KAPper he following guidance is correct when recording and retaining tax file numbers (TFNs)?
Wrong
Score : 0 / 1 Your choice | Expected choice | Answer | Comment | | | TFNs must be clearly identified and retained on the client file for seven years | | | | Once the application form has been sent the adviser should black out the client's TFN on their copy of the form | | | | TFNs information should be collected in the fact finding interview and retained on the client file | | | | TFNs cannot be collected or retained in any circumstances | |
2. Which of the following would normally be a feature of the second interview stage of presenting client strategies?
Wrong
Score : 0 / 1 Your choice | Expected choice | Answer | Comment | | | The adviser undertakes the fact finding process in order to establish the client’s goals and objectives | | | | The adviser brings the client up-to-date with the implementation of the recommendations | | | | The adviser states the establishment and ongoing management costs associated with the implementation of the strategy | | | | The adviser goes through the Risk Profile Questionnaire with the client | |
3. When is a strategy of paying insurance premiums through superannuation arrangements most beneficial?
Wrong
Score : 0 / 1 Your choice | Expected choice | Answer | Comment | | | The client is able to reduce overall net cost (or increase the amount of cover for the same cost) of their life and TPD insurance by structuring ownership through superannuation | | | | The superannuation fund is able to reduce its tax liabilities by claiming deductions for insurance premiums on life, TPD, income continuation and trauma insurance | | | | The clients wish to reduce the burden of paying insurance premiums for income continuation and trauma insurance out of their after-tax incomes |