Diana Case Study - Finance Assignment Help

Assignment Task

Personal Finance — Assessment Mini Case
Mini case information for all Continuous Assessments
Diana is a 50?year old school teacher with 27 years’ full?time experience in secondary education. Diana had a gross income from employment of $107,224 for the 2020?2021 financial year. Diana is a member of a teacher’s union and paid 1% ($1,072.24) of her wages in union fees for the 2020?2021 year. Diana is single.
Diana’s assets include her two?bedroom inner?city apartment, which is valued at $730,000, a car valued at $31,500, furniture and other personal effects valued at $86,500, a term deposit account with a balance of $22,500, earning $168.75 in interest for the 2020?2021 year, and a superannuation account balance of $565,625. Diana contributes a required seven per cent of her annual salary towards superannuation, which also receives a contribution equivalent to 12.5 per cent of her salary from her employer, the state government (also the fund sponsor). Diana’s superannuation provides her with life insurance of $350,000, which is included as part of the term life and total and permanent disability cover provided within the fund. The beneficiary of Diana’s policy is her 77?year old mother, who also lives with Diana. Diana’s mother is in
receipt of a full aged pension, which is her only source of income. Diana’s mother has limited assets, these being represented in a small amount of furniture and her personal effects (valued at $47,000).
Diana’s liabilities include a mortgage against her apartment of $285,000, with 20 years remaining term and current monthly payments of $1,652.89, a car loan on which she owes a remaining $10,000 over the next 36 months with monthly repayments set at $308.32, and a credit card, which currently has a debit balance of $2,955. As of the end of 2020?2021 she also had a remaining HELP debt of $5,325 as a result of just completing studies towards her Master of Teaching.
Diana estimates that 40 per cent of her mobile phone and Internet expenses (which total $1,460 per year) are work related. Diana uses her home office for the equivalent of at least one or more days a week (8 hours a day, 100 days in 2020-2021 financial year) to prepare teaching materials and classes and estimates that 10 per cent of her electricity expenses (which total $3,175 per year) are work related. Diana feels strongly about supporting charity and has accumulated receipts from donations of $695 for 2020?2021.
To get to and from the workplace, Diana incurs operating, registration and insurance expenses on her car of $3,650 per year. Diana’s other major expenses are comprised of Strata fees ($675 per quarter), council rates ($1,825 per year), water bill ($1,120 per year), gas charges ($525 per year), groceries and household products ($14,450 per year), clothing ($3,230 per year), home contents insurance which provides her with $150,000 of contents cover ($915 per year), private health insurance ($3,105 per year), gym membership ($900 per year), medical and other health?related costs ($975 per year) and eating out and entertainment ($4,180 per year).

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