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Old 04-10-2011, 08:25 PM   #11
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Originally Posted by sweetp7282 View Post
Hi...

Let me know whr u need help,, i ll try as much as i can......

Thanks for getting back to me! very much appreciated.

I'm looking at question 2b trying to determine gaps between capital required and financial position. If I calculate living expenses as $1,125,000 and assets as $601,015 I get a gap of $524k. I then figured I needed to also include investment earnings over their retirement but in doing this it more than easily closes the gap, so guessing I'm going wrong somewhere... Just wondering if I'm on the right track, just not sure how else to approach it...

Thanks again.
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Old 05-10-2011, 09:28 AM   #12
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Originally Posted by benten View Post
Thanks for getting back to me! very much appreciated.

I'm looking at question 2b trying to determine gaps between capital required and financial position. If I calculate living expenses as $1,125,000 and assets as $601,015 I get a gap of $524k. I then figured I needed to also include investment earnings over their retirement but in doing this it more than easily closes the gap, so guessing I'm going wrong somewhere... Just wondering if I'm on the right track, just not sure how else to approach it...

Thanks again.


Hi,

Here are the ans for Q2 A & B
Attached Files
File Type: doc Estimated Capital Value.doc (34.5 KB, 495 views)
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Old 05-10-2011, 05:33 PM   #13
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Hi,

Here are the ans for Q2 A & B
That's a massive help!!

Makes more sense...

Thanks again.
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Old 06-10-2011, 11:04 PM   #14
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Question 5

Hi, can anyone ehlp with question 5b, for some reason I am really struggling with it,

cheers
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Old 07-10-2011, 07:23 AM   #15
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Hi, can anyone ehlp with question 5b, for some reason I am really struggling with it,

cheers
Hector,

the two legally acceptable strategies you can use are:
  1. Convert Michael's Super into Pension
  2. Make a non-concessional contribution from Cash Management Trust into Michael's super before he retires ($150K) and convert it into pension (from point 1) [ this will reduce their deemed assets income for centrelink purpose]

Try working on these two strategies....
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Old 07-10-2011, 07:23 PM   #16
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Thanks, it's funny I got RM, FFP & IP1 pretty well but with SRP I find myself stumped more often than not. I've got 5 weeks to get this assignment done and it's the 1st time I am really struggling with it.
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Old 12-10-2011, 09:04 PM   #17
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SRP 0510 help re contributions & strategies

Hi,

I am just looking for a bit of guidance as to contributions and strategies for both Michael and Karen which relates to questions 1 and 6. I'm getting more and more lost with this the more I think about what strategy to provide.

I have Michael making a non-concessional contribution of $150,000 before retirement. Obviously salary sacrificing is out of the questions due to retirement in one months time.

Is it possible to consider Michael making a personal concessional after he retires as he will be eligible assuming he retires in the same financial year he has just worked therefore passing the work test? Maxing out his concessional conts for the year will provide him with a $45K to $50K tax deduction therefore reducing his tax. Is this possible? As all the funds from the cash management trust and their personal bank account could be used and Michael could draw a pension for their living expenses?

With Karen I recommend entering a salary sacrifice arrangement until she retires. She could sacrifice the majority of her salary and draw from TRIS pension (to be setup for her). What about any non-concessional for her? There most likely wouldn't be much left after Michael contributes the funds from the personal bank accounts. Could Karen do an in-specie transfer of her shares into her super fund and the market value at that date would be treated as non-concessional contribution for her. Obviously cap gains will be payable for her personally for this but any income and future cap gains will be tax free as she will be over 60?

I'm also thinking that rolling both of their super funds into one Self Managed Super Fund in which case Michael could draw pension amounts and Karen could make non-concessional conts using these funds while she is still employed to help 'dilute' her account which will increase the tax free component in case the super benefits are passed onto her children and this will make the benefits more tax-free than taxable as currently this is not the case.

Am I on the right track here or have I totally confused myself?

Any help would be much appreciated.

Thanks
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Old 15-10-2011, 11:54 AM   #18
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Originally Posted by sweetp7282 View Post
Hi,

Here are the ans for Q2 A & B
Thanks for providing your answer to these questions, but can you please explain to me how you calculated the tax payable amount of $21k as I'm struggling to work out why it would be so high.

Also I see that you've used a simple FV calculation to ascertain the FV of their current assets in order to ascertain the gap, but won't the asset base be reduced by the expenses of $50k per year?

There also doesn't seem to be any allowance for the information provided that Karen will be working for another 3 years.

Please note that these comments are not meant as a criticism of the answer that you've kindly provided, I'm just trying to understand the level of detail we are expected to provide for this answer as my initial thoughts were that I would have to virtually produce a SoA in order to respond and I've come on line to try and make sure I'm on the right track...
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Old 19-10-2011, 10:20 PM   #19
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hi,

i have just cleared my SRP 0510 assignment with excellent remarks!! phew!!! took a long time to complete it than anticipated....

if you still need help... let me know.. i may be able to help...
Hi sweetp7282,

Sorry, anoth one. Q3 how did you come up with total super at age 65? Still unsure when it says to take her investment income into the equation...

Any help would be appreciated. Thanks
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Old 20-10-2011, 07:16 AM   #20
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Hi Sacko,

I understand your comments and I have tossed lot of ideas to provide this answer. More I thought, more I make my answer complicated.

I have made a note in the answer that you need to take into consideration their living expenses after their retirement as they will be drawing down theit capital.
Also, I assumed that for next three years Karen's salary will be used for their living expenses.

I would have made cpompunded calculations but that became more complex. So I just stopped making it too complicated and calculated it as a new layman student.

Don't think too much and make it too difficult. I guess they dont expect you to provide everything as long as they know you are on right track.

hope my justifications helped u...



Quote:
Originally Posted by Sacko View Post
Thanks for providing your answer to these questions, but can you please explain to me how you calculated the tax payable amount of $21k as I'm struggling to work out why it would be so high.

Also I see that you've used a simple FV calculation to ascertain the FV of their current assets in order to ascertain the gap, but won't the asset base be reduced by the expenses of $50k per year?

There also doesn't seem to be any allowance for the information provided that Karen will be working for another 3 years.

Please note that these comments are not meant as a criticism of the answer that you've kindly provided, I'm just trying to understand the level of detail we are expected to provide for this answer as my initial thoughts were that I would have to virtually produce a SoA in order to respond and I've come on line to try and make sure I'm on the right track...
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