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Subject Code : FPC003
Assignment Task:

Task:

Case study: George and Anita Papadakis
You are Ashley Craig, senior financial planner and principal of All Out Financial Planning, a boutique financial planning practice licensed by ABC Financial Solutions Pty Ltd (AFSL 222222).
You first met George and Anita Papadakis two months ago, when they were referred to you by an existing client. At that meeting you completed a data collection form and the clients provided you with copies of the following:
• current superannuation statement for both partners
• tax return for the previous financial year (2018/19) for each of them
• bank statement of loans and savings.
The clients have requested that you prepare a statement of advice (SOA) which addresses their goals and objectives and each of the questions they have raised as outlined in the following ‘Scope of advice’. They have confirmed that the following information collected through a comprehensive fact find is accurate and still relevant.

 

Employment details
George Current position as a senior mining engineer at Wolly Steel, Wollongong, NSW, finishing in two weeks time. Commences new position as site engineer at Desert Port Corporation, WA in two months time. Anita Stay-at-home parent currently but has accepted a part-time position with a publishing company in Perth, Book Press, and will start in three months time.
Background
George and Anita have been married for over 25 years. George has always been the main income earner as Anita chose to leave her job as a librarian some years ago to be the primary carer for their children. George has been working as an engineer at BlueScope Steel for the last 26 years and has recently been offered a voluntary redundancy as part of a major restructure. His total redundancy benefit will be $175,000 after tax.

Fortunately, he was offered an ongoing contract as site engineer for Desert Port Corporation in Western Australia, with the same total package that he is on now ($195,000 plus superannuation of 9.5%), which he has accepted. The family will soon move to Perth and George will start his new role in about two months’ time.
Anita is looking forward to returning to the workforce and has found a part-time role in Perth with a publishing company, Book Press Pty Ltd. She confirmed she will start her new job in about three months’ time and will earn $52,000 p.a. plus superannuation of 9.5%.

 

Attitude to investing — risk profile
Following the completion of a comprehensive risk tolerance questionnaire and subsequent discussions with you, George and Anita have agreed with your conclusion that George is a ‘growth’ profile investor and Anita a ‘balanced’ profile investor.

 

George’s redundancy
George has advised that the after-tax $175,000 redundancy payment will be added to the joint online savings account as above when he finishes.

George’s superannuation
George’s superannuation is with the BlueScope Steel Employer Fund. Its current value is $370,000 (taxfree component is $22,000 and taxed component is $348,000).

Anita’s superannuation
Anita has a smaller superannuation balance of $43,000 in CareSuper Industry Fund — conservative balanced option (all taxed component). These benefits were rolled over to CareSuper when she gave up work. She has not made any further contributions.

Investment properties
The investment properties were purchased over an 18-month period in 2011/12. Both residential investment units on the Gold Coast are now valued below their original purchase price including costs. Original purchase price plus costs of the properties is as follows:
• Gold Coast: Unit 1 $159,000
• Gold Coast: Unit 2 $268,000
• Brisbane industrial property: $385,000
• Wollongong family home: $310,000

 

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  • Posted on : January 11th, 2019

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