Research Assignment help


Research Assignment

FNSFPL502 – FNSFPL508 – FNSINC501 2016

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ASSESSMENT EVENT/S Event 2 of 3

ASSESSMENT CONDITIONS/ INSTRUCTIONS TO STUDENTS

  • Answers must be typed (not hand written).
  • Assignments to be submitted electronically through SAKAI All parts must be completed

DUE DATE – As detailed on Sakai site

PERFORMANCE MEASURMENT   Results will be reported as:- Satisfactory or not yet Satisfactory

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Plagiarism Declaration

I have read the Student Service Guide under Student Responsibilities to “… not engage in plagiarism, collusion or cheating in any assessment event or examination”.

 

Student Signature…………………………………………Date………………………………………………

 

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CASE STUDY

Your clients are Daniel Brown and Louise Brown. They have telephoned you to make an appointment for financial advice.

Daniel Brown (45) is an electrician and works for Energy Australia. He is married to

Louise (41). They have two children Oliver (13) and Kel (10).

Daniel receives a salary of $80,000 per annum and Louise has a casual job which pays $29,000 per annum (before tax).  Please use current tax rates.

The children attend private school with annual fees of $7,000 each per annum. They also pay living expenses of $40,000 and mortgage payments of $16,000 per annum.

The family home is valued at $700,000 which has a mortgage of $320,000. The repayments on the mortgage are $50 per annum per $1,000 borrowed.

Daniel has superannuation of $80,000 AND Louise $50,000. It is currently invested in a cash option.

Your clients would like advice about holding their insurance within their superannuation.

They also have a car loan of $35,000 which costs $900 per month and a credit card debt of $13,000 which costs $800 per month.

Your clients have adequate Life Insurance which costs $2,200 per annum in addition to their other annual expenditure. They do not have any other personal insurance.

Your clients rarely take sick leave and have accumulated entitlements of four weeks each. They also keep two weeks holiday in case of emergency because their elderly parents live in Perth.

Your clients do not have private health insurance and do not have a will and do not have powers of attorney.

Your clients have advised that they do not require retirement advice at this stage and would like to focus on paying off their mortgage.

Question 1

Identify eight financial planning issues contained in the case study. Question 2

Prioritise the issues identified in question 1 and include reasons for your ranking. Question 3

Prepare a current annual budget for Daniel and Louise with income, tax, medicare levy and expenditure.

Question 4

Prepare a personal balance sheet for Daniel and Louise. Question 5

Add a column to your budget document and calculate the percentage of total expenditure that each expenditure item represents.

 

Question 6

 

Prepare three important observations about the expenditure pattern. Question 7

Prepare recommendations for Daniel and Louise that will improve their financial position.

 

Question 8

 

What advice would you provide to Daniel and Louise about their insurance? Question 9

Prepare a new annual budget and balance sheet after the implementation of your recommendations.

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