Mandatory Superannuation Guarantee - Corporations Regulations - Taxation Assignment Help

Assignment Task :

TASK

You have a client, Adam, who has come to you for advice about his superannuation. Read the scenario and complete the five tasks below based on this information.

It is July 2020.  Adam, will turn 58 on the 10 July 2020 and is on a salary of $245,000.  His employer pays the mandatory superannuation guarantee (SG).

Adam has just received his annual statement from his superannuation fund XKB Super Fund and is pleased that he has accumulated $1.3 million as of 30 June 2020.

Task 1  

Adam is seeking to retire and is looking to you for some advice on when he should do this and whether there are any taxation strategies he can implement before he officially retires to maximise his superannuation. 

Please advise Adam on: 

A. What age he is able to access his superannuation benefits.

B. The taxation implications of whether Adam decided to:

• commence salary sacrifice

• make spouse contributions 

• exceed concessional contributions

Task 2  

Adam has some friends who manage their own superannuation through a Self-Managed Superannuation Fund (SMSF). Adam often reflects on whether he should have done the same.

Assuming he did set up a SMSF, outline his responsibilities as a trustee of SMSF and the cornerstone rules that he would need to adhere to when managing his own superannuation funds. 

Task 3 

In July 2021, Adam’s uncle dies and leaves him an inheritance of $280,000. Adam wants to put this into his superannuation fund. Explain to Adam what his options are and what tax rules affect each option.

Task 4 

Adam is thinking of switching super funds. 

A. Provide an analysis of the following two PDS statements and their adherence to Schedule 10D of the Corporations Regulations.

B. Which PDS do you think would be more appealing to Adam as a consumer and why? 

Task 5  

Adam best friend, Peter, is approaching 65 years of age and all of his children have moved out and started families of their own. Peter has asked Adam to advise him on any strategies he could employ regarding selling his primary residence and discuss possible alternatives to superannuation savings. What would you advise Adam to say?

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