principally included
• materials inside sections is usually ample and full
• any tables or diagrams are clear and straightforward to know with minor errors
• any supporting materials is helpful to understanding the plan and referenced inside the plan
(Vary: 7–10 marks) (Vary: 5–6.5 marks)
• SOA is poorly structured and would be complicated to
the shopper. Missing in its communication of vital points
• important sections
(e.g. cowl sheet, desk of contents and many others.) aren’t included
• materials inside sections is insufficient and incomplete
• any tables or diagrams are incomplete, unclear and complicated
• any supporting materials is incomplete, irrelevant or incorrect with little or no right referencing
(Vary: 10 marks)
(Vary: zero–four.5 marks)
Assignment background
The assignment for FPC003 consists of 1 (1) case examine. You’re to analyse the quantitative and qualitative info supplied about purchasers Paul and Sandra McCann and produce an announcement of recommendation (SOA). The SOA should tackle the McCanns’ objectives and goals and incorporate the responses to varied questions they’ve posed to you as their adviser.
Discuss with Subject eight and the pattern SOA in the on-line assets for steerage on the construction and format of your SOA.
You’re required to deal with all the questions and key retirement points raised by the shopper under.
Readability and conciseness in the articulation of your responses are vital, with any explanations to be simply understood by the purchasers.
Marks are awarded for assignment analysis and referencing.
Please notice that you need to reference your SOA, for referencing directions seek advice from your Assignment Particulars part.
Assignment questions
Scope of recommendation
Your activity is to:
1. Look at the purchasers’ acknowledged objectives and goals for every of the following questions, points they’ve raised and, after Assessment, take into account acceptable responses.
The questions and points raised by the purchasers are vital in the improvement of acceptable methods you consider the purchasers should be contemplating. These inquiries to which the purchasers require a selected response should be addressed in your SOA. All objectives, points and instructions raised by the purchasers type the agreed scope of your recommendation to the McCann household.
2. Full an SOA that includes, in a coordinated and communicative approach, the methods the purchasers should be adopting and appropriate responses to every of the questions the purchasers need you to deal with. Your SOA should additionally conform to the content material and construction of an SOA and its element components as described in Subject eight and the pattern SOA, which may be present in the on-line assets for Subject eight.
The next questions and points raised by Paul and Sandra are designed as prompts that can Help you take into account the key points. Numerous assumptions are required. These assumptions should be integrated into your responses and the SOA.
Key retirement points
• After they retire, when Paul reaches age 62, they estimate they’ll require $65,000 per yr in right now’s , excluding the value of holidays each second yr estimated at $15,000. They need your recommendation as as to if that is reasonable and achievable, and what methods they should be enterprise now to attain this vital monetary aim, and why.
They’ve observed that their superannuation funds supply retirement earnings streams in the type of account-based pensions. They want to know the way they work and whether or not they’re one thing to think about in retirement.
In addressing these key retirement points, the McCann household have additionally raised the following associated questions and points which they need you to deal with in your written recommendation:
• Should they be trying to set up an SMSF and what are the professionals and cons of doing so? How may an SMSF help them in accumulating wealth for his or her retirement, significantly in the event that they needed to buy extra property? What can an SMSF try this their present funds can not?
• What’s your view of Paul and Sandra persevering with to spend money on residential property, coupled with unfavourable gearing, to construct wealth for retirement? Moreover, what choices should they be contemplating with their residential funding properties given their poor efficiency?
What are the professionals and cons of buying a Perth property to stay in in comparison with renting? Do you’ve gotten a view as to what they should do?
Paul and Sandra have heard that there would be no capital features tax (CGT) in the event that they hire out the household house for a brief interval, and they want you to clarify the present guidelines about this.
• Paul and Sandra aren’t conscious of superannuation beneficiary nominations and haven’t nominated any beneficiaries to their superannuation. What are they and what should they do about them, if something?
• Paul has requested your recommendation on an acceptable superannuation fund that may settle for his rollover advantages, and employer and voluntary contributions. He additionally needs to know what he should do along with his redundancy bundle.
• Sandra needs to construct her superannuation for retirement after listening to on the native radio about the significance of saving for retirement. When she begins her new job, she want to make investments extra in superannuation and would love you to advise her on how a lot she should contribute. Should she proceed to make use of CareSuper as her principal superannuation fund?
• In regard to Paul’s and Sandra’s life insurance coverage preparations, they need you to deal with their exact insurance coverage methods wants at a later time. Nevertheless, as they’ve insurance policies each inside and out of doors superannuation, what are the points they should be conscious of with every choice? Is it extra advantageous to include all the insurance policies they want by their superannuation funds?
Florence’s aged care necessities
• Florence (Sandra’s mom) has granted Sandra enduring energy of legal professional. You met Florence when she accompanied Paul and Sandra to the first appointment. You have got established that Florence is glad for Sandra to behave on her behalf.
Paul, Sandra and Florence need your recommendation on aged care and Florence’s money circulate when she strikes to the aged care facility. They want to know the way the charge would be calculated, the implications for her age pension and the way she should fund the refundable lodging deposit. In addition they wish to know roughly how a lot age pension Florence will get as soon as she enters the facility.
Case examine: Paul and Sandra McCann
You’re a monetary adviser and principal of All Out Monetary Planning, a boutique monetary planning apply licensed by ABC Monetary Options Pty Ltd (AFSL 222222).
You first met Paul and Sandra McCann two months in the past once they had been referred to you by an present shopper. At that assembly you accomplished a knowledge assortment type and the purchasers supplied you with copies of the following:
• present superannuation assertion for each companions
• tax return for the earlier monetary yr (2020/21) for every of them
• financial institution assertion of loans and financial savings.
The purchasers have requested that you simply put together an announcement of recommendation (SOA) which addresses their objectives and goals and every of the questions they’ve raised as outlined in the following ‘Scope of recommendation’.
They’ve confirmed that the following info collected by a complete reality discover is correct and nonetheless related.
Private particulars
Household title McCann McCann
Given title Paul Sandra
Marital standing Married
Dwelling tackle 1 Baker Ave, Wollongong NSW 2500
Contact quantity 0416 000 001 0416 000 002
Present age 53 51
Well being Good Good
Smoker Stopped smoking 18 months in the past No
Anticipated retirement age 62 When Paul retires
Dependant particulars
Identify Jackson Maddison
Age 15 13
Remarks Nonetheless at college Nonetheless at college As soon as the kids have accomplished their education, Paul and Sandra will proceed to Help them, if wanted, as much as $10,000 per yr every, as much as age 24
Employment particulars
Paul Present place as a senior threat and security engineer at BlueScope Metal, Wollongong, NSW, ending in two weeks’ time.
Commences new place as website engineer at Desert Port Company, WA, in two months’ time.
Sandra Keep-at-home mum or dad at present however has accepted a part-time place with a publishing firm in Perth, Ebook Press, and can begin in three months’ time.
Background
Paul and Sandra have been married for over 25 years. Paul has at all times been the primary earnings earner as Sandra selected to depart her job as a librarian some years in the past to be the main carer for his or her kids.
Paul has been working as an engineer at BlueScope Metal for the final 26 years and has just lately been provided a voluntary redundancy as a part of a serious restructure. His complete redundancy profit will be $175,000 after tax.
Thankfully, he was provided an ongoing contract as website engineer for Desert Port Company in
Western Australia, with the identical complete bundle that he’s on now ($195,000 plus superannuation of 10%), which he has accepted. The household will quickly transfer to Perth and Paul will begin his new function in about two months’ time.
Sandra is wanting ahead to returning to the workforce and has discovered a part-time function in Perth with a publishing firm, Ebook Press Pty Ltd. She confirmed she is going to begin her new job in about three months’ time and can earn $52,000 p.a. plus superannuation of 10%.
Paul and Sandra plan to hire initially at an estimated value of $650 per week. They’ve approached an agent to buy a property in Perth as they would favor to personal a property slightly than hire.
Paul will fly-in fly-out (FIFO) to the Pilbara area. He’s required to work for 10 days after which has six days off. The corporate will bear all his flying and residing bills in the Pilbara area.
The household house in Wollongong will be rented out at an anticipated gross rental of $600 per week.
Angle to investing — threat profile
Following the completion of a complete threat tolerance questionnaire and subsequent discussions with you, Paul and Sandra have agreed along with your conclusion that Paul is a ‘development’ profile investor and Sandra a ‘balanced’ profile investor.
Property and liabilities
Paul Sandra Joint Mortgage
St.George Financial institution on-line account $150,000
St.George Financial institution financial savings account $eight,000
Colonial First State Index Australian Share Fund $31,000
BlueScope Metal superannuation fund (balanced profile) $370,000
CareSuper Business Fund — conservative balanced choice $43,000
Industrial property — Brisbane $445,000 $340,000
Funding property — Gold Coast: Unit 1 $155,000 $135,000
Funding property — Gold Coast: Unit 2 $245,000 $205,000
Wollongong — household house $685,000 $217,000
Automobile $25,000
Dwelling contents (insured worth) $65,000
Estimated annual gross earnings particulars
Paul Sandra
Gross wage earnings $195,000 $52,000
Gross rental earnings** $53,400 $15,600
Curiosity earnings^ $2,500 $2,500
Managed fund earnings## $1,550
Whole $250,900 $71,650
** Rental earnings of four × properties together with Wollongong house.
^ Curiosity earnings from on-line financial savings account.
## 5% earnings excluding absolutely franked credit.
Annual bills — joint
Annual hire $33,800 Anticipated hire in Perth (annualised)
Annual residing $42,000
Holidays $10,000
Deductible outgoings (i.e. curiosity) $44,000 four × rental properties together with household house to be rented (interest-only repayments)
Kids’s training $20,000
Life insurance coverage (held exterior tremendous) $5,200
Motorized vehicle prices $three,000
Whole $158,000
Paul’s redundancy
Paul has suggested that the after-tax $175,000 redundancy cost will be added to the joint on-line financial savings account as above when he finishes.
Paul’s superannuation
Paul’s superannuation is with the BlueScope Metal Employer Fund. Its present worth is $370,000 (tax-free element is $22,000 and taxed element is $348,000).
Sandra’s superannuation
Sandra has a smaller superannuation steadiness of $43,000 in CareSuper Business Fund — conservative balanced choice (all taxed element). These advantages had been rolled over to CareSuper when she gave up work. She has not made any additional contributions.
Funding properties
The funding properties had been bought over an 18-month interval throughout 2014 and 2015.
Each residential funding models on the Gold Coast at the moment are valued under their unique buy worth together with prices. Authentic buy worth plus prices of the properties are as follows:
• Gold Coast (unit 1): $159,000
• Gold Coast (unit 2): $268,000
• Brisbane industrial property: $385,000
• Wollongong household house: $310,000.
Paul has learn some books on constructing wealth by property investments and has attended a number of funding seminars which have really helpful unfavourable gearing into property. He was instructed his property investments may double in seven to 10 years, however he’s very involved now that each his Gold Coast models are valued under their buy worth. He’s unsure about what to do with these properties, although he finds that total, after unfavourable gearing is calculated, he will get a tax benefit.
Paul mentioned he’s taken with exploring the institution of a self-managed superannuation fund (SMSF) as he has learn you may borrow by an SMSF to purchase property.
Paul’s and Sandra’s insurances
Paul and Sandra have clearly acknowledged that though they’ll require a Assessment of their life insurance coverage necessities, they are not looking for you to deal with this space in your SOA. They need you to deal with this individually, at a later time.
Nevertheless, they do need you to deal with some preliminary questions they’ve regarding the possession and workings of life insurance coverage insurance policies.
Their respective superannuation statements present that Paul and Sandra have fundamental life and complete and everlasting incapacity (TPD) cowl. They’ve mentioned they each maintain different life insurance coverage insurance policies exterior of the insurance policies of their superannuation funds.
Property planning
Each Paul and Sandra have easy wills that had been drawn up once they purchased the household house in Wollongong 15 years in the past. They go away all the things in particular person names to one another of their wills. They don’t have powers of legal professional, nor have they accomplished beneficiary nomination elections with their respective superannuation funds.
Paul and Sandra’s retirement plans
Paul plans to work for at the very least an additional 9 years and hopefully construct sufficient wealth to then retire. Sandra plans to retire at the identical time as Paul.
After they retire, they’ve estimated, given no debt, they’ll want $65,000 per yr in right now’s , excluding main holidays, which they plan to take each second yr at a value of $15,000 in right now’s . Their want at this stage is to retire in Wollongong or close to the south coast of New South Wales.
Sandra’s mom Florence — aged care concerns
Paul and Sandra additionally talked about that Sandra’s mom, Florence, aged 78, who resides of their granny flat (non-homeowner) in Wollongong has, due to sickness, been just lately assessed by an aged care staff who has granted approval for her to maneuver into an aged care facility.
Florence’s solely funding is $380,000 in money and time period deposits together with her financial institution. She receives a component age pension. Paul, Sandra and Florence have chosen a church-operated facility in Wollongong which
Florence feels snug with. It has a broadcast worth for a refundable lodging deposit of $240,000 (which she can pay in full upon entry utilizing her money/time period deposit funds). They consider that she will stay comfortably on an earnings of $22,000 per yr.
Sandra’s sister, who lives close to Wollongong, will be in a position to present Help to Florence whereas Paul and Sandra live in Perth.
Able to submit?
I’ve added my Scholar No. and phrase depend to my assignment.
• I’ve saved the file to be uploaded as: StudentNo_FPC003_AS_v11A1.
• My assignment is inside the phrase restrict and adheres to the pointers in the Assessment Preparation Information.
• My assignment file dimension is not any bigger than 20 MB.
• If tables had been required, they’re seen as textual content, not as hyperlinks or photos.
• I’ve proven all workings and calculations as instructed.
• I’ve referenced and cited all supply supplies utilizing the Harvard referencing model and, included a reference record at the finish of my assignment.
• I’ve submitted my assignment as one (1) Phrase file or PDF file as per the directions in KapLearn.
——–
Assignment Directions
Assignment marks: 95 | Analysis and referencing marks: 5 Whole marks: 100
Whole phrase restrict: 7,000 phrases
Weighting: 50%
Your assignment should be loaded into KapLearn by 11.30 pm AEST/AEDT on the due date.
Discuss with ‘Time remaining’ on the ‘Assignment’ web page in KapLearn to make sure you submit your assignment by the specified due date and time.
Studying outcomes (LO) mapping Marks
LO1 Analyse superannuation buildings and methods for numerous shopper conditions 25
LO2 Clarify the taxation implications of superannuation methods for contribution, withdrawal and insurance coverage at the fund stage 10
LO3 Analyse superannuation retirement earnings stream methods based on their advantages, tax implications and social safety remedy as they relate to totally different shopper conditions 10
LO4 Formulate methods to maximise superannuation advantages and
