FIN380 Superannuation Assessment Answer

TAFE Assessment Cover Sheet - nswFIN380 Superannuation AssessmentThere is many universities in Australia which are offering learning programs in the evergreen and ever-emerging field i.e Finance.

Due to its increasing popularity, students from all over the world migrate to Australia for their higher education in Finance field.

Also, there are multiple assessments given to the students in this course period like solving FIN380 Superannuation Assessment Answer.

To encourage people in Australia, Superannuation is the arrangement put in place by the Australian government to accumulate funds to provide them with an income source when they retire. Many students find it very difficult to complete FIN380 Superannuation Assessment in the given time frame. By taking the help of Australia Assignment Help you can get rid of your worries.

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Learning outcomes of FIN380 Superannuation Assessment

Upon successful completion of the FIN380 Superannuation Assessment students should be able to :
1) understand the proposed amendments made to superannuation before writing FIN380 Superannuation Assessment. You should demonstrate the understanding of how superannuation policy is placed within its historical,  international, and legal framework.
2)Identify different ways of saving for retirement.
3) Demonstration of understanding of the different retirement income products within the market.
4)Understanding of the complex set of rules, determining the taxation of superannuation contribution, earnings and withdrawals, and its demonstration.
5) Show how within an estate plan superannuation and retirement income streams work.
6) Demonstrating an understanding of the rules and requirements for the establishment and administration of superannuation funds and self-managed superannuation funds.

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Approaches used for solving the FIN380 Superannuation Assessment 

What is the definition of Superannuation? To encourage people in Australia, Superannuation in the arrangement which the government of Australia has made. the main motive of such an arrangement is to accumulate funds for providing them with an income source after retirement.

While preparing the FIN380 Superannuation Assessment the factors affecting the Superannuation contributions must be explained by the students.

Factors Affecting the Superannuation contributions

Usually, a part of the employee salary is saved so that it can be used for their retirement. One of the ways to fulfill this purpose is Superannuation.  The employer contributes some percentage of profits to the employee’s salary.  Sometimes, there is a contribution from government authorities as well.

However, the percentage of how much an employer, employee, or third party (government) will contribute depends on different factors.

Some of the factors affecting the superannuation contributions are Regulations by the government, Age of employees, income groups, risk appetite, time value of money considerations. Students should include these actors in answers to the FIN380 Superannuation Assessment.

Regulations by the government

In Australia and even in other countries, there are some regulations that the government has a design. These regulations compel the employer to contribute a minimal amount to employees’ Superannuation funds.

Research studies show that in Australia, people working there tend to have a greater life expectancy than before.

This implicates that there is a critical need for them to manage the superannuation funds for their retirement. Currently, the employer has to make 9% of the contribution compulsory (Worthington, 2008).

Age of the employees

In a study, it has been showing that older people tend to contribute more to such funds as they have relatively higher saving instincts. There many reasons for this, one may be that young people are more reluctant to save, instead, they believe in spending, However, elderly people have a more mature thought process which suggests they save for a comfortable and luxurious future (Hurnard, 2005).

Income Groups

Another factor affecting the superannuation contributions is the income group in which the employee falls you should include in FIN380 Superannuation Assignment. Employees who are in a low-income group is likely to contribute a little amount to superannuation funds because he may have other obligations to fulfill.

And he can only satisfy only the most urgent ones with his low income. While on the other hand employee who falls in the high-income group is likely to contribute a greater share to super funds (Drew & Stanford, 2003).

Risk Appetite

If an employee risk appetite is high he or she will invest in Investment Choice Plan and vice versa (Brown et al. 2004).

Define the benefit plan in FIN380 Superannuation Assessment

Define the benefit plan and consider the value of money  (St John, 2009).
This is a very basic and incomplete approach to solving the FIN380 Superannuation Assessment.

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