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SRP Assignment

Discussion in 'Financial Planning' started by Jayc, 1st Jun, 2012.

  1. Jayc

    Jayc Member

    27th Feb, 2012

    I have received my SRP assignement back and is competent for Q1 to Q5 and deem not yet competent for Q6 and asked to revised and resubmit. there wasn't much info given.

    Called Kaplan twice to clarify about the resubmission and was told 2 different thing. was told i have to resubmit the whole of Q6 on the first call and he could not assist and ask me to contact student services and was then told i just have to submiit what the assessor has highlighted in red on the second call.

    Has anyone who passed SRP willing to assist?

    Help appreciated.

    Willing to trade FFP and IP1

    thank you
    Last edited by a moderator: 1st Jun, 2012
  2. slk

    slk SLK

    20th Jul, 2011
    Sydney, NSW

    I would redo the whole thing regardless, you can't really complete this question without stating how you came to your conclusions. which strategy did you go with? I found that even if it's not the best strategy in terms of financial outcome, that if you justify your reason they'll still pass you.

    I went with Karen only doing a sal sac and Michael making a huge NCC into his super and commencing a pension, only to find that at the end of it, it wasn't the best aged pension outcome. So I justified why I didn't choose an alternative strategy such as Michael NCC his super, termination payments and all financial assets outside of super into Karen's to maximise aged pension as then there would be no flexibility in funds should they want to travel, start an expensive hobby or in case of family emergency of health requirements (as Karen would not be able to draw lump sum amounts and only be limited to 10% of the balance each year). Of course if I had kept some money in Michael's super to start an account based pension, that would've resolved that issue.. but I did not mention this in my assignment. Had ran out of time to redo the whole thing by this stage.

    I think in hindsight it would've been better for Michael to NCC majority funds (not all) into Karen's super (so it wouldn't be assessable under the assets test), Michael to commence a pension with a small balance (3 years worth of combined expenses plus a buffer for emergency cash), and for Karen to start a TTR for the remaining 3 years. I think this would've been a good tax effective strategy, help build Karen's super, still have flexible income from Michael's pension, and maximised Michael's aged pension.

    Sorry, bit of a ramble. hope it makes some sense.
  3. kwakker

    kwakker Active Member

    1st Jun, 2011
    Sydney, NSW
    Hey slk,

    Just a quick question. Did your advice change in question 6 when they said that Michael had retired 1 week ago?

    I virtually finished answering the question when I reread through it and saw that Kaplan and made question 6 not when they first came to see me, but after Michael had retired. As a result I had to completely change my response, as my answer included Michael salary sacrificing his final months wage into super, as I initially had Michael and Karen see me at start of June 12, with Michael retiring at end of financial year.

    Did anyone else have the same problem?