Principles of Information Security Chapter 3 Review

Chapter 3 Review 1. What is the difference between law and ethics? The difference between law and ethics is that law is a set of rules and regulations that are universal and should be accepted and followed by society and organizations. Ethics on the other hand was derived from the latin word mores and Greek word Ethos means the beliefs and customs that help shape the character of individuals and how people interact with one another 2. What is civil law, and what does it accomplish? A wide variety of laws that govern a nation or state and deal with the relationships and conflicts between organisational and entities and people. 3. What are the primary examples of public law? Criminal, administrative and constitutional law.†¦show more content†¦The act requires organisations that retain health-care information to use information security information security mechanisms to protect information, as well as policies and procedures to maintain this security. HIPPAA provides guidelines for the use of electronic signatures based on security standards that ensure message integrity, user authentication and nonrepudiation. 8. If you work for a financial service organisation such as bank or credit union, which 1999 law affects your use of customer data? What other affects does it have? The law from 1999 that affects the use of customer data by financial institutions is the Financial Services Modernisation Act or Gramm-Leah-Bliley Act of 1999. Specifically, this act requires all financial institutions to disclose their privacy policies on the sharing of non-public personal information. It also requires due notice to customers, so that they can request that their information not be shared with third parties. In addition, the act ensures that the privacy policies effect in an organisation are both fully disclosed when a customer initiates a business relationship, and distributed at least annually for the duration of the professional association. 9. What is the primary purpose of the USA PATRIOT ACT? The purpose of the USA Patriot Act is to deter and punish terrorist acts in the united States and around the world, and to enhance law enforcement investigatory tools. 10. Which 1997 law provides guidance onShow MoreRelatedRelationship Between Iasb and Fasb1151 Words   |  5 Pagescountries. The IASB has no authority with the Financial Accounting Standards Board (FASB) or the Securities and Exchange Commission (SEC) in the United States at this time. Even though the FASB and SEC are not members of the ISAB, the SEC has ruled formally that public companies that have adopted the IASB standards can list their securities on the United States stock exchanges (Schroeder, Clark, Cathey,   Chapter 1, 2011). The International Accounting Standards Board is partnering with nationalRead MorePersonal Financial Planning1579 Words   |  7 PagesPhone: 506 458-7354 Time: 7:00-9:50pm Email: otuteye@unb.ca Classroom: SH 161 Office hours: Th, F 2:00 – 3:00; by appointment; also, usually available immediately after class. COURSE OBJECTIVE AND DESCRIPTION: The objective of this course is to introduce students to 1. the fundamental principles of financial decision-making; and 2. how these principles are applied to personal financial planning. Students will learn the concepts and methods necessary in developing personalRead MoreNews About Stolen Or Missing Data1736 Words   |  7 Pagesas organisations rely more and more heavily on computers to store sensitive corporate and customer information. Increasingly, large amounts of personal and private medical data are being collected, stored and transmitted throughout the health industry especially, the hospitals. This has serious data privacy and integrity consequences. In his writing, (Bradley 2013) explains that a proper Information handling practice would ensure the protection of individual servers and PCs inside an organisationRead MoreNews About Stolen Or Missing Data1736 Words   |  7 Pagesas organisations rely more and more heavily on computers to store sensitive corporate and customer information. Increasingly, large amounts of personal and private medical data are being collected, stored and transmitted throughout the health industry especially, the hospitals. Thi s has serious data privacy and integrity consequences. In his writing, (Bradley 2013) explains that a proper Information handling practice would ensure the protection of individual servers and PCs inside an organisationRead MorePlanning for Security945 Words   |  4 PagesJohn Moura Chapter 2: Planning for Security Review Questions 1. Describe the essential parts of planning. How does the existence of resource constraints affect the need for planning? Answer: Organizational planning, described below, and Contingency planning, which focuses on planning or unforeseen events. Organizations must be able to forecast their needs relative to available resources as best they can to insure best decision making. 2. What are the three commonRead MoreLab 1 How to Identify Threats and Vulnerabilities in an It Infrastructure945 Words   |  4 PagesJohn Moura Chapter 2: Planning for Security Review Questions 1. Describe the essential parts of planning. How does the existence of resource constraints affect the need for planning? Answer: Organizational planning, described below, and Contingency planning, which focuses on planning or unforeseen events. Organizations must be able to forecast their needs relative to available resources as best they can to insure best decision making. 2. What are the three commonRead MoreData Warehousing Fundamentals For It Professionals1580 Words   |  7 Pages Running head: Summary and Review of Data Warehousing Fundamentals Data Warehousing: Data Warehousing Fundamentals for IT Professionals By Paulraj Ponniah Summary and Review By Department of Computer Science, Engineering, and Physics University of Michigan-Flint SUMMARY Below is a summary of the book â€Å"Data Warehousing Fundamentals for IT Professionals†, written by Paulraj Ponniah. Data Warehousing Fundamentals was written in June, 2010 containing 544 pages in its first editionRead MoreAuditing Hmwk #11376 Words   |  6 PagesArayawna Moore @02585360 Auditing I 09/20/10 CHAPTER 1 1-14 A. 3 B. 2 C. 2 D. 3 1-15 A. 2 B. 3 C. 4 D. 3 1-21 1) IRS, compliance audit 2) GAO, operational audit 3) CPA, operational audit 4) Internal, financial statement audit 5) GAO, operational audit 6) CPA, financial statement audit 7) GAO, financial statement audit 8) IRS, compliance audit 9) Internal, financial statement audit 10) IRS, compliance audit 11) Internal, financial statement audit 12) GAO, complianceRead MoreOffice Of Personnel Management ( Opm )1745 Words   |  7 PagesBackground Office of Personnel Management (OPM) in June 2015 discovered two cybersecurity breach incidents that impacted information of Federal government employees and contractors. OPM discovered that the background investigation data of current, former, and future Federal employees and contractors had been stolen y hackers. OPM found that sensitive information, including the Social Security Numbers of 21 million individuals were stolen from the background investigation databases. This includes 20 millionRead MoreWhat Is The Assets Of A Company?1303 Words   |  6 Pagesliabilities are resolved, the take-away (U.S. Securities, 2007). Assets ($6,060,000) - Liabilities ($4,510,000) = Equity ($1,550,000) Or Assets ($6,060,000) = Liabilities ($4,510,000) + Equity ($1,550,000) From the information provided in Table 2 we determine that the assets of this company are gross plant and equipment, inventories, net accounts receivable, and cash. The total assets of this company, for this time period, is $6,060,000.The information in Table 2 also provides the dollars of liability

Business Law - Case Study - 1905 Words

A. Known Facts John wanted to extend his house and built an office from there. He approached Sue after locating an advertisement from the Yellow Pages. As Sue’s price did not seem reasonable, John then approached Drawit Pty Ltd, which charged a hundred dollar less. John paid a deposit. Later, John went to Franks Hardware and Timber Yard. He made known to Frank, the sole proprietor, the purpose and requirement of the materials and placed an order. John signed a standard form contract and paid a deposit. Two months later, problems arose which caused John to delay his business. John incurred financial losses. B. IDENTIFYING THE ISSUES 1.0 CONTRACT BETWEEN JOHN FRANK. It is obvious that there is a contract†¦show more content†¦2.0 CONTRACT BETWEEN JOHN SUE. 2.1 Offer or Invitation to Treat? First, we need to distinguish offer from invitation to treat. An invitation to treat is an invitation to others to make an offer. Generally, an advertisement amounts to an invitation to treat. This is held in Partridge V Crittenden [1968] 2 All ER 421, where Sue will be inviting John to make an offer. However, there is an exception. An advertisement can also be an offer. This can be illustrated in Carlill V Carbolic Smoke Ball Co [1893] 1 QB 256 in which Sue might probably argue that it was an offer. This being the case, Sue is the offeror will stressed that the offer was assumed to be accepted by John upon saying â€Å" I think that’ll be okay †. An offer, once accepted, cannot be revoked. Therefore there will be a binding contract. Assuming that it is an offer, it can either be a counter offer or a mere request for more information. 2.2 Counter Offer or Mere Request for More Information? An offer will be rejected if there is a counter offer. A counter offer tampers with the original condition of the offer, it rejects the original offer and can no longer be accepted at later date. Looking at the words used in John’s reply â€Å" I hadn’t expect it to be so high †, it is possible that this was either an acceptance with a request for more information, or a counter-offer. If the court found the facts hereShow MoreRelatedBusiness Law Case Study1437 Words   |  6 Pagesï » ¿Business Law Case Study Module 4 PLAINTIFFS STATEMENT: The Parties – Alex Johnson vs. Bethlehem Ice Solutions    Opening Argument    Those familiar with skiing know that there are risks involved when one chooses to participate in the sport.   Those risks, however, should be associated with self-inflicted harm caused by mistakes that a skier may make and not unforeseen obstacles and dangerous situations.   The injuries sustained by Alex Johnson on the slopes at Bethlehem Ice Solutions (BIS) were notRead MoreBusiness Law Case Study1954 Words   |  8 PagesCase Jonathan, a moneylender makes a loan of $1,000 to Sheba on Sheba’s representation that she is 19 years old. Sheba is in fact 17 years old. She enrolled for diploma course with a private college for $500, spent $200 on a holiday, and the balance of $300 on a mini hi-fi set. She now refuses to pay Jonathan. In this case, we are acting for Jonathan (plaintiff). Jonathan sues Sheba (defendant) because of free consent and capacity. Free consent that we talk is about misrepresentation whereas capacityRead MoreBusiness Law Case Study2352 Words   |  10 PagesLegal Issues in Management Final Case Study Christine Stout Southern Oregon University Business law – case study The case study of John and Stacey has so many complicated elements that apparently all the stakeholders involved apart from the two mentioned could sue or be sued against. This paper assumes that this is the scenario for this paper. The characters involved are John and Stacy, a restaurant owner, the owner of a townhouse, the owner of the mink on which John tripped and subsequentlyRead MoreBusiness Law Case Study2067 Words   |  9 PagesBusiness Law Case Study In the case presented, Biff Smith, the Chief of Police of the local department ordered a set of bicycles off of a local storeowner, Dirk Right. This was no simple order though, in fact Biff intended on starting a bike patrol unit within the local department. Biff went to Dirks Bicycle shop to place an order. The order was for five mountain bikes to be used for patrol so they had to be custom made in order to sport the police decals. Biff was very familiar with the SchwinnRead MoreBusiness Law Case Study1411 Words   |  6 PagesCase Summary: -Bob owns a Jewelry store -Sam operates electronic security equipment store -Bob and Sam are friends -Monday, Bob held a casual conversation with Sam about fitting his store with closed circuit television and the best available electronic locks -Tuesday, Sam sent Bob a Quotation of price Lists of models and List of price -Wednesday, Bob Replied BY POST. Choice of Supreme Model for camera -Posted to old address, Sam received on Saturday and emailed on the same day Read MoreBusiness Law: A Case Study1531 Words   |  6 PagesBusiness Law In business law, there are a number of procedures that are used in settling disputes. For cases, under $5,000.00, small claims court is utilized as a way to effectively litigate potential issues and come to a solution in a cost effective manner. This is when there are no attorneys present. Instead, each party will present their side of the story to the judge. They will bring forward their own witnesses and evidence to support their case. (Warner, 2012) To fully understand how it worksRead MoreBusiness Law Case Studies1035 Words   |  5 Pagesoriginal contract was agreed upon does not equate to fresh consideration. As addressed in Roscorla v Thomas, assurance was given after the contract was agreed upon and therefore, the plaintiff was unsuccessful in court. The same would apply to Bonnie’s case. Problem 3 a) Could both Michael and David sue Yvette for breach of contract when a contract existed only between Michael and Yvette, and if both contracting parties provided consideration? b) The rules that only a promisee can sue on a contractRead MoreBusiness Law Case Study1259 Words   |  6 Pages Case Study Case 1 A Sydney tramway passenger was injured in a collision with another tram, which occurred after the driver collapsed at the controls. The plaintiff argued that the collision could have been avoided if the tramway authority had fitted the tram with a system known as ‘dead man’s handle’, a system in use on Sydney’s trains. This would have stopped the tram and avoided the accident. The device had been rejected by the tramway authorities because it was felt that it could cause driversRead MoreCase Study : Business Law Case1557 Words   |  7 PagesBusiness Law Case 1: Kate is the owner of a successful business, selling women’s shoes. Her business is expanding fast and she wants to upgrade her business structure to a more appropriate one. What would be your recommendation to Kate and why? What are the factors that influence you with this advice? Solution/Advice 1 Choosing a Corporation/Company Structure - the business structure of a company/ corporation is highly recommended, it has the flexibility to gain more capital, or credit capabilityRead MoreBusiness Law - Case Study Assessment1310 Words   |  6 PagesBusiness Law --- Case Study Assessment Question 1: A.Register an Australian company through a number of business service providers who use software that deals directly with ASIC. Firstly, search business directories or the internet for ‘shelf company services’ or ‘Australian company registration’. Because these providers can also offer full company secretarial services covering registers, consents and share certificates. At the same time, we can complete the Application for registration as an Australian

Poetry Book Essay Example For Students

Poetry Book Essay Table of Contents Thoughts on poetry Page 2 Similes Page 3 Page 4 Metaphors Page 5 Personification Page 6 -? Apostrophe Hyperbole page 7 Page 8 Onomatopoeia Page 9 Internal rhyme Page 10 -? Imagery Alliteration Page 11 Autobiographical Poem page 12 page 13 Acrostic poem This Is Just to Say Poem Page 14 page 15 My Favorite Poet(s) My thoughts on poetry My favorite poems are Jawbreakers by Lewis Carroll and Knoxville Tennessee by Nikkei Giovanni. I like those poems the most because they are both different. Knoxville Tennessee is about the great things that summer can bring, like the things you love o do In the summer and the things you like to eat in the summer. I Like Jawbreakers also because it is fiction and not real story. In the poem Jawbreakers In think these nonsense words make this poem special and it is a really exciting poem. But I think you can learn something from that poem, and that is you can be afraid of something but you can always do It when you believe in yourself and when you are not afraid anymore but In this poem he killed the Jawbreakers and came home and now maybe he is the hero. And when you can do something you are afraid of when you can be a title hero because you are not afraid anymore. I think poems are sometimes better than books because you can read long poems and short poems but you can learn from both, but in one thing books and poems are equal they both tell a story even when it is a story that is not real they tell a story. Similes Willow and Gingko by Eve Merriam 1 OFF Fine-lined against the sky. Then ginkgo is like a crude sketch, Hardly worthy to be signed In this poem similes are needed because the Willow and the Gingko are compared and with out similes you couldnt say: The willow is like an etching Fine- lined against the sky. And in this poem without similes you couldnt describe how the willow and the gingko look, feel and smell. Metaphors Dreams Longs Hughes Life is a broken-winged bird That cannot fly. In this poem dreams by Longs Hughes life is compared to a broken winged bird. It describes that a life without dreams is like a bird without wings. And a bird needs wings to fly. My Favorite Poet My Favorite poet is Edgar Allan Poe, he was born January 19, 1809 in Boston, Massachusetts and died in October 7, 1849. He is my favorite poet because he doesnt wrote normal poems he wrote fiction, gothic and stories that are sometimes Cary and sometimes creepy and scary. But he also wrote love stories like Amenable Lee. Thats what I like about Poe and I also like that he wrote some many different poems like a famous one The Raven. Autobiographical Poem Im from soccer fields and snow on Christmas from a beautiful landscape and a big river. Im from a sweet little town with fields and many cattles. Im from a country where winters are cold and summers are hot. Im from a karate team where I learned self-defense. Im from a really great dad who taught me to ride the bike. Im from skate-parks and a place where I had really nice rinds. Im from traveling a lot and vacations in the Alps. Im from homemade food that tastes better than everything. Im from dont remember my grandfathers and from having a dog who died of cancer. Acrostic Poem Any kinds of animals are great. In any way they like you when you treat them right. .u69a081dfebc49e4b93d89eaffd90a56b , .u69a081dfebc49e4b93d89eaffd90a56b .postImageUrl , .u69a081dfebc49e4b93d89eaffd90a56b .centered-text-area { min-height: 80px; position: relative; } .u69a081dfebc49e4b93d89eaffd90a56b , .u69a081dfebc49e4b93d89eaffd90a56b:hover , .u69a081dfebc49e4b93d89eaffd90a56b:visited , .u69a081dfebc49e4b93d89eaffd90a56b:active { border:0!important; } .u69a081dfebc49e4b93d89eaffd90a56b .clearfix:after { content: ""; display: table; clear: both; } .u69a081dfebc49e4b93d89eaffd90a56b { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .u69a081dfebc49e4b93d89eaffd90a56b:active , .u69a081dfebc49e4b93d89eaffd90a56b:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .u69a081dfebc49e4b93d89eaffd90a56b .centered-text-area { width: 100%; position: relative ; } .u69a081dfebc49e4b93d89eaffd90a56b .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .u69a081dfebc49e4b93d89eaffd90a56b .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .u69a081dfebc49e4b93d89eaffd90a56b .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .u69a081dfebc49e4b93d89eaffd90a56b:hover .ctaButton { background-color: #34495E!important; } .u69a081dfebc49e4b93d89eaffd90a56b .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .u69a081dfebc49e4b93d89eaffd90a56b .u69a081dfebc49e4b93d89eaffd90a56b-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .u69a081dfebc49e4b93d89eaffd90a56b:after { content: ""; display: block; clear: both; } READ: How Grace Nichols' Poetry uses figurative language to achieve EssayMy dog was one of my best friends but now he is gone. All my family misses him but we have to except that he gone. Love we gave him and we had fun with him since his birth. So I hope you learned a lesson so treat you pets right and give them love. This is Just to say Poem By Julian Baling I heard something dropping. It was my mothers vase but she didnt do it. Who did it Nobody knows The splinters were Everywhere Where was my Dog? He laded Dead there on The ground . Personification Because I could not stop for Death, He kindly stopped for me; The carriage held but Just ourselves And Immortality. In the poem I could not stop for death, death is being personified as a real person who someone can meet. Death is also personified as the womans date or friend who is taking her out for a ride in the carriage. Alliteration Birches by Robert Frost When I see birches bend from left and right In the sentence: When I see birches bend from left and right. Birches Ben is rhyming and the alliteration in this sentence, but it also gives the poem a little bit of differentiates from other poems with out rhyming or alliteration. Imagery By Robert Frost The woods are lovely, dark, and deep. In this poem stopping by woods on a snowy evening the speaker uses imagery to describes the woods, so that a person who doesnt know how the woods look like can see them. After hearing the poem the person knows how the woods look like. Internal Rhyme Stopping by woods on a snowy evening By Robert Frost Whose woods these are I think I now. His house is in the village though In this poem the internal rhyme is used to make it sound not so like standard stories in books. It makes the reader think about, what the speaker meant or if he really would said that . Apostrophe else been a-climbing on, And reaching landings Apostrophes are in poems or in books needed because it is shorting the sentences and it is needed for long and colloquialisms poems that are maybe based on a real story. It gives the reader the feeling that maybe he could be in the poem or anybody else. Hyperbole Foul shot by Edwin A. Hooey And two seconds hanging on the clock When the poet Edwin A. Hooey wrote that there are only two seconds hanging on the wall he meant that in two seconds the game would end. And in this poem about the boy who has to make the shot, it makes the reader feel that he is live in the arena and can feel the stress of the boy. Because he has to make the shot that his team could win. Onomatopoeia The pied piper by Robert browning piper led out of the town. In the poem the pied piper are noises that you normally cant hear because the poem is written, but with onomatopoeia is the writer writing words that you would hear when it is a movie or something you hear.

Self Manages Supernnuation Fund Industry

Question: Describe about the Self Manages Supernnuation Fund Industry. Answer: 1. Bearing in mind that there are client looking up to me for a piece of advice on their self-managed super fund organization, I would ensure that I cover the following areas during our interview: Governing rules, trustee must follow the rules and guidelines put in place to ensure smooth operation of the fund and its members. I would also emphasize more on the fund trust deed as it is the document that determines how the fund is to be governed. Strategic plan is also another hot topic that can never be left out when addressing issuescommandingself-managed super fund as it is the item that explains what the fund aims to achieve (Henderson, 2012). Also most of our hard earned income gets lost during taxation, therefore I cannot fail to touch on this subject matter and highlight on how having a self-managed super fund will go a long way in reducing this tax. Finally succession planning will also be included in my bucket since it is at this stage where most self-managed super funds end up collapsing due to poor succession. After all why run a prosperousself-managed super fund only to drop it at the end (Phillips, 2011). As I prepare my clients to attend the interview, I will request them to ensure that they involve all their trustees and if possible ensure they all attend. Also along with them they should carry their self-managed super fund legal documents, financial statements, list of members financial plans, and registration documents. The above mentioned documents will be very handy as Iassess their self-managed super fund structure, so as toadvise them accordingly on the way forward and how they will be able to avoid future costs implications. In a bid to build a close and harmonious relationship with my clients I would employ the following strategies, Emotional mirroring: This entails being a good listener and ensuring that you are on the Clients side story so that you manage to understand the underlying points while presenting. It is showing empathy. Posture mirroring Posture mirroring involves reading the clients body language and imitating it in a way that you give feedback rather than mockery during interview conversations. Tone and tempo mirroring This is matching the tone and tempo of the client while you engage in a conversation. Reciprocity Reciprocity is the act of giving gifts to clients without asking for something in return in order to trigger the feeling of obligation to the client. The points to be regard during afinancial service guide presentation are as follows; How to deal with a complaint if a client is unhappy How the financial advisors are paid The advice and service rendered by the advisors Insurance policies and referrals As an advisor the kind of compensation I would expect to receive would include Fees only in this kind ofcompensationI the advisor will be compensated by fees paid by the client, this may take a percentage a flat retainer fee or an hourly fee or flat rate onetime project fee. This kind of remuneration will ensure that the client will not be engaged in future obligations of advisory fee pertaining the same matter under advisory (Phillips, 2011). Commission-based compensationcommission are to be paid as a percentage of the value of the investment under advisory, this form of compensation might go on for a continued period of time as it is payed once income is realized. E.g. the sale of an insurance policy that I had advised on. The compensation method is very flexible to the client as both the advisor and client will realize revenue at the same time moreover the client is bearing a lighter baggage as commissions are negotiable. Fee and commission based compensation Such arrangement of compensation may be arranged where I will be advising on a financial plan and latter seeing it through its implementation and realization. This ensures that I provide continuous advisory throughout the investment period. (f) The range of products that I will be providing advice on will include; Investment portfolio-investment should be divers in order to spread the risk and avoid major losses. Tax position the client should know the various ways he can minimize his tax burden or avoid it totally Social security investment. Pros and cons of such a fund should be made aware to the customer in relation to retirement. Existing debt the client should be guided on how to recover or clear his debt at all cost. Need for capital growth. After investment it is wise to ensure that the portfolio is always increasing in value due to the devaluation of currency. (g) In case a client is having a dispute, he should follow the following steps to resolve it. The client should identify a reputable ombudsman organization and register his complain The organization will collect information from the client and self-managed super fund organization or any other financial organization that the client is enjoying their services, regarding the complaint. During this period the client will give room for the information to be collected. After this the organization will make a decision regarding the complaint. If the client will still not be satisfied by the decision arrived at by the ombudsman, the ombudsman will provide him with a written assessment on how they think the dispute should be resolved and take it to ASCIS. 2. For a client to need the services of SMFS he or she should be having the following features. He/she should be longing for a means to protect small business or assets. The client should be an individual who is looking for a means in which he/she can quickly buy and exchange assets with minimal tax implications. Cutting cost is another aspect that the client would be focusing on in order to join anself-managed super fund The client would also like to avoid tax, by joining self-managed super fundhe will achieve this since once self-managed super fundstart paying pensions they are not taxed on capital gains due to a sale of asset. Finally the client would be aiming to acquire assets that are so expensive that he cant afford them on his own but by joining forces he is able to own part of the property The reason as to why we as financial planners may require to utilize self-managed super fund will include; Self-managed super fundstructures are effective and avoid administrative weaknesses since I and the other members are much in control of our investments decisions therefore the time lag experienced in large funds organization when a request is lodged, will not be the same in our fund. Due to the uncertainty of the future, self-managed super fund is very flexible such that when one reaches 60 years and above he will be able to withdraw benefits tax free before death to avoid potential death benefits tax payable by beneficiarys e.g. my adult children. With a large self-managed super fundI will be able to cut cost since once it accumulates large balances above $200,000 and above administrative cost will not be felt that much is it is in small funds, since administrative funds are fixed regardless of fund balances Once the self-managed super fundstarts paying pension I will be able to enjoy the advantage of not paying tax on capital gains once we sell an asset. (c) The benefits of self-managed super fundwith regard to the following headings will include Personal control- in a self-managed super fundone is able to cut cost, buy and sell assets quickly, protect assets and also withdraw tax-free benefits in future. At the same time each trustee has control on the investment decisions to be made. Cost control- self-managed super funds have a potential of cutting cost on administration once they accumulate balances more than$200,000 since the administrative cost is uniform regardless of the balance deposits. Investment flexibility: a member of self-managed super fund has the ability to change their investments and asset allocation of their portfolios quickly and at ease. If I was a large fund for instance, an investment company there would be a delay between when the investment changes are requested and when they are affected. Retirement Income Streams- as an investment vehicle self-managed super fundare convenient since they provide good returns that do not attract capital gains tax once they dispose an asset so long as it is paying pension. Moreover the fund can be inherited by the kids once they come of legal age. Protection from Creditors- self-managed super fundsare a good means of protecting assets as well as business. This prevents the creditors from accessing your personal property, since it offers asset protection succession planning and security of tenancy. Life Insurance-once one joins a self-managed super fundhis life insurance is declared null and void, however the trustees have an option of purchasing a life insurance that covers all the trustees Estate Planning- most of the times individual finance might be limited when one is to acquire expensive assets with low savings. Members of self-managed super fundhave an advantage of combining their funds and acquiring assets that are deemed expensive and own a portion of it. Taxation Planning- if you are a person who would like to avoid tax or even pay zero tax then self-managed super fund is the way to go since it offers an option of tax-free benefit withdrawal once you are aged above 60 years or evenavoid capital gains tax when selling an asset so long as pension I being paid by Self-Managed Super Fund. (D) The following disadvantages are associated with Self-Managed Super Fund. Self-Managed Super Funds are time consuming since it requires one to be fully and actively involved in the management of the entity and also all the administrative and day to day investment duties depend on the trustees(Phillips, 2009).. Lack of investment knowledge may pose as a challenge since all the investment decisions depend on the trustees despite having a financial advisor, the penalties will be imposed on the trustees incase the funds fail to remit returns on time. Non-compliance penalties are also a disadvantage as the tax office that regulates self-managed super funds has the power to freeze the funds due to non-compliance status. Causing a tax shocker. Administrative cost are all uniform regardless the self-managed super fundhas huge or small balances, this is a disadvantage to self-managed super funds with small balances as it eats up the funds and make it costly to run the investments operations. 3. The clients will not meet their requirements without my advice since it is their first time to be involved in aSelf-Managed Super Fund. The assumptions that I made in relation to my decision is that While Frank has run a successful business for many years, he has only limited investment experience and Frank and Heather describe themselves as growth motivated investors. This puts them at a very big risk of losing their funds in the trustees either due to non-compliance or poor investment choice. The information source that have used to arrive at my conclusion is the case study above where it states that While Frank has run a successful business for many years, he has only limited investment experience and Frank and Heather describe themselves as growth motivated investors. Investment restrictions that are put in place by government for Self-Managed Super Funds are: You cannot buy or sell assets from members You cannot lend money to members or any other related parties. Assets bought for commercial basis cannot be sold below the market value Borrowing money from your self-managed super fund is restricted unless under certain conditions. 4. TheEdithvale Retirement Fund managed to raise enough fund of $625,000 above threshold,also the fund was timely since in two years time Edithvale Retirement Fund will not be subject to capital gains tax or income tax as frank retires. However at the moment all the three members of the fund are fully committed and no one is free to run the operations of the self-managed super fund (Phillips, 2011). Also the fund has a member who is currently remitting funds but has no legal recognition of belonging to Edithvale Retirement Fund this might pose achallenge to this member regarding his finance in the fund and therefore the trustees should ensure that legal documentation is availed for the member to be recognized (Murden, (2014). (b) Considering that frank wants to transfer his business toEdithvale Retirement Fund, with least cost possible incurred, he should do the following; Value the business and estimate its current market price and then spread the price in specie over the years. Since he is aged 61 he can treat the business as a contribution to the fund where he will be contributing $100,000 yearly and once he is 65 years old he can be contributing $450,000 a year till the fund fully owns the business., this will ensure that he avoids the concessional contribution tax which is 46.5% per year on excess contribution. In addition it will ensure the income tax from business will be tax free once self-managed super fund hits the pension phase (Phillips, 2009).. Strategic Planning -since already frank and his already own a house it will be much protected while under the fund and also it will help in acquiring more assets through external debt since the fund will have more leverage Tax planning and structuring the-three members soul ensure that they do not dispose any kind of asset belonging to the fund until it starts to pay pensions in order to enjoy capital gains tax free in future while it pays pension Superannuation and retirement -contributions being made to the fund should be more than enough to generate enough income such that after retirement frank and his wife wont realize any reduction on their annual income in fact it will more than what they used to live on (Phillips, 2009). Estate and succession planning-while the advisor in most times focuses on how to invest, at this stage he is very crucial together with the legal officer as they are supposed to be present during the succession of the self-managed super fund as for frank the next trustee in linewill be his son and his wife as the other trustee (Henderson, 2012). Risk management - in order to manage or minimize risk on investment, the trustees of the fund, that is frank and his wife should diverse their portfolio so as to make sure even if one investment fails to remit returns on time the rest will still be in good shape. Asset protection once-frank has managed to transfer the business to the self-managed super fund he will enjoy asset protection from creditors and also payless tax on running the business. Investment advice the-newly formed self-managed super fund is doing fine though it would be wise to exploit other investment vehicles such as shares and government bonds in order to increase the returns. Cash flow management-every member of the fund should ensure that he or she has kept track of expenditure especially ben who is looking forward to start a family, it will also help him to realize his ability and power to save Personal budgeting-this ensures that the expenditure made is in line with the goals intended and thus avoid wastage of money on unnecessary goods 5. Preparations I will undertake before presenting my strategies are as follows 1 Ensure the content I am about to deliver is in line with what the client is looking for to avoid deviation on the topic. 2 Internalize the strategy such that I understand it well enough to connect it with the clients financial situation in order to yield solutions. 3 Have charts around in case I need to explain a concept using diagrams. Steps on how to transferreal-estate property to self-managed super fund. Theclient should first seek financial advice concerning the valuation of the property in order to ascertain the current market price of the asset, and then spread the amount throughout the following years (Murden, 2014). From there, he should seek legal advice on various means he can use to transfer the property to the self-managed super fund. The advice may include transferee by contribution where the client takes thevalue of the asset as a contribution to the self-managed super fund, where by the spread amount will be contributed after every year. The tax implication that will be involved with this option is only the concessional contribution tax which 46.5% that will take effect once the amount exceeds the stipulated contribution per year. Another way is to acquire the asset by simply purchasing it, though this will attract the (CGT) capital gains tax during transfer finally the individual may result to selling of the business shares to the self-managed super fund although the method has a lot paperwork and high cost implications. After the above advice the client settles on one option of transfer, Objections that might be raised by clients during presentation might include. How will I be able to manage aself-managed super fund yet I know nothing about financial investment? Response; that is the reason I am here to help you and walk you through the financial investment through self-managed super fund as a partner and ensure you get the maximum benefits possible. How am I sure that my investment is secure in case ofsudden death since once I join self-managed super fundmy insurance is void? Response; your insurance will be void definitely but the good news is that self-managed super fundcan take out insurance that ensures all trustees are covered, 6. The following steps are to be taken before self-managed super fundis in operation 1 draw up a trust deed 2 nominate trustees 3 clear the tax issues 4 Obtain atax fie number 5 create an investment strategy 6 open a bank account 7 Put money into the account 8 start buying assets (b) No. Action Who When 1. Sign Authority to Proceed C Now 2. Draw a trustee deed A After step 1 3. nominate trustee C After step 2 4. clear the tax issues A In due time 5. obtain atax file number A latter 6. create an investment strategy C Once step 3 is complete 7. open a bank account C After step 6 8. Put money into the fund C After step 7 9. Start buying property c Once the account reflects the deposit 7. The various changes that might provoke a review of my self-managed super fundstructure would be In case one of the members has reached the age of 65 years and wants to withdraw in order to enjoy the tax free benefit withdrawal, thus there will be a reduction in funds and hence a financial review will be necessary (Henderson, 2012). A review might also be considered in cases where the funds have out grown the present strategy and requires to shift focus on to larger investments, this also will demand a financial review. Tax office in charge of governingself-managed super funds may pass policies may trigger a review in case the current strategy is not in line with the newly formed policy. Competition from other self-managed super funds in the industry which are mushrooming everywhere nowadayswill bring a need to review my strategy in order to keep abreast with the market trends and also be in apposition to exploit more investment opportunities (Phillips, 2009). Inflation rates due to devaluation of currencies will influence a review and may be focus on assets that are less affected by inflation. As an advisor it is in order to ensure that you keep abreast with the current changes in policies regarding self-managed super funds in order to give my customers the best, to achieve this I will ensure that I occasionally visit the tax office website as well as the self-managed super fund governing bodys website in addition to reading journals and books that pertain investment. Also I will utilize the social media to my level best as it delivers a lot of information in almost real time basis. The level on going service that I would be offering would be Portfolio valuation Portfolio review Financial plan review Others e.g. strategy review Portfolio valuation will help in ensuring that the client has achieved his targeted investment or is on his way there and the targeted income per year is achieved within the stipulated period. Portfolio review will be beneficial in cases where there is a change in policies pertaining particular assets so as to ensure the self-managed super fund complies. Also such a review might be conducted in order to identify the assets that are performing and those that are not. Financial plan review is to be conducted in case the unexpected economic changes have delayed the income expected and hence it requires that the plan to change in order to meet the new trend Strategy review is conducted to ensure that incase a particular industry e.g. real-estate, has an overwhelming competition that is affecting the outcome of my clients inself-managed super fund, we will be able to sit down and come up with a new strategy. References Arnold, B., Bateman, H., Ferguson, A., Raftery, A. (2011). Understanding Assurance in the Australian Self-Managed Superannuation Fund Industry. SSRN Electronic Journal. Carney, T. Sceats, S. (2009). Retirement Security in Australia. SSRN Electronic Journal. Henderson, S. (2012). SMSF DIY guide. Richmond, Vic.: John Wiley Sons, Australia. Murden, M. (2014). How to invest in property through your self managed super fund. Heghett, Vic.: Major Street Publishing. Phillips, P. (2011). Will Self-Managed Superannuation Fund Investors Survive?. Australian Economic Review, 44(1), 51-63. Phillips, P., Baczynski, M., Teale, J. (2009). Can selfà ¢Ã¢â€š ¬Ã‚ managed superannuation fund trustees earn the equity risk premium?. Accounting Research Journal, 22(1), 27-45. Pino, A. Yermo, J. (2010). The impact of the 2007-2009 crisis on social security and private pension funds: A threat to their financial soundness?. International Social Security Review, 63(2), 5-30. Self managed superannuation funds. (2002). Canberra. Business review weekly: BRW. (2004). Melbourne: Business Review Weekly