You are an authorised representative – please insert your student id here – of a financial planning advice firm – Principal Financial Planning Ltd, the holder of an Australian Financial Services licence no. 22222, ABN 21 019 432 876. Address: 1 Williamston Street, Melbourne, 3000. Telephone: (03) 9213 0000, website:
You are authorised to provide advice on superannuation, managed funds, share investment and deposit products.
On 30 May 2019, you met with Meghan and Harry McBeth, who asked your advice regarding their retirement goals. They told you that after paying off their mortgage in 5 years, they think they would achieve their goal of having the same lifestyle at retirement as they enjoy now if they retire on income equal to 80 percent of their current income. Furthermore, they want to set up their own Self Managed Superannuation Fund (SMSF). Harry wants to manage his consulting business from the garage adjacent to their home which he will convert into an office. He plans to start his business next year and wants to transfer the garage/office into their SMSF to save on tax.