{"id":1800,"date":"2017-10-18T13:41:49","date_gmt":"2017-10-18T02:41:49","guid":{"rendered":"http:\/\/casestudyhelp.com\/sample-questions\/?p=1800"},"modified":"2018-01-19T18:08:02","modified_gmt":"2018-01-19T07:08:02","slug":"dfp-module-3-assessment-activity-4-short-answer-superannuation-smsf","status":"publish","type":"post","link":"https:\/\/casestudyhelp.com\/sample-questions\/dfp-module-3-assessment-activity-4-short-answer-superannuation-smsf\/","title":{"rendered":"DFP Module 3 -Assessment Activity 4 Short Answer Superannuation-SMSF"},"content":{"rendered":"<p><strong>Assessment Activity 4<\/strong><br \/>\n<strong> Short Answer<\/strong><br \/>\n<strong> Superannuation-SMSF<\/strong><\/p>\n<p><strong>Activity instructions to candidates<\/strong><\/p>\n<ul>\n<li>This is an open book assessment activity.<\/li>\n<li>You are required to read this assessment and answer <span style=\"text-decoration: underline;\">all<\/span> 6 questions that follow.<\/li>\n<li>Please type your answers in the spaces provided.<\/li>\n<li>Please ensure you have read \u201cImportant assessment information\u201d at the front of this assessment<\/li>\n<li>Estimated time for completion of this assessment activity: 1-2 hours<\/li>\n<\/ul>\n<p><strong>Question 4.1<\/strong><br \/>\nHow many members can aSelf Managed Superannuation Fund (SMSF) have?<\/p>\n<p><strong>Question 4.2<\/strong><br \/>\nYour client, Jane, has an existing balance of $500,000 in a retail superannuation fund and is considering establishing an SMSF where she will be the only member of the fund.<br \/>\nWhat options does Jane have in terms of who can be the trustees of her SMSF?<\/p>\n<p style=\"text-align: justify;\"><strong>Question 4.3<\/strong><br \/>\nSusan has an SMSF with a total fund value of $800,000. She owns her own home which is valued at $425,000 and also owns a beach house worth $310,000 which she only uses during the very warm months of summer. Susan wants her SMSF to purchase the beach house. Is Susan&#8217;s SMSF permitted to purchase the beach house from Susan? Explain why\/or why not?<\/p>\n<p style=\"text-align: justify;\"><strong>Question 4.4<\/strong><br \/>\nYour clients, Sam and TerryBanks, have an SMSF and have just purchased a residential property at auction, using the cash that they had in their SMSF. The property will make up about 95% of the total assets of the fund. They are both in pension phase and ask you whether there are any issues they should know about.<br \/>\na) Explain two risks of having one asset comprising such a big portion of the fund.<\/p>\n<p style=\"text-align: justify;\">b) Sam heard a friend talk about the \u201csole purpose test\u201d. Explain to him what that test means.<br \/>\nc) What happens if the residential property couldn\u2019t be tenanted for a significant period of time? Could your client move into it and pay rent to themselves? Explain.<br \/>\nd) Explain the In-house asset rule? What percentage of In-house assets could your client have within their fund?<br \/>\ne) Would your answer to question (c) above differ if the property was business real property and your client leased the property for their own business? Explain.<\/p>\n<script type=\"text\/javascript\" charset=\"utf-8\" src=\"http:\/\/w.sharethis.com\/widget\/?wp=6.2.9\"><\/script>","protected":false},"excerpt":{"rendered":"<p>Assessment Activity 4 Short Answer Superannuation-SMSF Activity instructions to candidates This is an open book assessment activity. You are required to read this assessment and answer all 6 questions that follow. Please type your answers in the spaces provided. Please ensure you have read \u201cImportant assessment information\u201d at the front of this assessment Estimated time [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[106],"tags":[760,761,762,763,764,765,766,767],"_links":{"self":[{"href":"https:\/\/casestudyhelp.com\/sample-questions\/wp-json\/wp\/v2\/posts\/1800"}],"collection":[{"href":"https:\/\/casestudyhelp.com\/sample-questions\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/casestudyhelp.com\/sample-questions\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/casestudyhelp.com\/sample-questions\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/casestudyhelp.com\/sample-questions\/wp-json\/wp\/v2\/comments?post=1800"}],"version-history":[{"count":2,"href":"https:\/\/casestudyhelp.com\/sample-questions\/wp-json\/wp\/v2\/posts\/1800\/revisions"}],"predecessor-version":[{"id":2021,"href":"https:\/\/casestudyhelp.com\/sample-questions\/wp-json\/wp\/v2\/posts\/1800\/revisions\/2021"}],"wp:attachment":[{"href":"https:\/\/casestudyhelp.com\/sample-questions\/wp-json\/wp\/v2\/media?parent=1800"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/casestudyhelp.com\/sample-questions\/wp-json\/wp\/v2\/categories?post=1800"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/casestudyhelp.com\/sample-questions\/wp-json\/wp\/v2\/tags?post=1800"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}