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Finance and Accounting : Personal Finance - Essay Example

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Finance and Accounting : Personal Finance

1.1. Personal Details Name of Client: Joan Waterson, DOB: 01/01/1961, Age 51, Status: Single. 1.2. Value of Shares The Share Portfolio of Ms. Joan Watterson comprises of 2500 Telstra & 1000 AMP shares which she has been holding for more than a year. However, it may be noted that Ms. Watterson is not a very keen equity investor and theses investments were accidental. The Capital gain that Ms. Watterson can earn (if these shares were sold now) is equivalent to $3000. Company Numbers of Shares Share Price (as on April 27, 2012) Value of Shares Telstra 2500 3.511 8775 AMP 1000 4.252 4250 All shares were bought and have been held for over one year. The total value of shares: $13025. Telstra paid dividend worth 0.14 (both 100% franked)3 twice during last one year, which is the period Ms. Watterson was holding its 2500 shares. During the same period, AMP paid dividend worth 0.15 (30% franked) and 0.14 (50% franked)4. We can compute the franking credits for Joan Watterson as follows: Franking Credits = Dividend * (3 / 7) * Franking Percentage5 Franking credits for Telstra = $300 and Franking credits for AMP =30 + 19.28 = $49.28 Total Franking Credits = $349.28. 1.3. ...
Disposable Income Value Notes Taxable Annual Salary $62000 Dividends received $990 2500 * 2 * 0.14 = $700 1000*0.14 + 1000*0.15=$290 Franking credits $349.28 Interest on cash 4% of $4444 4.25% of $4500 Balance in Holiday account- $4444 (puts in $200 per month at 4%). Balance in Common Wealth Bank (CBA) account- $4500 (interest rate 4.25%)6 Taxable Income $63025.19 Tax Payment $4650 + 0.3*(63025.19-37000) = 12457.55 For taxable income $37,001 - $80,000, the applicable tax is $4,650 plus 30c for each $1 over $37,0007 Disposable Income $50567.63 1.4. Total Expenses per annum Expenses Value per Year Notes Mortgage payment $9050 $7200 (actual fringe benefit per annum + additional $600 per month) Laundry $300 Food & grocery $8400 $700 per month Clothing & shoes $1000 Electricity & gas $660 $110 per two months Phone & Internet $1800 $150 per month Municipal Rates $1000 Water $600 Car Expense Licensing $500 Comprehensive insurance $500 Running cost & repair $2500 Car Loan 0 Medical expense $1200 $100 per month Holiday expense $ 5000 Entertainment $4800 $100 per week Gifts $1920 (of which $633.6 is tax deductable) $40 per week (33% of which is in donations to community aid and tax deductable) Other expenses $2400 $200 per month Superannuation Expense $1380 Additional contribution made into West State per month (from taxed income) Total Expenses $50,210 1.5. Total Assets of Ms J. Watterson Assets Value Notes Cash $4500 $4444 Balance in CBA account Balance in Holiday account House $350000 to $400000 Currently valued by real estate agent Content $80000 Car $21300-$23600 2007 Holden Vectra (Car value is according to the red book for private sale) Shares $ 13,000 2500 Telstra & 1000 AMP shares (held for more than a year) Total Assets $525544 Considering the upper range ...Show more


Personal Finance Table of Contents 1. Current Situation 3 2.Objectives and Goals 9 3.Analysis and Problem Identification 9 4.Strategies and Recommendations 10 Overall Recommendations 13 Overall Improvements 13 1. Current Situation An integral part of knowing what an individual would like to attain is identifying his/her current position…
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Finance and Accounting Essay: Personal Finance essay example
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