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Aff3111 Final Exam Paper

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Monash University
Semester One Examination 2008
Faculty of Business and Economics Department of Accounting and Finance
EXAM CODES: TITLE OF PAPER: EXAM DURATION: READING TIME: AFF3111 FINANCIAL PLANNING ENVIRONMENT 3 hours 10 minutes

THIS PAPER IS FOR STUDENTS STUDYING AT: (office use only - tick where applicable) Berwick Caulfield Clayton Gippsland Peninsula Sunway Distance Education Enhancement Studies Open Learning Other (specify)

During an exam, you must not have in your possession, a book, notes, paper, calculator, pencil case, mobile phone or any other material/item which has not been authorised for the exam or specifically permitted as noted below. Any material or item on your desk, chair or person will be deemed to be in your possession. You are reminded that possession of unauthorised materials in an exam is a disciplinable offence under Monash Statute 4.1. AUTHORISED MATERIALS CALCULATORS YES NO

(Permitted calculators: Citizen SRT-135, Casio FX82MS scientific calculator, the Casio FX82AU scientific calculator, and Sharp EL-735 financial calculator, or calculators with an 'approved for use' Faculty label) OPEN BOOK SPECIFICALLY PERMITTED ITEMS if yes, items permitted are: YES YES NO NO

This paper consists of a compulsory question in Part A, six questions in Part B, and nine (9) pages of Rates and Tables printed on a total of fifteen (15) pages. Answer Question One from Part A and Any Five Questions from Part B.
PLEASE CHECK THE PAPER BEFORE COMMENCING. THIS IS A FINAL PAPER.

STUDENT ID: …………………………...

DESK NUMBER: …………………….

THIS EXAMINATION PAPER MUST BE INSERTED INTO THE ANSWER BOOK AT THE COMPLETION OF THE PAPER. NO EXAMINATION PAPERS SHOULD BE REMOVED FROM THE EXAMINATION ROOM

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PART A QUESTION ONE IS COMPULSORY Question One (a) Briefly define the following: (i) (ii) (iii) (iv) (v) (vi) Financial Services Guide (FSG). Privacy Statement (PS). General advice. Personal advice. Unit trust. Trustee. (6 x 3 = 18 marks) (b) Discuss the four phases of the business cycle, including details on how they impact on the role of the financial adviser. (8 marks) What factors have led the Australian government to encourage self-funded retirement? Describe four actions that the government have taken to reduce reliance on social security payments. (10 marks) “Know your client: and “Know your product” are widely used phrases in financial services markets. What do the phrases mean, and why are they important? (12 marks) State the steps in the financial planning process. (12 marks) (18 + 8 + 10 + 12 + 12 = 60 marks)

(c)

(d)

(e)

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PART B
ANSWER ANY FIVE (5) QUESTIONS FROM THIS SECTION Question Two (a) Asset allocation is seen as an additional tool that can be used in the management of risk. Discus how asset allocation might support risk reduction. (6 marks) In 2008, Pham operates a small cleaning business. She disposes of a capital gains tax (CGT) asset that she has owned for two years (not an active asset of her business), and makes a capital gain of $17,000. She also has a capital loss in the same income year of $3,000 from the sale of another asset. What Pham’s net capital gain? (4 marks) What are the advantages and disadvantages of investing in a managed fund compared to direct investment? (10 marks)

(b)

(c)

Question Three (a) Briefly describe some of the investor services provided by managed funds. (6 marks) (b) What are the basic principles underlying the superannuation guarantee legislation. (6 marks) Describe the new style of account-based pensions that commenced on 1 July 2007. (8 marks)

(c)

Question Four (a) What are the differences between the assets test and the income test? (6 marks) (b) Drago retires in March 2008 after working for 20 years. He is 63 years old. He receives a payment of $300,000 as a retirement bonus. There is no pre-June 1983 or invalidity component in this payment. Assuming he is in the top marginal tax bracket, what tax will he pay on the employment termination payment? (6 marks) What must be disclosed to the client with regard to benefits received by the financial adviser? Why is it important for the client to have this information? (8 marks)

(c)

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Question Five (a) “All clients are at various stages in their lifecycle.” Discuss the life stages and give an example of each stage, where a change in circumstances might impact on a client’s financial wellbeing. (10 marks) Wong earns a taxable income of $35,000, on which a superannuation guarantee payment is made by his employer. He also makes salary sacrifice contributions. Wong receives no reportable fringe benefits and decides, on your advice, to contribute a further $1,000 as a non-concessional contribution to his superannuation fund. What is the maximum government co-contribution he can receive? (4 marks) What is the fringe benefits tax (FBT), and what is its purpose? (6 marks)

(b)

(c)

Question Six (a) Dave and Mary live apart as Dave moved into a nursing home a year ago. Mary lives in the family home. They have deemed income from joint investments of $8,000 pa. Their assets, excluding the family home, total $250,000. What pension entitlement could they expect under the income and assets test? (10 marks) Training and education are essential for financial advisers. What are the reasons for this ongoing concern? (5 marks) What is a “power of attorney”? Describe two different types of powers of attorney. (5 marks)

(b)

(c)

Question Seven (a) Discuss the objectives of investing. (10 marks) (b) What are the two tests for a superannuation fund to be a complying fund? (8 marks) (c) Delia works casually as a supermarket shelf stacker and has an assessable income of $8,000. Her husband, Harry, intends to contribute $1,000 to Delia’s superannuation fund. What is the maximum offset that Harry can claim on this contribution? (2 marks) END OF EXAM

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Rates and Tables
(effective as from 1 July 2007 unless stated otherwise) Single pa = per annum pq = per quarter pf = per fortnight Couple both eligible Couple one eligible partner Couple separated due to ill health (each) pf $537.70 $5.80 $543.50 pf $105.40 $234.33 $93.80 combined $232

Age Pension pf pf pf Maximum (includes supplement) $537.70 $898.20 $449.10 Pharmaceutical allowance $5.80 $5.80 $2.90 TOTAL $543.50 $904.00 $452.00 Rent Assistance (pensioners and allowees) pf pf pf Maximum (no children) $105.40 $99.40 $99.40 Maximum payment if rent above $234.33 $285.13 $285.13 No payment if rent below $93.80 $152.60 $152.60 Income Test for Pensions pf combined combined Full pension1 $132 $232 $232 (no dependent children) Part pension $1,490.75 $2,492.00 $2,492.00 $2,949.50 (no dependent children) Extra allowable income $24.60 $24.60 $24.60 $24.60 per dependent child Assets Test for Pensions combined combined combined Full pension2 – Home owner $166,750 $236,500 $236,500 $236,500 Full pension2 – Non-home owner $287,750 $357,500 $357,500 $357,500 Part pension – Home owner $529,250 $839,500 $839,500 $961,500 Part pension – Non-home owner $650,250 $960,500 $960,500 $1,082,500 1 Income over these amounts reduces the rate of pension payable by 40 cents in the dollar for single pensioners and 20 cents in the dollar for couples. 2 Single and combined couple rates are reduced by $3.00 per fortnight for every $1,000 of additional assets above the limit. This rate will fall to $1.50 from 20 September 2007. Deeming rates and thresholds Rates effective as from 20 September 2007 Thresholds from 1 July 2007 Single - pension or Couple – at least one Single/couple - not allowance getting pension getting pension $39,400 $65,400 $31,900 3.5% 3.5% 3.5% 5.5% 5.5% 5.5%

Threshold Rate below threshold Rate above threshold

Concessional contributions - $50,000 annual limit (from 1 July 2007) Age of member (years) Maximum contribution subject to 15% contributions tax 0 - 49 $50,000 50 - 74 $100,000 Government co-contribution – income test (from 2007/08) Assessable income and reportable Maximum government cofringe benefits (AI) contribution payment 0 - $28,980 $1,500 $28,981 - $58,979 $1,500 – [(AI – 28,980) x 0.05] $58,980 and over Nil

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AFF3111 PERSONAL FINANCIAL PLANNING Commonwealth Seniors Health Card (CSHC) (effective as from 1 July 2001) Single Couple Couple both eligible one eligible partner Allowable income $50,000 pa $80,000 p $80,000 Extra allowable income per dependent child $639.60 pa $639.60 pa $639.60 pa Pension Bonus Scheme – Rate if maximum pension payable A voluntary scheme that rewards people who Single Couple (each) defer claiming Age or Service Pension. $1,314.10 $1,097.60 To benefit you must register as a member then $5,256.60 $4,390.40 continue working for at least 12 months. $11,827.20 $9,878.40 $21,026.20 $17,561.60 $32,853.50 $27,440.00 Allowances – Newstart, Widow, Mature Age, and Special Benefit Family situation/benefit type pf Single, aged 21 and over, no children $424.30 Single, aged 21 and over, with children $458.90 Single, aged 60 and over (after nine months) $458.90 Couple, each partner aged 21 and over $382.80 each Single, principal carer of dependent child $525.10 Income Test for Allowances (see above) Family situation Full allowance pf Single, aged 21 and over Up to $62.00 Single, over age 60 after nine months Up to $62.00 Single, over age 18, with dependent children Up to $62.00 Partnered, over age 18 and with children, or over age 21 Up to $62.00 each Income Tax Rates, Australian Residents, Whole Year3 Taxable income Tax on this income $0 - $6,000 Nil $6,001 - $30,000 15 cents for each $1 over $6,000 $30,001 - $75,000 $3,600 plus 30 cents for each $1 over $30,000 $75,001 - $150,000 $17,100 plus 40 cents for each $1 over $75,000 $150,001 and over $47,100 plus 45 cents for each $1 over $150,000 Excludes Medicare levy. Fringe Benefits Tax Type of aggregate FB amount Type 1 Type 2 Gross-up factor Pre-31 March 2006 1 April 2006 + 2.1292 2.0647 1.9427 1.8692

Couple separated due to ill health $100,000 $639.60 pa

Maximum bonus after Year 1 Year 2 Year 3 Year 4 Year 5

Part allowance pf Less than $800.50 Less than $858.17 Less than $858.17 Less than $731.34 each

3

Superannuation contributions – self-employed or substantially self-employed Amount of contribution Maximum deduction 0 - $5,000 $5,0004 $5,001 and over $5,000 + 75% of excess over $5,000 4 Actual amount of the contribution will be the maximum deduction.

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Reasonable Benefit Limits5 Year Lump sum RBL Pension RBL 2001/02 $529,373 $1,058,742 2002/03 $562,195 $1,124,384 2003/04 $588,056 $1,176,106 2004/05 $619,223 $1,238,440 2005/06 $648,946 $1,297,886 2006/07 $678,149 $1,356,291 5 Lump sum RBL reduced by 2.5% for each year taxpayer is below age 55. Abolished from 1 July 2007. Eligible Termination Payments6 Assessable portion 5% 5% Not assessable Not assessable Not assessable 2001/02 - $5,295 + ($2,648 x yrs of service)8 2002/03 - $5,623 + ($2,812 x yrs of service)8 2003/04 - $5,882 + ($2,941 x yrs of service)8 2004/05 - $6,194 + ($3,097 x yrs of service)8 2005/06 - $5,882 + ($2,941 x yrs of service)8 2006/07 - $6,783 + ($3,392 x yrs of service)8 Excess of above 100%

Component Pre 1 July 1983 Pre 1 July 1994 Concessional7 Undeducted contributions (paid on or after 1 July 1983) Post 30 June 1994 invalidity CGT-exempt (0 - $500,000) Bona fide redundancy or approved early retirement scheme payment (postJune 1994)

Rate of tax Marginal tax rate Marginal tax rate Exempt Exempt Exempt Exempt Exempt Exempt Exempt Exempt Exempt Ordinary ETP 38% on post-June 1983 taxed element 45% on remainder 47%

Excessive (payer is a taxed source e.g., super fund) – pre-1 July 20079

Excessive (all other payers e.g., 100% employer) – pre-1 July 20079 Non-qualifying 100% Marginal tax rate 100% Post 30 June 1983 - taxed 20% - under 55 years - 55 years and over 0% 0 to $135,590 15% over threshold 100% Post 30 June 1983 - untaxed 30% - under 55 years - 55 years and over 15% 0 to $135,590 30% over threshold 6 Medicare levy and levy surcharge may be added to whichever rate is applicable (other than zero) 7 This component comprises bona fide redundancy payments, approved early retirement scheme payments and invalidity payments which were made pre-July 1994 or are made post-June 1994 from rollover funds. 8 This amount is not an ETP. 9 RBLs have been abolished from 1 July 2007, so there will be no excessive component from that date. Tax Offset (Rebate) for Spouse Super Contributions Spouse’s assessable income Maximum rebatable Maximum rebate (18% of the plus reportable fringe benefits contributions (MRC) lesser of) (AI) $0 to $10,800 $3,000 MRC or actual contribution $10,801 to $13,799 $3,000 – (AI – $10,800) MRC or actual contribution

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AFF3111 FINANCIAL PLANNING ENVIRONMENT $13,800 and above $0 $0

Minimum Annual Pension Payment Percentages – Account-based Pensions Age Percentage factor Under 65 4% 65-74 5% 75-79 6% 80-84 7% 85-89 9% 90-94 11% 95 and above 14%

Lifetime benefit employment termination payments Component Tax treatment 10 Tax-free component Tax-free Taxable component • Preservation age to age 59 - amount up to $140,000 – taxed at 15% - amount over $140,000 – taxed at top MRT • Below preservation age - amount up to $140,000 – taxed at 30% - amount over $140,000 – taxed at top MRT 10 Medicare levy is added to the applicable tax rate. Death benefit employment termination payments Component Tax treatment 10 Tax-free component Tax-free Taxable component • Payment to a dependant - amount up to $140,000 – tax-free - amount over $140,000 – taxed at top MRT • Payment to a non-dependant - amount up to $140,000 – taxed at 30% - amount over $140,000 – taxed at top MRT • Payment to a trustee of deceased estate - Taxed in the hands of the beneficiary of the estate as above, based on whether dependant or non-dependant Taxation of benefits – taxed source Lump Sum Income stream Tax-free Tax-free Marginal tax rates apply (15% tax Not payable on amounts offset) below the low-cap rate ($140,000 for 2007/08) Taxed at 15% on amounts above $140,000 Taxed at 20% Marginal tax rates apply (no tax offset)

Age of recipient 60 and over Preservation age to age 59

Under preservation age

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Age of recipient 60 and over

Preservation age to age 59

Under preservation age

Taxation of benefits – untaxed source Lump Sum Income stream Taxed at marginal tax rates (10% - Taxed at 15% up to the tax offset) untaxed plan cap amount ($1 million for 2007/08) - Excess amounts taxed at top MRT Marginal tax rates apply (no tax Taxed at 15% up to the lowrate cap amount ($140,000 for offset) 2007/08) - Taxed at 30% between $140,000 and up to $1 million Excess amounts taxed at top MRT Marginal tax rates apply (no tax - Taxed at 30% between $140,000 and up to $1 million offset) Excess amounts taxed at top MRT

Year 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999

Quarterly CPI number (applicable to disposals on or after 1 January 1992) 31 March 30 June 30 September 31 December 71.3 72.7 74.4 75.6 77.6 79.8 81.4 82.6 84.0 85.5 87.0 88.5 90.2 92.0 92.9 95.2 97.4 99.2 100.9 102.5 103.3 106.0 105.8 106.0 106.6 107.6 107.6 107.3 107.4 107.9 108.9 109.3 109.8 110.0 110.4 111.2 111.9 112.8 114.7 116.2 117.6 118.5 119.0 119.8 120.1 120.3 120.5 120.2 119.7 120.0 120.3 121.0 121.3 121.9 121.8 122.3 123.4 N/A*

Low Rate ETP Threshold (post June 1983 components) Year Threshold amount 2001/02 $105,843 2002/03 $112,405 2003/04 $117,576 2004/05 $123,808 2005/06 $129,751 2006/07 $135,590

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11

Deductions for Employer Super Contributions – Age-based Limits11 Age in years Year Under 35 35 to 49 50 and over 2001/02 $11,912 $33,087 $82,054 2002/03 $12,651 $35,138 $87,141 2003/04 $13,233 $36,754 $91,149 2004/05 $13,934 $38,702 $95,980 2005/06 $14,603 $40,560 $100,587 2006/07 $15,260 $42,385 $105,113 Age refers to the relevant employee’s age at the time of the contribution or, if there is more than one contribution, at the time of the last contribution in the year of income. Life Expectancy Factors 2000/02 1995/97 commenced to be payable on commenced to be payable on or after 1 January 2005 or after 1 January 2000 to 31 December 2004 inclusive Male 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 34.98 34.06 33.13 32.22 31.30 30.39 29.49 28.59 27.69 26.80 25.92 25.05 24.19 23.34 22.49 21.66 20.84 20.04 19.24 18.46 17.70 16.95 16.21 15.48 14.78 14.08 Female 39.23 38.28 37.33 36.39 35.45 34.51 33.58 32.66 31.73 30.82 29.91 29.00 28.10 27.21 26.32 25.44 24.57 23.71 22.85 22.00 21.15 20.32 19.49 18.67 17.87 17.08 Male 33.32 32.30 31.38 30.46 29.55 28.64 27.74 26.85 25.97 25.09 24.22 23.36 22.52 21.68 20.86 20.05 19.25 18.46 17.70 16.94 16.21 15.49 14.79 14.11 13.44 12.80 Female 37.81 36.86 35.92 34.98 34.04 33.11 32.18 31.26 30.34 29.43 28.53 27.63 26.74 25.86 24.98 24.11 23.25 22.39 21.54 20.70 19.88 19.06 18.25 17.46 16.67 15.90

Age when annuity or pension started (years)

1990/92 commenced to be payable on or after 1 January 1996

Male 32.01 31.09 30.18 29.27 28.37 27.48 26.59 25.71 24.84 23.98 23.13 22.30 21.47 20.66 19.87 19.09 18.32 17.57 16.83 16.12 15.41 14.73 14.06 13.40 12.76 12.14

Female 37.00 36.05 35.11 34.18 33.25 32.32 31.40 30.49 29.58 28.68 27.78 26.90 26.02 25.14 24.27 23.42 22.57 21.72 20.89 20.07 19.26 18.45 17.66 16.89 16.12 15.37

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Minimum and Maximum Pension Valuation Factors for Allocated Pensions and Annuities (for pensions starting between 1 July 2007 and 19 September 2007) Age of Beneficiary Maximum pension Minimum pension valuation valuation factor factor 45 12.0 24.2 46 12.0 24.0 47 12.0 23.7 48 12.0 23.4 49 12.0 23.1 50 12.0 22.8 51 11.9 22.5 52 11.8 22.2 53 11.8 21.8 54 11.7 21.5 55 11.5 21.1 56 11.4 20.8 57 11.3 20.4 58 11.2 20.1 59 11.0 19.7 60 10.9 19.3 61 10.7 18.9 62 10.5 18.5 63 10.3 18.1 64 10.1 17.7 65 9.9 17.3 66 9.6 16.8 67 9.3 16.4 68 9.1 16.0 69 8.7 15.5 70 8.4 15.1 71 8.0 14.6 72 7.6 14.2 73 7.2 13.7 74 6.7 13.3 75 6.2 12.8 76 5.7 12.3 77 5.1 11.9 78 4.5 11.4 79 3.8 10.9 80 3.1 10.5 81 2.3 10.0 82 1.4 9.6 83 1 9.1 84 1 8.7 85 1 8.3 86 1 7.9 87 1 7.5 88 1 7.2 89 1 6.9 90 1 6.6 91 1 6.3 92 1 6.0 93 1 5.8 94 1 5.5 AFF3111 Final Exam Semester 1 2008 Page 13 of 15

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AFF3111 FINANCIAL PLANNING ENVIRONMENT 95 96 97 98 99 100 or more 1 1 1 1 1 1 5.3 5.1 4.9 4.7 4.5 4.4

Minimum and Maximum Pension Valuation Factors for Allocated Pensions and Annuities (started on or after 1 January 2006) Age of Beneficiary Maximum Minimum 30 12.0 27.6 31 12.0 27.4 32 12.0 27.2 33 12.0 27.0 34 12.0 26.8 35 12.0 26.6 36 12.0 26.4 37 12.0 26.2 38 12.0 26.0 39 12.0 25.8 40 12.0 25.5 41 12.0 25.3 42 12.0 25.0 43 12.0 24.8 44 12.0 24.5 45 12.0 24.2 46 12.0 24.0 47 12.0 23.7 48 12.0 23.4 49 12.0 23.1 50 12.0 22.8 51 11.9 22.5 52 11.8 22.2 53 11.8 21.8 54 11.7 21.5 55 11.5 21.1 56 11.4 20.8 57 11.3 20.4 58 11.2 20.1 59 11.0 19.7 60 10.9 19.3 61 10.7 18.9 62 10.5 18.5 63 10.3 18.1 64 10.1 17.7 65 9.9 17.3 66 9.6 16.8 67 9.3 16.4 68 9.1 16.0 69 8.7 15.5 70 8.4 15.1 71 8.0 14.6 72 7.6 14.2 73 7.2 13.7 AFF3111 Final Exam Semester 1 2008 Page 14 of 15

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AFF3111 FINANCIAL PLANNING ENVIRONMENT 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 or more 6.7 6.2 5.7 5.1 4.5 3.8 3.1 2.3 1.4 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 13.3 12.8 12.3 11.9 11.4 10.9 10.5 10.0 9.6 9.1 8.7 8.3 7.9 7.5 7.2 6.9 6.6 6.3 6.0 5.8 5.5 5.3 5.1 4.9 4.7 4.5 4.4

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