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Assessment Description

Adam, aged 53, is an electrician, has been your client for many years. This year Adam’s father passed away leaving him an inheritance of $450,000.  Adam realising the importance of having sufficient funds in retirement decided to contribute the inherited funds into her superannuation account as a non-concessional contribution.


1.    If Adam contributes the $450,000 inheritance money as a non-concessional contribution, by how much will he be breaching the non-concessional contributions cap?

2.    Provide Adam with advice on how he could increase his superannuation?

3.    Adam’s electrical business has not been doing well and Adam has worked this year for a large engineering firm.  Adam’s assessable income is $35,000.  How much is Adam’s employer required to contribute to his super fund as part of the Superannuation Guarantee? Provide your answer in Dollars not a percentage

4.    After considering the contributions tax, how many dollars will actually be invested from the employer’s contribution?

5.    Is the Low Income Superannuation Contribution refund applicable to Adam?  Explain.

6.    After considering the contributions tax on the employer contribution and the Low Income Superannuation Contribution refund, how many dollars of the employer’s Superannuation Guarantee contribution will actually be invested in Adam’s super fund?

Adam’s brother, Benjamin, is currently age 63. He plans to retire on 30 June 2014 and will turn 65 on 15 August 2013. He wants to contribute the maximum possible into super so he can enjoy the benefits of a tax-free pension. Devise a strategy that is most likely to meet his objective of maximising concessional and non-concessional contributions for 2012/13 and 2013/14 financial years without creating an excess concessional or non-concessional contribution.

Case background
It is important to understand the workings of a financial planning office. It is likely that you will be looking after clients that have investments in superannuation across industry funds, retail funds, wholesale funds, corporate super funds and SMSF’s. For clients that are in receipt of pension income, it is a requirement that all funds (except for SMSF’s) provide a bank account into which pension income can be paid (at least annually). If the minimum pension at the end of the financial year has not been paid out (for whatever reason) from the super fund, all funds (except for SMSF’s) will automatically pay the minimum out, whether the member likes it or not, in order to comply with the prevailing legislation. The complexity exists when SMSF members are also the trustees. Sometimes SMSF members don’t remember to pay out the minimum pension income. Such clients often rely on you as the adviser to remind them of their obligations. The penalty for breaching the rules is harsh so it is important you ensure you have strict procedures in place to ensure none of your clients breach the law in regard to their superannuation obligations.

Lachlan and Jack are members of the JL Superannuation Fund which is a self-managed superannuation fund.  They are considering the purchase of a factory from Jack’s father in which they will be able to run their business of panel beating cars.  The fund has assets of $400,000, which consist of shares ($200,000), fixed interest securities ($100,000) and cash ($100,000).  The price of the factory is $300,000.

What is required to be considered in relation to the self-managed superannuation fund making the investment in the factory?

In your answer, provide comments on the following issues:

1.    the requirements in the superannuation fund’s investment strategy;

2.    Considerations in relation to the superannuation fund’s asset allocation

3.    whether it is possible for the superannuation fund to acquire the factory;

4.    alternative strategies on how the factory could be acquired by the superannuation fund;

5.    the advantages of having the factory as an investment of the superannuation fund

Case background
Structuring of Superannuation Benefits
During June 2011, you provided advice to your client, Gordon, concerning his financial planning needs.  It was estimated that, if Gordon had died at the time you gave your advice, his superannuation death benefit would be about $1.9 million.  This would have consisted of a tax-free component of $300,000 and a taxable component of $1.6 million.  You recommended in the original Statement of Advice that Gordon’s superannuation be paid to his spouse Michelle, partly as a lump sum and the remainder as a pension.  Gordon and Michelle have two children (Skye, age 21, and Julian, age 26) who both live at home.  Julian is unable to control his spending habits.

Question 1
Assume Gordon is 62 years old and is withdrawing the minimum amount required (under law) from his account based pension. Is the pension income he withdraws taxable? Why or why not? If Gordon was 57, would the tax status on his pension income be different? Explain.

Question 2
You have just been notified that Michelle has died and Gordon is seeking your advice about changing plans.  Provide your recommendations on changes that you would make to Gordon’s plan to ensure the children benefit equally from his superannuation.  Don’t forget to address the issues concerning Julian’s reckless spending habits.

Assessment Description
You are required to answer the following questions:
Question 1
Why is social security an important pillar of Australia society?

Question 2
Who is entitled to social security in Australia?

Question 3
Nancy plans to retire next month when she is 65 years of age. She provides you with the following details
•   single
•   homeowner
•   motor vehicle, household contents and other lifestyle assets have a market value of $200,000
•   cash management trust $50,000
•   bank savings account $10,000
•   fixed deposits $100,000; and
•     Share portfolio $50,000.
a.   Determine Nancy’s Age Pension entitlement when she becomes eligible to receive it.
b.    Is she assets tested or income tested?

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