Overview
This unit covers the regulatory framework of superannuation and the role of financial advisor in retirement and superannuation planning. You will examine the legal and taxation issues related to long term wealth creation and the operation of superannuation funds. You will apply the skills required for managing the client relationship and construct a strategic retirement plan for a client situation.
Details
Pre-requisites or Co-requisites
Pre-requisite: FINC11001 plus Co-requisite: LAWS19033
Important note: Students enrolled in a subsequent unit who failed their pre-requisite unit, should drop the subsequent unit before the census date or within 10 working days of Fail grade notification. Students who do not drop the unit in this timeframe cannot later drop the unit without academic and financial liability. See details in the Assessment Policy and Procedure (Higher Education Coursework).
Offerings For Term 1 - 2024
Attendance Requirements
All on-campus students are expected to attend scheduled classes - in some units, these classes are identified as a mandatory (pass/fail) component and attendance is compulsory. International students, on a student visa, must maintain a full time study load and meet both attendance and academic progress requirements in each study period (satisfactory attendance for International students is defined as maintaining at least an 80% attendance record).
Recommended Student Time Commitment
Each 6-credit Undergraduate unit at CQUniversity requires an overall time commitment of an average of 12.5 hours of study per week, making a total of 150 hours for the unit.
Class Timetable
Assessment Overview
Assessment Grading
This is a graded unit: your overall grade will be calculated from the marks or grades for each assessment task, based on the relative weightings shown in the table above. You must obtain an overall mark for the unit of at least 50%, or an overall grade of 'pass' in order to pass the unit. If any 'pass/fail' tasks are shown in the table above they must also be completed successfully ('pass' grade). You must also meet any minimum mark requirements specified for a particular assessment task, as detailed in the 'assessment task' section (note that in some instances, the minimum mark for a task may be greater than 50%). Consult the University's Grades and Results Policy for more details of interim results and final grades.
All University policies are available on the CQUniversity Policy site.
You may wish to view these policies:
- Grades and Results Policy
- Assessment Policy and Procedure (Higher Education Coursework)
- Review of Grade Procedure
- Student Academic Integrity Policy and Procedure
- Monitoring Academic Progress (MAP) Policy and Procedure - Domestic Students
- Monitoring Academic Progress (MAP) Policy and Procedure - International Students
- Student Refund and Credit Balance Policy and Procedure
- Student Feedback - Compliments and Complaints Policy and Procedure
- Information and Communications Technology Acceptable Use Policy and Procedure
This list is not an exhaustive list of all University policies. The full list of University policies are available on the CQUniversity Policy site.
Feedback, Recommendations and Responses
Every unit is reviewed for enhancement each year. At the most recent review, the following staff and student feedback items were identified and recommendations were made.
Feedback from Student Evaluation
The learning materials are an amazing resource, all the other links make it an overwhelming experience each week. I know that we need to be able to find this information as it changes constantly, it would have been good to go through some of the more important ones during workshops.
Encourage the lecturer to work through the various resources during the Workshop as students are not asking for this assistance during the term.
Feedback from Student Evaluation
For someone who works full time, there is too much content and expectations that they have a free 12 hours per week to complete the weekly content as well as an assignment
Try and set the students' expectations around the 12 hour time commitment each week required of students to get through the content.
Feedback from Student
"I found I got lost in the information, too much for the 12 hour allocation. If I had to do this again I would chose to do this subject by itself if I could do it again. " "Wasn't a huge fan of having to do another SoA using the same template as the one I did a couple years ago but thats just how it goes I guess" "There was so much information that we must understand the unit's content. There were some minor errors with links to documents, articles, etc. however, these were resolved within a day once identified. The Q&A and communication between students and unit co-ordinator really helped - especially with Midwinter. For this, I am thankful. Midwinter - what can I say? This was one challenging program to use. An in-depth instruction manual is required to be developed by the Midwinter team, including a troubleshooting guide. The limited information available in the help centre was mildly adequate. I struggled using Midwinter and preferred XPlan when I used it in a previous unit. I know the cost of it made it not feasible for the unit, but so many improvements are necessary. "It seems that if the lectures/videos etc are not watched until the very end (i.e a couple minutes), it may not show that they've been watched at all? "From a student who gets up very early to study before her children wake and keep up with the study requirements, the assumption that a stressed student is not putting in the effort/time required was a little unfair" "The learning materials are an amazing resource, all the other links make it an overwhelming experience each week. I know that we need to be able to find this information as it changes constantly, it would have been good to go through some of the more important ones during workshops."
Based on the student evaluation feedback, the content, assessment and having to learn a module or two of Midwinter is too overwhelming. The unit coordinator will simplify the content further, so it meets the Keep it Simple Stupid (KISS) principle.
- Explain contemporary retirement and superannuation issues
- Apply taxation and legal principles to long term wealth creation
- Explain issues relating to self-managed superannuation funds
- Construct pre and post strategic retirement plans.
The Financial Advisers Standards and Ethics Authority (FASEA) has accreditted this unit as part of the following courses:
- Bachelor of Accounting (Financial Planning)
- Bachelor of Accounting/Bachelor of Business (Financial Planning)
- Bachelor of Property (Financial Planning)
- Bachelor of Arts/Bachelor of Business
- LLB/Bachelor of Business (Financial Planning).
FASEA ceased operations on 31 December 2021. From 1 January 2022 Treasury and the Australian Securities and Investment Commission (ASIC) took over the role of :
- Adviser education standards including assessment of foreign qualifications and higher education providers
- Approved courses
- Other standards.
This unit contributes to the core knowledge field of the accredited courses listed above. The learning otucomes for the unit and the assessments have been designed around the accreditation requirements.
Alignment of Assessment Tasks to Learning Outcomes
| Assessment Tasks | Learning Outcomes | |||
|---|---|---|---|---|
| 1 | 2 | 3 | 4 | |
| 1 - Practical Assessment - 50% | ||||
| 2 - Take Home Exam - 50% | ||||
Alignment of Graduate Attributes to Learning Outcomes
| Graduate Attributes | Learning Outcomes | |||
|---|---|---|---|---|
| 1 | 2 | 3 | 4 | |
| 1 - Communication | ||||
| 2 - Problem Solving | ||||
| 3 - Critical Thinking | ||||
| 4 - Information Literacy | ||||
| 5 - Team Work | ||||
| 6 - Information Technology Competence | ||||
| 7 - Cross Cultural Competence | ||||
| 8 - Ethical practice | ||||
| 9 - Social Innovation | ||||
| 10 - Aboriginal and Torres Strait Islander Cultures | ||||
Textbooks
There are no required textbooks.
IT Resources
- CQUniversity Student Email
- Internet
- Unit Website (Moodle)
- Financial Planning Software
All submissions for this unit must use the referencing style: American Psychological Association 7th Edition (APA 7th edition)
For further information, see the Assessment Tasks.
a.mcinnes@cqu.edu.au
Module/Topic
Background on Superannuation in Australia
- An introduction to superannuation considering the current superannuation environment
- Definition of a superannuation fund
- Concept of a superannuation fund as a trust
Chapter
Refer to the Study Guide for a list of references supporting the learning materials
Events and Submissions/Topic
Please refer to the study guide for details of the unit's weekly requirements:
- Read the weekly Study Guide
- Watch the weekly Lecture Recording before the Workshop
- Attend (preferred) or watch the weekly Zoom Workshop to address any queries and concerns
- Complete the weekly Workbook
- Complete the Study Guide Questions
- Engage on Moodle Q&A forum to address any concerns or queries virtually
- For your assessment complete the sections of the Statement of advice (SOA) as suggested by your Study Guide
Module/Topic
Superannuation Funds and MySuper
- Types of superannuation funds in Australia
- Key features of these funds
- The qualifying conditions for a complying superannuation fund
- Key elements of the MySuper superannuation product
Chapter
Refer to the Study Guide for a list of references supporting the learning materials.
Events and Submissions/Topic
Please refer to the study guide for details of the unit's weekly requirements:
- Read the weekly Study Guide
- Watch the weekly Lecture Recording before the Workshop
- Attend (preferred) or watch the weekly Zoom Workshop to address any queries and concerns
- Complete the weekly Workbook
- Complete the Study Guide Questions
- Engage on Moodle Q&A forum to address any concerns or queries virtually
- For your assessment complete the sections of the Statement of advice (SOA) as suggested by your Study Guide
Module/Topic
Superannuation Contributions including Superannuation Guarantee
- Who can make contributions to a superannuation fund
- Concessional and non-concessional contributions caps
- Penalties for exceeding the contributions caps
- Choice of fund arrangements that are available for employees.
- Salary sacrificing arrangements
- Superannuation Guarantee and Personal concessional contributions rules
- Government co-contributions
- Spouse contributions
- Contributions to offset capital gains
- Re-contribution strategies
Chapter
Refer to the Study Guide for a list of references supporting the learning materials.
Events and Submissions/Topic
Please refer to the study guide for details of the unit's weekly requirements:
- Read the weekly Study Guide
- Watch the weekly Lecture Recording before the Workshop
- Attend (preferred) or watch the weekly Zoom Workshop to address any queries and concerns
- Complete the weekly Workbook
- Complete the Study Guide Questions
- Engage on Moodle Q&A forum to address any concerns or queries virtually
- For your assessment complete the sections of the Statement of advice (SOA) as suggested by your Study Guide
Module/Topic
Taxation of Superannuation Funds and Choice of Funds
- Taxation of superannuation funds
- Assessable income of a superannuation fund as well as amounts which will be excluded from assessable income
- Tax deductions available for a superannuation fund
- Tax levy points
- Amounts constituting exempt income of a superannuation fund
- Modifications to CGT which apply to superannuation funds
- Choice of fund options available for members receiving employer sponsored contributions
Chapter
Refer to the Study Guide for a list of references supporting the learning materials.
Events and Submissions/Topic
Please refer to the study guide for details of the unit's weekly requirements:
- Read the weekly Study Guide
- Watch the weekly Lecture Recording before the Workshop
- Attend (preferred) or watch the weekly Zoom Workshop to address any queries and concerns
- Complete the weekly Workbook
- Complete the Study Guide Questions
- Engage on Moodle Q&A forum to address any concerns or queries virtually
- For your assessment complete the sections of the Statement of advice (SOA) as suggested by your Study Guide
Module/Topic
Overview & Regulation of Self-Managed Superannuation Funds (SMSFs)
- Requirements of a self-managed superannuation fund
- Appropriateness of starting a self-managed superannuation fund
- Steps involved in setting up a self-managed superannuation fund
- Regulations affecting the management of a self-managed superannuation fund
- Advantages and disadvantages of having a self-managed superannuation fund
Chapter
Refer to the Study Guide for a list of references supporting the learning materials.
Events and Submissions/Topic
Please refer to the study guide for details of the unit's weekly requirements:
- Read the weekly Study Guide
- Watch the weekly Lecture Recording before the Workshop
- Attend (preferred) or watch the weekly Zoom Workshop to address any queries and concerns
- Complete the weekly Workbook
- Complete the Study Guide Questions
- Engage on Moodle Q&A forum to address any concerns or queries virtually
- For your assessment complete the sections of the Statement of advice (SOA) as suggested by your Study Guide
Module/Topic
Vacation and Catchup Week
Chapter
Refer to Study Guides Weeks 1 to 5
Events and Submissions/Topic
- Catch up on weekly readings audio lectures and self-study questions
- Work on your Practical Assessment
- Use the Moodle Q&A forum to address any concerns or queries.
Module/Topic
Superannuation Investment Rules
- Investment rules and their restrictions
- Strategies to maximize investment earnings
- Investment policies and objectives
- Role of fund trustees when making investments
- Role of investment managers
- Rules and restrictions that apply to in-house assets
- Strategies and restrictions if a fund wants to borrow and gear superannuation investments
- Arm’s length investing is and the restrictions that apply if a fund wants to lend money
- Rules that apply for acquiring and keeping personal assets
- Investment performance of superannuation funds
Chapter
Refer to the Study Guide for a list of references supporting the learning materials.
Events and Submissions/Topic
Please refer to the study guide for details of the unit's weekly requirements:
- Read the weekly Study Guide
- Watch the weekly Lecture Recording before the Workshop
- Attend (preferred) or watch the weekly Zoom Workshop to address any queries and concerns
- Complete the weekly Workbook
- Complete the Study Guide Questions
- Engage on Moodle Q&A forum to address any concerns or queries virtually
- For your assessment complete the sections of the Statement of advice (SOA) as suggested by your Study Guide
Module/Topic
Taxation of Superannuation Fund
- How super entities are taxed
- Clients’ tax payable
- Clients’ assessable income and assessable contributions
- Non-arm's length income (special income)
- Concept no-TFN contributions income
- Capital gains tax affecting the super funds
- Exempt income is included in super funds and exempt current pension income
- Tax deductions are available for super funds
- Dividend franking credits and other offsets
- PAYG withholding on benefit payments
- Taxation of benefits, pensions and annuities
Chapter
Refer to the Study Guide for a list of references supporting the learning materials.
Events and Submissions/Topic
Please refer to the study guide for details of the unit's weekly requirements:
- Read the weekly Study Guide
- Watch the weekly Lecture Recording before the Workshop
- Attend (preferred) or watch the weekly Zoom Workshop to address any queries and concerns
- Complete the weekly Workbook
- Complete the Study Guide Questions
- Engage on Moodle Q&A forum to address any concerns or queries virtually
- For your assessment complete the sections of the Statement of advice (SOA) as suggested by your Study Guide
Module/Topic
Superannuation Withdrawal of Member Benefits or Payment of Benefits
- Rules relating to superannuation benefits
- Concept of preservation of superannuation benefits
- Rules governing the payment of superannuation benefits
- Different types of superannuation benefits
- Conditions of release for superannuation benefits
- Restriction of cashing of benefits upon serious illness.
- Superannuation benefits transferred to another fund
- Re-contribution strategy
- Strategies of accessing superannuation income in retirement
Chapter
Refer to the Study Guide for a list of references supporting the learning materials.
Events and Submissions/Topic
Please refer to the study guide for details of the unit's weekly requirements:
- Read the weekly Study Guide
- Watch the weekly Lecture Recording before the Workshop
- Attend (preferred) or watch the weekly Zoom Workshop to address any queries and concerns
- Complete the weekly Workbook
- Complete the Study Guide Questions
- Engage on Moodle Q&A forum to address any concerns or queries virtually
- For your assessment complete the sections of the Statement of advice (SOA) as suggested by your Study Guide
Module/Topic
Pensions and Annuities
- Rules relating to superannuation pension and annuity benefits
- Concept of preservation of superannuation pension and annuity benefits
- Rules governing the payment of superannuation pension and annuity benefits
- Conditions of release for superannuation pension and annuity benefits
- Types of pension and annuities available
- Minimum amount of pension and annuity income required
- Transition to retirement strategy to boost retirement savings and income
Chapter
Refer to the Study Guide for a list of references supporting the learning materials.
Events and Submissions/Topic
Please refer to the study guide for details of the unit's weekly requirements:
- Read the weekly Study Guide
- Watch the weekly Lecture Recording before the Workshop
- Attend (preferred) or watch the weekly Zoom Workshop to address any queries and concerns
- Complete the weekly Workbook
- Complete the Study Guide Questions
- Engage on Moodle Q&A forum to address any concerns or queries virtually
- For your assessment complete the sections of the Statement of advice (SOA) as suggested by your Study Guide
[SCALED] STATEMENT OF ADVICE Due: Week 9 Monday (6 May 2024) 11:45 pm AEST
Module/Topic
Superannuation Death Benefits
- How death benefits are paid out of a superannuation fund.
- Role of the trustee in determining how a death benefit is paid out
- Powers of the trustee on the death of a superannuation fund member
- How tax is determined on a death benefit payment
- Different tax treatment of a lump sum and pension death benefit
- Payment of various types of death benefits
- Tax treatment of superannuation death benefits
- Restriction of cashing of benefits upon death
Chapter
Refer to the Study Guide for a list of references supporting the learning materials.
Events and Submissions/Topic
Please refer to the study guide for details of the unit's weekly requirements:
- Read the weekly Study Guide
- Watch the weekly Lecture Recording before the Workshop
- Attend (preferred) or watch the weekly Zoom Workshop to address any queries and concerns
- Complete the weekly Workbook
- Complete the Study Guide Questions
- Engage on Moodle Q&A forum to address any concerns or queries virtually
- For your assessment complete the sections of the Statement of advice (SOA) as suggested by your Study Guide
Module/Topic
Family Law and Superannuation
- Divorce and superannuation
- Splitting agreements and court orders
- Family Court's approach to division of superannuation interests
- Flagging agreements
- Superannuation interests covered
- Obtaining information from superannuation trustees
- Tax treatment of family law superannuation payments
- Splitting pensions and annuities
- No tax deduction for contribution for non-member spouse
- CGT implications
- Splitting after death of member spouse
Chapter
Refer to the Study Guide for a list of references supporting the learning materials.
Events and Submissions/Topic
Please refer to the study guide for details of the unit's weekly requirements:
- Read the weekly Study Guide
- Watch the weekly Lecture Recording before the Workshop
- Attend (preferred) or watch the weekly Zoom Workshop to address any queries and concerns
- Complete the weekly Workbook
- Complete the Study Guide Questions
- Engage on Moodle Q&A forum to address any concerns or queries virtually
- For your assessment complete the sections of the Statement of advice (SOA) as suggested by your Study Guide
Module/Topic
- Employment Termination Payments
- Exam Revision
- Unit Evaluation Survey
Chapter
Refer to the Study Guide for a list of references supporting the learning materials.
Events and Submissions/Topic
Please refer to the study guide for details of the unit's weekly requirements:
- Read the weekly Study Guide
- Watch the weekly Lecture Recording before the Workshop
- Attend (preferred) or watch the weekly Zoom Workshop to address any queries and concerns
- Complete the weekly Workbook
- Complete the Study Guide Questions
- Engage on Moodle Q&A forum to address any concerns or queries virtually
- For your assessment complete the sections of the Statement of advice (SOA) as suggested by your Study Guide
Module/Topic
Exam preparation
Completion of Student Evaluation Survey
Chapter
Refer to Study Guides for:
- Weeks 1 to 12
Events and Submissions/Topic
- Prepare for the exam, including referring to Previous Exam Papers
- If you have not already done so, complete the Student Evaluation Survey.
Examination Due: Review/Exam Week Monday (3 June 2024) 3:00 pm AEST
Module/Topic
Unit Coordinator End of Term Reports
Chapter
Refer to Week 12 for:
- Reports finalized by the various relevant committees of CQU SBL
Events and Submissions/Topic
- End of term reports available on the Moodle after Certification of Grades.
1 Practical Assessment
This is an individual assessment.
Important detailed information for your assessment is on the Moodle site.
Before you begin please read the:
- Instructions for completing and submitting your assessment.
- Case study background.
Task requirements:
- Identify the client's objectives, needs and financial situation by reviewing the case study background, fact find and risk profile information provided
- If you choose to use financial planning software, please email the unit coordinator your expression of interest to receive you unique user ID and password
- Prepare a written Statement of Advice using the template provided and financial planning software [Midwinter, Microsoft-Excel and/or related software]
- Using the analysis questions provided within the partially completed Statement of Advice template, develop and document appropriate retirement and superannuation strategies and recommendations to achieve the client's retirement goals.
We provide:
- Instructions document to complete the assessment with grading rubrics
- Completed fact find and risk profile document assumedly obtained during a meeting with the client that has already taken place
- Statement of Advice template, which you must complete to be graded
- Data analysis questions within the Statement of Advice to assist preparing the Statement of Advice document
This is a practical assessment dealing with a real world financial planning client superannuation need.
In summary
- Start this assessment as soon as possible, because for some of you it will require learning numerous new skills
- Learning how to use new software may need sometime and practice
- Your unit coordinator is available via Moodle discussion forum and Q&A forum, as well as Zoom sessions
- Email your unit coordinator directly to address any personal matters, concerns or difficulties during the term is encouraged
- This assignment has the reputation for being challenging, yet useful in terms of how it builds wealth creation knowledge as well as provides employable skills
Engaging with your peers via the Moodle Q&A forum helps lighten your study workload
Week 9 Monday (6 May 2024) 11:45 pm AEST
Submission via Moodle
Week 11 Monday (20 May 2024)
Grades and Feedback via Moodle in the
Details of the marking criteria (rubrics) is provided in Moodle in the <ASSESSMENT> tile. Use this rubrics to help complete your assessment.
We award marks for completing a Statement of Advice (SOA) Microsoft-Word template provided covering the following sections of the SOA.
- Introduction (Table of Contents)
- Retirement funding - Are you on track?
- Summary of our Advice in a Strategy Map
- Our Recommended Superannuation Strategies
- Our Superannuation Product Recommendations
- Replacement and alternative product recommendations included
- Recommended asset allocation
- Financial outcomes of our recommended strategies
- Cost of our advice
- Supporting information and Annexures
- Organisation/Structure/Presentation/Mechanics
- Sources/Evidence
- Engagement via Moodle Q&A Forum or Zoom Workshops
- Explain contemporary retirement and superannuation issues
- Apply taxation and legal principles to long term wealth creation
- Explain issues relating to self-managed superannuation funds
- Construct pre and post strategic retirement plans.
2 Take Home Exam
This is an individual assessment. Collaboration with other students will result in an academic misconduct allegation for all students involved. This may result in a fail result for this assessment. Please note that your paper will be submitted through Turnitin
This is an open book online timed exam of 3 hours, including downloading, uploading and submission time.
- There is a minimum exam grade of 50% to pass the unit
- You will be typing your answers in the examination template document provided
- You have 15 minutes at the start of the exam to download the exam file via Moodle
- You have 2.5 hours to complete the exam in Microsoft-Word
- You have 15 minutes to upload and submit the completed examination paper at the end of 2.5 hours
- Late submissions will not be marked
If you encounter problems submitting your paper to Moodle, email it to your unit coordinator by the due time
Review/Exam Week Monday (3 June 2024) 3:00 pm AEST
Download, complete and submit the online open book exam via Moodle tile on the scheduled date and time.
Exam Week Friday (14 June 2024)
Grades and feedback will be provided via Moodle in the
Open book online exam grading as per the Online Take Home Exam Advice to meet the learning outcomes
There are ten 5-mark short answer applied theory questions using case studies
Refer to the Exam Advice and Online Open Book Exam Instructions
- Explain contemporary retirement and superannuation issues
- Apply taxation and legal principles to long term wealth creation
- Explain issues relating to self-managed superannuation funds
As a CQUniversity student you are expected to act honestly in all aspects of your academic work.
Any assessable work undertaken or submitted for review or assessment must be your own work. Assessable work is any type of work you do to meet the assessment requirements in the unit, including draft work submitted for review and feedback and final work to be assessed.
When you use the ideas, words or data of others in your assessment, you must thoroughly and clearly acknowledge the source of this information by using the correct referencing style for your unit. Using others’ work without proper acknowledgement may be considered a form of intellectual dishonesty.
Participating honestly, respectfully, responsibly, and fairly in your university study ensures the CQUniversity qualification you earn will be valued as a true indication of your individual academic achievement and will continue to receive the respect and recognition it deserves.
As a student, you are responsible for reading and following CQUniversity’s policies, including the Student Academic Integrity Policy and Procedure. This policy sets out CQUniversity’s expectations of you to act with integrity, examples of academic integrity breaches to avoid, the processes used to address alleged breaches of academic integrity, and potential penalties.
What is a breach of academic integrity?
A breach of academic integrity includes but is not limited to plagiarism, self-plagiarism, collusion, cheating, contract cheating, and academic misconduct. The Student Academic Integrity Policy and Procedure defines what these terms mean and gives examples.
Why is academic integrity important?
A breach of academic integrity may result in one or more penalties, including suspension or even expulsion from the University. It can also have negative implications for student visas and future enrolment at CQUniversity or elsewhere. Students who engage in contract cheating also risk being blackmailed by contract cheating services.
Where can I get assistance?
For academic advice and guidance, the Academic Learning Centre (ALC) can support you in becoming confident in completing assessments with integrity and of high standard.
What can you do to act with integrity?
