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FIN2FPL FINANCIAL PLANNING 代写

    Jerry and Jenny Jones
    45 Trouble Street, Thornbury
    Jerry and Jenny Jones approach you for some financial planning advice. The couple earn a
    good level of combined income and enjoy a very comfortable lifestyle. They have
    accumulated a few investments but have not taken much interest in their superannuation
    balances. However, they have read a few reports of late which point out that the accumulated
    superannuation balances of many Australians will not be sufficient to support their retirement.
    The couple now feels that perhaps the time has come to seek some professional advice before
    it is too late.
    INITIAL MEETING – May 2013
    1.  Personal Details:
    Jerry Jones
    Address – 45 Trouble Street, Thornbury
    Age – 45
    Health – good (smoker)
    Employment: Marketing manager with Support Beds
    -Salary of $105,000 p.a. plus 9% superannuation guarantee contribution based
    on salary
    -Employer allows salary sacrificing
    Jenny Jones
    Address - 45 Trouble Street, Thornbury
    Age – 45
    Health – good (non-smoker)
    Employment: Part-time accountant (4 days a week) at Creative Accounts
    -Salary of $50,000 p.a. plus 9% superannuation guarantee contribution based
    on salary
    -Employer allows salary sacrificing
    The couple has 3 children: Jack (aged 14), Jade (aged 12) and Jasmine (aged 8).
    2.  Client objectives:
     Build wealth between now and when they retire – expected to be when Jerry and
    Jenny turn 60
     The couple estimate they will require a combined real income of $55,000 per annum
    in present value dollars from their superannuation funds when they retire
     They want an investment plan that is easy to manage
     Ensure that their overall investments are well proportioned based on their risk profile
    and of a suitable quality
     To continue to have their children attend private schools.
     They would like to minimise their tax liability as much as possible
     They wish to reduce their level of debt as quickly as possible
    FIN2FPL Financial Planning
    Semester 1, 2013
    3 of 6
    3.  Attitude to investment risk:
    The couple advise that they have a reasonably good knowledge and interest in financial
    markets but do not have the time to manage their investments themselves. They are prepared
    to take on some risk in order to achieve a higher rate of return but not an excessive amount of
    risk. They realise that there will be some short-term volatility in financial markets and are
    prepared to invest for the long-term. They also realise that their current investment allocation
    and plan is unlikely to provide them with an appropriate nest-egg in retirement.
    The couple has completed the following table to assist you in the task of identifying their risk
    profile.
    Your concerns. Mark each dotted line with a number.
    Not concerned: 1  Slightly concerned: 2 Concerned: 3  Very concerned: 4
    …4 Keep pace with inflation  …4 Desire for tax effectiveness
    …2 Easy access to cash  …2 Need to receive income from investments
    …3 Easy to manage …4 Desire for capital growth from investments
    …2 Attitude to short-term volatility in investments
    4.  Assets and liabilities – expected as at June 2013:
    Assets  Cost and year
    of purchase
    Current
    market value
    at 30 June
    Owner  Net return
    Family home $280,000 March
    2001
    $520,000  Joint  Nil
    Boat  $25,000
    January 2005
    $20,000  Jerry  Nil
    Cars  $42,000
    October 2011
    $22,000
    June 2008
    $35,000
    $12,000
    Jenny
    Jerry
    Nil
    Nil
    House contents
    $90,000  $50,000  Joint  Nil
    Rental property $320,000
    June 2004
    $410,000  Jerry  Net rental income
    (after interest paid) of
    2.5% p.a. of current
    value.
    Commonwealth Bank shares
    625 shares
    $16,000
    November 2002
    $38,000  Jenny  Fully franked
    dividend of 5% p.a.
    of current value
    Savings account with
    Bundoora credit union
    $25,000  Jerry  1.5% p.a.
    Term deposit with Bundoora
    credit union – 3 month
    $45,000  Jerry  4.0% p.a.
    Superannuation
    -conservative fund
    $195,000  Jerry  5.2% p.a. (average 5
    year return after taxes
    and fees)
    Superannuation 
    -capital stable fund
    $135,000  Jenny  4.1% p.a. (average 5
    year return after taxes
    and fees)
    FIN2FPL Financial Planning
    Semester 1, 2013
    4 of 6
    Notes
     The savings account balance is the expected closing balance as at 30 June 2013 and
    already incorporates any cash surplus or deficit for that year.
     The super balances for both Jerry and Jenny are made up solely from the 9%
    compulsory employer contributions. The couple have not made any additional
    voluntary contributions at this stage.
     The couple’s superannuation is made up of the following:
    o Jerry: Cash 10%; Fixed Interest 35%; Property 15%; Australian shares 30%;
    International shares 10%.
    o Jenny: Cash 20%; Fixed Interest 40%; Property 10%; Australian shares 20%;
    International shares 10%.
    Liabilities
    Item  Owner  Amount
    outstanding
    Annual repayments  Interest rate
    Family home
    mortgage
    -15 years
    Joint  $180,000  $19,100  6.5% p.a.
    Rental property
    -12 year
    Jerry  $125,000  $15,700 7% p.a.
    Personal car loan
    -5 years
    Jenny  $15,000  $4,000  10.5%
    Credit card  Joint  $6,000  Paid in full each month
    by due date so no interest
    is charged
    16.5%
    5.  Budgeted expenses for 2013 financial year
    Mortgage and loan payments (including interest and principle)  $38,800
    Work related expenses - tax deductible (Jerry $1,500 and Jenny $1,000)  $2,500
    Insurance $3,000
    Household (eg food, clothes)  $20,800
    Private education expenses  $20,000
    Utilities $4,300
    Entertainment  $8,000
    Travel and holidays  $7,000
    Motor vehicle expenses (includes comprehensive car insurance)  $8,500
    Sundries  $2,000FIN2FPL FINANCIAL PLANNING  代写
    Additional information:
      Assume rental income and share income remains the same for 2013/14. Bank interest will
    change in line with changes to account balances.
     Assume all of the couple’s expenses will increase by the CPI each year
     Assume the salary of Jerry and Jenny will increase by the CPI each year
     Assume the CPI is 3.5% p.a.
     Assume the annual loan repayments remain the same dollar amount each year until all
    debts are paid off
    FIN2FPL Financial Planning
    FIN2FPL FINANCIAL PLANNING  代写
    Semester 1, 2013
    5 of 6
     Assume any cash surplus (deficit) goes through the couple’s savings account.
     The couple’s eldest child Jack requires a lap-top computer for school – expected cost
    of $3,500 required during semester 2 2013.
     The credit card is used to pay their normal household expenses
     The couple advises that during the 2014 year, the kitchen will need renovating at an
    expected cost of $35,000. They expect to fund this from their term deposit.
     The couple do not have private health insurance
     Use current tax rates for all tax calculations
    SECOND MEETING – end of June 2013
      Jenny advises that she is to be retrenched from her employment from 1 July 2013 and
    that she will receive a lump sum termination payment from her employer of around
    $10,000 in accrued annual and long service leave and other employment payments.
    These are fully taxable.
    Jenny wants to now stay at home for a period to look after the children and will not seek
    to resume employment until July 2015 (expected pre-tax salary of around $25,000 p.a.
    working 2 days a week).
      To cover the lost income in the event of a retrenchment, the couple advise that although
    they would like to retain their current lifestyle as much as possible, they could reduce
    their entertainment expenses to a net $5,000 p.a. and reduce their travel expenses also to
    a net $5,000 p.a. commencing in July 2013. They do not believe they could cut back on
    much else.
    Required:
    You are required to prepare a report for the couple answering the issues detailed below. The
    report should be addressed and written for the couple. The report should contain a covering
    letter addressed to the couple detailing the purpose and general content of the report.
    There are no specific requirements for the format of the report. It should be user friendly for
    the client, answer the following questions through the use of headings, and make use of
    tables, charts etc where appropriate.
    1.  The couple requests that you analyse their financial situation based on the above
    information and provide some suggestions on how they could improve their long-term
    net wealth. Specifically, the couple requires a report which incorporates the following:
    a)  A cash flow statement for the financial year ending 30 June 2013 and a forecasted
    cash flow statement for the year ending 2014, including detailed tax calculations.
    b)  A current balance sheet as at June 2013.
    c)  A calculation of whether the couple’s accumulated superannuation at the time of
    expected retirement is likely to provide them with the level of income they require
    for the rest of their lives.
    To answer this part of the question, you are required to:
    FIN2FPL Financial Planning
    Semester 1, 2013
    FIN2FPL FINANCIAL PLANNING  代写
    6 of 6
      Prepare an excel spread sheet of accumulated superannuation for both Jerry
    and Jenny for each year from 1 July 2013 to 1 July 2028;
      Determine what amount of real income the couple would require from their
    superannuation accounts at the time of retirement (see client objectives).
      Determine what amount of income their accumulated superannuation is likely
    to provide in their retirement commencing in 2028.
    Note- you should determine your retirement income calculations based on the life
    expectancy of the couple using relevant life expectancy tables from this link).
    http://www.fahcsia.gov.au/guides_acts/ssg/ssguide-4/ssguide-4.9/ssguide-
    4.9.5/ssguide-4.9.5.47.html
    d)  Critically analyse the financial situation of Jerry and Jenny based on the
    information provided and discuss the ramifications of Jenny being retrenched.
    You are required to:
      provide an overall analysis of the couple’s situation identifying problem
    areas and weaknesses; and
      provide a calculation and discussion of relevant financial ratios (i.e. solvency,
    liquidity, savings and debt service) for the 2013 year and forecasted savings
    and debt ratios for 2014.
    2  a)  Determine what you believe is the risk profile of the couple based on the
    information provided in this case study (ie. conservative, balanced, growth, highly
    aggressive etc) and discuss the reasons for your view.
    b)  Determine the couple’s current asset allocation (across all their investments
    including super) in both $ and % terms. This should be presented in the form of
    the following table.
    Discuss the extent to which the current asset allocation is consistent with the
    couple’s risk profile determined in (a) above.
    Current asset allocation
    Name of
    FIN2FPL FINANCIAL PLANNING  代写
    investment
    Cash  Fixed
    interest
    Property  Australian
    shares
    International
    shares
    Total
    Total of asset
    class in $ terms
    Total of asset
    FIN2FPL FINANCIAL PLANNING  代写
    class in % terms
    c) Determine what you believe is an appropriate overall asset allocation for the
    couple based on their circumstances, risk profile, stage of life and the need for
    effective diversification. You should present this as a table setting out your
    recommended allocation across the various asset classes.
    3.  Provide four possible financial strategies that the couple may be able to use to improve
    their short-term and long-term financial situation. You should explain how each
    strategy would benefit the couple.