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Superannuation & Retirement Planning - Kaplan STUDY FRIENDS NEEDED!

 
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Old 18-01-2010, 03:25 PM   #31
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I just got back a not competent. Mines about 40 pages. I ended up with them gifting some to there daughters, paying no tax and getting about $9000/ year pension, i also increased there super to what they need, Kaplan said there were other tax effective options. I don't know what's more tax effective than zero tax? I didn't do a transistion to retirement, obviously they want this. Can someone give me some guidance. Also they said i should combine the assets under the asset test, and use the full amount for the test, someone on this site got told to halve the assets, what the f#*k, any help appreciated.
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Old 18-01-2010, 03:29 PM   #32
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Did you pass, i'm getting some contridictions to the information you were told.
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Old 19-01-2010, 08:21 AM   #33
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I just got back a not competent. Mines about 40 pages. I ended up with them gifting some to there daughters, paying no tax and getting about $9000/ year pension, i also increased there super to what they need, Kaplan said there were other tax effective options. I don't know what's more tax effective than zero tax? I didn't do a transistion to retirement, obviously they want this. Can someone give me some guidance. Also they said i should combine the assets under the asset test, and use the full amount for the test, someone on this site got told to halve the assets, what the f#*k, any help appreciated.
So question 6 is where you are having trouble. I'd have to double check what I did, but yes I did do a transition to retirement for Bernatte. This slightly decreased the medicare surcharge etc. Also remember other tax offsets that they might be eligible for (not sure if we had to do this, but I did).

My assignment was based on the 08 rules, so remember that salary sacrificing will reduce her assessable income (if you have the same assignment I had).

I also made sure that I showed Richard's age pension entitlements until Bernadette retired, and consequently Bernadette's at her retirement.

A TTR for Bernadette will also result in her receiving a tax free income stream, while being able to tax effectively increase her super via salary saxcrifice, government co-contributions etc so maybe they are talking about this.
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Old 19-01-2010, 04:12 PM   #34
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Originally Posted by Hogboy View Post
I just got back a not competent. Mines about 40 pages. I ended up with them gifting some to there daughters, paying no tax and getting about $9000/ year pension, i also increased there super to what they need, Kaplan said there were other tax effective options. I don't know what's more tax effective than zero tax? I didn't do a transistion to retirement, obviously they want this. Can someone give me some guidance. Also they said i should combine the assets under the asset test, and use the full amount for the test, someone on this site got told to halve the assets, what the f#*k, any help appreciated.
Hi Hogboy,
Shame you got back a non-competent, never nice to see that mate.
I got mine back between Christmas New Years marked competent on the first attempt.

I take it all your issues relate to the strategy report (Question 6) ?

My assignment was well over 40 pages and i have no idea how many words, but this is pretty irrelevant as it is really the quality of the content that counts.

I did look at gifting to the children but this didn’t really benefit R & B in any way other than helping their daughters as gifts are still included as assets for up to 5 years.

Not quite sure how you got them paying zero tax ?

I would definitely include a TTR considering it was one of the initial questions. Although minimal, you really need to show how it works. I think i worked it out to increase her super by a couple grand per year and reducing her tax by about a grand.

You definitely need to combine the assets, but only apply half to Richard as he is the only one able to claim the pension. You also need to include her salary because he is seen to be benefiting half of that. If you look at the examples in the workbook you really can’t go wrong. from memory there are some examples that you can follow and i think i also refered to the Case Study towards the end which helped understand it also.

Did you do anything with the money in the CMT ?
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Old 20-01-2010, 08:05 AM   #35
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I did gift to the children (up to the deprivation limits) simply because one of their goals was to support their children now. Under the deprivation limits the gifting isn't included in assessable assets for up to 5 years.

Therefore, this also had the benefit of reducing their assessable assets slighltly. That said, it resulted in them losing their own assets. However, like I said, one of their goals was to support their children now and in the future.

That said, I just used the CMT for income prior to retirement. If I had pursued another strategy, then the gifting probably would not have been necessary.
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Old 20-01-2010, 03:16 PM   #36
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I to need to do a resubmission. Think i way underestimated the answer needed. I just hit wall and didnt know what else to include and hoped the commetns back from Kaplan would help. Thye sort of do. But i still need help with q 6.
I didnt do a TTR, but feel i prob should, as someone says it is mentioned in the folder. Perhaps I should include what Kaplan wants to read.
I transferred the Cash Man Trust and Bank account into Berns super. I thought it would be a good idea - better returns as Super, less asset/income for Rich when applying for Age Pension. ANyone suggest why not?
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Old 20-01-2010, 09:50 PM   #37
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I to need to do a resubmission. Think i way underestimated the answer needed. I just hit wall and didnt know what else to include and hoped the commetns back from Kaplan would help. Thye sort of do. But i still need help with q 6.
I didnt do a TTR, but feel i prob should, as someone says it is mentioned in the folder. Perhaps I should include what Kaplan wants to read.
I transferred the Cash Man Trust and Bank account into Berns super. I thought it would be a good idea - better returns as Super, less asset/income for Rich when applying for Age Pension. ANyone suggest why not?
the answers i guess need to be fairly detailed to properly answer the questions, and yes they can get long....

re: TTR, as it is the focus of one of the questions i thought it was quite important to include also. although the increase in super and the saving of tax is quite negligible, it is important to show you understand the way it works.

re: CMT funds, i didn't do that but the feedback i got about that part was that it was probably better in B's super, esp when it comes to R's assets test
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Old 21-01-2010, 11:54 AM   #38
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.re: CMT funds, i didn't do that but the feedback i got about that part was that it was probably better in B's super, esp when it comes to R's assets test
I also received feedback that it was probably better to put most of it in the super. I approached it from a slightly different angle.
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Old 21-01-2010, 12:06 PM   #39
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I also received feedback that it was probably better to put most of it in the super. I approached it from a slightly different angle.
yeah fair enough, i bet there are many many ways to go about it.
by all means i did contribute most to super but in even amounts between his and hers leaving enough for the emergency funds as required.
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Old 01-03-2010, 04:59 PM   #40
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Doing this assignment right now and happy to discuss with anyone.
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