FOBE302 W 2012 Case Study

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FOBE302 W 2012 Case Study
We have a couple in their early forties. David has his own IT business, which he runs from home, and grosses $85,000 after business expenses. His wife Jennifer works as an executive in media grossing $190,000 p.a. Jennifer expects to receive a bonus of $12,000 which she intends to put into her superannuation as a concessional contribution.
It is Jennifer’s second marriage and there are no children from the previous marriage.
They are paying off a mortgage of $850,000 on their own home which is now worth $1,050,000. The mortgage costs them $6,978 per month at a rate of 7.75% over 20 years. It is a standard principal and interest loan. They have owned the home for 3 years.
They have three children a 17 year old, 15 year old and a 10 year old. They all go to private schools at a total cost of $66,000 p.a. Payable at the beginning of each term (3 terms per year).
He has a Self Managed Superfund with $165,000 in cash. He contributes $13,000 p.a. as concessional contributions.
Her superannuation has $167,000 in a Capital Guaranteed Fund. She also salary sacrifices an additional $10,000 p.a.
They have a joint savings account with $20,000 for emergencies.
He has $10,000 in a term deposit, maturing at the end of the month, in case he needs cash for the business.
She has a share portfolio, currently valued at $47,500, which she inherited from her father. The value when she inherited the portfolio was $46,750.
She has a listed debenture with a FV of $25,000 and a coupon of 8.5% paid quarterly and with 27 months to maturity. It is currently trading at a yield of 7.75%.
There are two car loans; her car, 2 years into a 5 year loan with $50,500 outstanding & costing $1,557 per month, his with $40,000 outstanding and costing $1,244 per month with 3 years to run.
Their credit card has an outstanding amount of $17,965 and they make the minimum payment of 3.5%.
They are concerned that although they feel they should be doing better the credit card keeps

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