Your Wealth Issue 8 – First Half 2015

Deemed if you do, deemed if you don’t

4

Why Australian banks are good long-term investments

6

Contents Economic Update 

3

Why a free trade agreement with China works

Feature 

Why Australian banks are good long-term investments

7

The importance of having Enduring Powers of Attorney

4

Deemed if you do, deemed if you don’t

Spotlight 

SMSF Trustee Education 

Technically Speaking

8

Navigating the new Aged Care rules

6

Morgans Foundation 

10

House with No Steps

To change your future, shift your

perspective Stay in touch with the market

§§www.morgans.com.au – breaking news, share prices and company research updates §§www.morgans.com.au/blog – stay up-to-date with our analysts and key picks via their personal blog posts §§Research publication Investment Watch – available monthly §§Research publication Investment Strategy – available quarterly §§@morgansAU – follow us on twitter for daily market updates §§www.linkedin.com/company/morgans-financial-limited

2 | Your Wealth Issue 8 – First Half 2015

Economic Update

Why a free trade agreement with China works We think that the Chinese economy grew by 7.4% in calendar 2014. We think that this growth rate will decline to 7.1% in 2015. We think that the Chinese government is successfully moving their economy from being an export based economy with large current account surpluses to a consumption based economy with lower current account surpluses. Part of the strategy of moving from an export-based economy to a consumption based economy is to pursue a ‘strong renminbi (RMB)’ policy. Moving up the real exchange rate of the RMB relative to other currencies makes exporters less competitive but it makes importers more competitive. Imported goods and services can be bought into the Chinese economy at lower domestic prices. This has the advantage in China of producing lower levels of inflation. Lower levels of inflation have been sought by Chinese governments over the past two decades as a way of promoting domestic political stability. We think that fixed investment in China grew by 14.9% for the year to November. This was up from 14.4% for the year to October. Industrial production (value added of industry) grew by 7.2% for the year to November. The bright spot in the Chinese economy for the year was retail sales. This grew by 11.7% in the year to November. This was up from 11.5% in the year to October. In China, just as in other countries, inflation is low right now because of falling oil prices. This low inflation means that for the year to November retail sales grew by 11.2% faster than inflation. They were up by 11.2% in real 3 | Your Wealth Issue 8 – First Half 2015

terms. This strong growth in retail sales showed that China is being successful in moving its economy towards a consumption driven economy. This movement towards an increased emphasis on domestic consumption explains why China is so interested in finalising a free trade agreement with Australia. Australia has long been a major supplier of resource materials such as iron ore to China. This was fine when China was concentrating on building industrial production. But Australia is also a major exporter of processed food products. These processed food products would include dairy and meat products. The free trade agreement that China already has with New Zealand has seen an enormous expansion of these New Zealand products to China. China realises that it would be very difficult for New Zealand to further expand the provision of food related products to China, so why not source these products from New Zealand’s larger nearby neighbour Australia as China needs additional supply of processed food products? Australia also does something which New Zealand cannot. We have a very large services sector which is capable of providing professional services to the Chinese economy. We can provide them in terms of legal services and financial services. But there is an area that is more important. China has a very large and ageing population. Australia has a large private hospital and aged care provision sector. China needs increased service provision in both of these health-related areas.

Michael Knox

This movement towards an increased emphasis on domestic consumption explains why China is so interested in finalising a free trade agreement with Australia. We think that the major result of the free trade agreement with China will be an enormous expansion of both the private hospital and aged care sectors as a provider of these services in China. Some estimates say that the opportunities in China are so large that firms which compete with each other in Australia in the health and aged care sectors would have to band together to form consortia in order to undertake projects of the extremely large scale which will be available in China under the free trade agreement. The Chinese free trade agreement provides the promise of quite remarkable growth, not just in the food export sector for Australia, but most importantly in the provision of services, especially services in the health and aged care sector.

Return to Contents

Feature

Deemed if you do, deemed if you don’t As well as being the start of a brand new year 1 January 2015 also marks the start of new deeming legislation. That is, account-based pension income streams will be deemed when determining eligibility for social security benefits and the Commonwealth Seniors Health Card from this date. Financial investments such as shares and term deposits are already deemed for Centrelink purposes, so now deeming will be extended to include Account-based Pensions (ABPs). In contrast, financial investments for the Commonwealth Seniors Health Card are not deemed. Rather, the actual taxable income is assessed as part of ‘adjusted taxable income’. From 1 January 2015, the ‘deemed’ income from ABPs will be added to the adjusted taxable income amount to determine the total income assessed.

How will the new deeming rules work? Social security recipients For social security recipients, income from ABPs is currently tested in the following manner: Gross – annual pension payment

Annual = Assessable deductible income for amount Centrelink purposes

Where: Gross annual = Total annual payments pension received from the payment superannuation pension

4 | Your Wealth Issue 8 – First Half 2015

by Terri Loy

Annual = (Purchase price of pension – deductible lump sum commutations) / amount life expectancy

be subject to the deemed income rules, with the deemed income added to adjusted taxable income to determine eligibility.

In contrast, the income amount assessed by Centrelink from 1 January 2015 will be based on deeming rates at the time and the individual’s ABP account balance. This is regardless of actual pension income received.

One small positive is that indexation of CSHC income thresholds commenced from 20 September 2014 and will be based on the Consumer Price Index (CPI) rate. The income thresholds as at 20 September 2014 are $51,500 (singles) or $82,400 (couples), or $41,200 (partnered, each).

Deeming rates and thresholds as at 1 July 2014 Single Couple

$48,000 @ 2.0%, balance @ 3.5% $79,600 @ 2.0%, balance @ 3.5%

While the current deeming rates are relatively low, any increase may lead to a greater reduction in age pension entitlement. Bear in mind, the Government proposes to reset the deeming thresholds back to $30,000 for singles and $50,000 for couples from 20 September 2017. This will result in a higher ‘deemed income’ amount assessable under the income test for pensioners.

Grandfathering provisions The new deeming rules will affect all ABPs unless the individual meets the conditions to retain the existing income test status by way of ‘grandfathering provisions’. What are the grandfathering provisions for social security recipients?

Self-funded Retirees

The current income treatment of ABPs (as shown above) to calculate the amount of income that is tested by Centrelink each year will be grandfathered for those individuals who have an existing ABP in place and are also in receipt of a social security benefit as at 31 December 2014.

For self-funded retirees applying for the Commonwealth Seniors Health Card (CSHC), currently income from account-based pensions is non-assessable. To align the measures with the social security deeming provisions ABPs will

That is, existing ABPs commenced prior to 1 January 2015 will continue to be treated under the existing income test as long as the member is also in receipt of Centrelink benefits when the new rules take effect. Return to Contents

Feature

What are the grandfathering provisions for CSHC recipients? Self-funded retirees who are eligible for the CSHC immediately before 1 January 2015 will not have the deemed rate of their existing taxfree ABP income held prior to commencement counted as income, unless the cardholder ceases to be a cardholder after this time. However, if the cardholder has a partner who does not hold a seniors health card then the partner’s income from his or her own ABP will be counted. When grandfathering does not apply or is lost Unfortunately, existing ABPs may not be eligible for grandfathering where the member is not receiving social security benefits or not in receipt of a CSHC prior to 1 January 2015; or the member is subsequently disqualified from receiving social security benefits or loses access to the CSHC at any time after 1 January 2015. If a pre-January 2015 ABP is transferred to a new provider after 1 January 2015, the grandfathered status will be lost. Similarly, if the ABP is stopped for any reason (eg refreshing the strategy, changing to a reversionary pension), this will trigger the new rules as it is effectively a cessation of the existing ABP and commencement of a new ABP.

Case Study – CSHC eligibility §§ Jonathan is single, 65 years of age and is a self-funded retiree. §§ He is currently in receipt of pension payments from his ABP, the balance as at 1 July 2014 being $950,000. §§ He also has $285,000 invested in Australian listed shares paying fully-franked dividends. §§ He has a cash account worth $20,000. Under existing rules, Jonathan is eligible for the CSHC as his assessable income (based on adjusted taxable income) is under the $51,500 threshold for singles (as at 20 Sept 2014). See Table 1. While Jonathan continues to receive pension payments from his ABP and retains access to the CSHC, he will continue to be tested under the existing rules. However, should Jonathan lose access to his card after 1 January 2015 for any reason, his ABP will be deemed under the new income rules. How would this affect his eligibility for the CSHC? See Table 2.

Current income assessment for CSHC eligibility Table 1 – Existing CSHC income test Description

Asset value

Assessable income

Account-based pension

$950,000

Nil

Shares @ 5%, fully-franked dividends

$285,000

$20,357

$20,000

$560

$1,255,000

$20,917

Cash @ 2.8% TOTALS Source: Morgans

Income assessment for CSHC eligibility – new rules Table 2 – Proposed CSHC income test Description

Asset value

Assessable income

Couples where one spouse is not eligible for grandfathering

Account-based pension – deemed income*

$950,000

$32,530

Shares @ 5%, fully-franked dividends

$285,000

$20,357

In the situation where only one member of a couple has an existing ABP and qualifies for grandfathering status, any ABP that is commenced for the spouse after this date will be deemed under the new rules and tested accordingly.

Cash @ 2.8%

$20,000

$560

$1,255,000

$53,447

Any ABPs purchased from 1 January 2015 will be included in the new test regime regardless.

5 | Your Wealth Issue 8 – First Half 2015

TOTALS

Source: Morgans * deeming rates as at 1 July 2014 – $48,000 @ 2% plus balance @ 3.5% (single)

The inclusion of the deemed ABP income pushes Jonathan’s assessable income over the $51,500 threshold. Accordingly, Jonathan will lose access to the CSHC and the concessions it affords. Interestingly, superannuation in accumulation is not included in any assessment for CSHC as there is no income to account for, so if Jonathan retained his super as accumulated funds he would be able to keep his seniors card. However, this does change the tax treatment of his super so he would need to weigh up the overall benefits.

Return to Contents

Spotlight

Why Australian banks are good long-term investments Nick Harris With an increased focus on regulation for the major banks we thought it timely to remind investors why we think our four major banks are quality investments. This isn’t just our view; our four major banks are in fact four of just nine banks in the world rated as ‘AA-’ by the ratings agencies. Our banks are in the top 10 highest rated banks in the world, according to the rating agencies. Independent research firm Morningstar, rates the major banks as four of only six companies in Australia with strong economic moats (ie having a sustainable competitive advantage). The major banks’ share of the Australian mortgage market has grown from 60% before the Global Financial Crisis to around 85% now. While housing credit growth has been subdued, consumers have switched from smaller banks to the majors and at the same time the major banks have been able to extract higher returns from those consumers (effectively tripling their margin). This example illustrates that the four major banks in Australia have pricing power and this, in our view, is a characteristic of a great investment. The key reason for the impressive mortgage margins is that when cash rates in Australia (and globally) were being cut the banks didn’t pass all of this on to consumers. At the time this was because wholesale funding costs were exceptionally high but wholesale funding costs have fallen significantly over the past few years. Regulatory risk is an issue and there are increasing concerns that regulators

6 | Your Wealth Issue 8 – First Half 2015

will force the major banks to hold more capital (because they are too big to fail). Mathematically this would reduce their Return on Equity (ROE) and therefore capacity to keep growing dividends (as they would need to retain more capital to increase their equity base). We however, and several of the four major bank CEOs, expect these higher regulatory costs to be passed on to consumers. This isn’t helpful for consumers but reminds us of the pricing power of the banks. There is a risk that the banks are unsuccessful in passing on these higher costs and this could result in a contraction of trading multiples. While short-term share price movement may be dramatic we think the final scenario will take years to play out. In our view, it’s unreasonable to force our banks to hold more capital because of the problems of international peers. Generally speaking our major banks do not take trading risk, they make a margin on both sides of a trade. Bank problems in the Global Financial Crisis were predominately due to the trades of major international banks going bad, which damaged their capital position. Consequently they were forced to raise capital at distressed prices and wholesale funding markets effectively closed which created a big problem for banks globally. These risky trades didn’t occur in Australian banks and this is one of the reasons our four major banks are in the top 10 banks rated globally.

and growing profits. While these profits are impressive, they need to be considered in terms of the capital deployed to generate these profits (return on equity). Interestingly, the banks’ ROE of around 16% is impressive (however it isn’t a super profit), is in the lower quartile of the top 100 stocks and below the ROE’s of many international peers. BHP Billiton for example generated an ROE of nearly 30% in 2012 but this is expected to drop to 14% in FY15. The ROE of the major banks has held reasonably steady over the same period. Reasonably defensive earnings, pricing power, lower relative share volatility (due to ROE stability) and an ability to gradually increase dividends is why we think the banks remain very attractive investments and an important part of every portfolio. Our preferred picks are ANZ Bank (ANZ) and Commonwealth Bank (CBA). We like ANZ for its Asian exposure and note that its ROE will improve as Asian earnings have just hit critical mass (and the return from ANZ’s Asian operations will continue to improve). We favour CBA for its overweight exposure to mortgages and wealth management which are the two best performing areas of financial services. We also believe CBA has a significant technological advantage over peers and of course note that it is the best performing bank (in terms of ROE and Total Shareholder Returns).

The four major Australian banks are often the focus of media attention for their phenomenal

Return to Contents

SMSF Trustee Education

The importance of having Enduring Powers of Attorney by Terri Loy If a member of a Self Managed Super Fund (SMSF) is incapacitated for any reason and is unable to act as trustee or director of the corporate trustee, another person may step in and act as the trustee in his/her place in the circumstances provided in s17A(3) of the SIS Act. In certain cases, this may allow time for the fund to be restructured as appropriate. A Legal Personal Representative (LPR) of a member who has an Enduring Power of Attorney (EPoA) in respect of the member may also act as trustee or director of a corporate trustee of a SMSF in place of the member, depending on the trust deed’s provisions. The Australian Taxation Office (ATO) issued a Ruling SMSFR 2010/2 which explains their interpretation on how an EPoA must work. The appointment of an EPoA as a trustee or

as a director of the corporate trustee, and the resignation of the member, must be in accordance with the trust deed (or with the corporate trustee’s constitution in the case of a director), the SIS Act and any other relevant legislation eg the Corporations Act.

The EPoA must be current and accord with the relevant State and Territories legislation relating to Enduring Powers of Attorney at all times during which the EPoA is a trustee, or a director of the corporate trustee, of the SMSF in place of the member.

Exception for Corporate Trustees: The SMSF Ruling provides more flexibility with EPoA arrangements in that an alternate trustee arrangement is also acceptable if the governing rules of the trust deed, or the company’s constitution, include alternate trustee/director provisions. In that case, the original trustee/ director does not have to resign. Rather, the EPoA acts ‘in place of’ the original trustee/director as the alternate trustee/director for a specified period of time, when the original trustee/director is not performing the duties themselves.

When appointing an alternate trustee, the Terms of Appointment should clearly state what is happening in terms of the alternate arrangement and make the situation clear as to when the alternate trusteeship is effective. When meetings are held there should be identification of who is in attendance at the time. This removes the need for a new minute each time the trustee situation changes.

§§ The person appointed under an EPoA must be aware of and understand their personal liability for trustee penalties which commenced on 1 July 2014 (see Issue 7 (2014) of Your Wealth publication), along with other penalties which may be imposed by the SIS Act, Corporations Act. The EPoA must also be aware of the fiduciary obligations and covenants for trustees. There is no point nominating someone as your EPoA if that person does not want to accept the responsibility or have the ability to operate a SMSF.

§§ An alternate director situation can only work if the original director can remain (ie does not resign). If the situation arises where a director must be removed (eg mental incapacity), a replacement director must be arranged rather than an alternate director. Otherwise any decisions made by the alternate director will be invalid. §§ Finally, check the SMSF’s Trust Deed clauses – who has power to remove an incapacitated member and who can be substituted as a decision-maker for the incapacitated member?

The same LPR or EPoA can act for both trustees if warranted. So the same person can be in place of different trustees.

Important Points §§ If individual trustees are replaced by an EPoA, transfer of investment ownership must be actioned to ensure the SMSF assets reflect the new trustee names. Corporate trustees simply appoint the replacement EPoA as director without the need for asset changes. §§ EPoAs acting as a trustee/director are obliged to complete the New Trustee Declaration required by the ATO within 21 days of their trustee/director appointment.

7 | Your Wealth Issue 8 – First Half 2015

Return to Contents

Technically Speaking

Navigating the new Aged Care rules The Government’s aged care reforms came into effect on 1 July 2014 and apply to all new entrants to the aged care system after this date. The intention of the changes is to improve transparency and provide more flexible options for people to pay their residential care fees, whilst aligning the amount paid more closely with a person’s level of assets and income. Although this has been achieved to some extent the system remains very complex, and for many people the fees payable are now higher than they would have been under the old system. If you or a family member are planning to move into an aged care facility it is essential to carefully consider the best way to structure finances in order to minimise costs, and to ensure adequate cashflow is available to cover ongoing expenses.

Kate Cross

The changes in summary §§ There is no longer a distinction between highlevel and low-level residential care. §§ An ‘accommodation payment’ (entry fee) can now be charged by all residential care facilities. §§ Facilities must publish their rates and fees on the My Aged Care website, and their own website. §§ The accommodation payment can be paid as a lump sum ‘Refundable Accommodation Deposit’ (RAD), an ongoing ‘Daily Accommodation Payment’ (DAP) or a combination of the two.

§§ There is a limit of $550,000* on the amount which can be charged by the facility as an accommodation payment, and entrants must be left with at least $45,500 in assets remaining. §§ A facility can no longer deduct retention amounts from an accommodation payment. §§ The income tested fee has been replaced with a means tested fee which considers both assets and income. §§ The cap on the daily care fee has been replaced with an annual cap of $25,349 and a lifetime cap of $60,838 on means tested care fees. *threshold as at September 2014

The new fee structure From 1 July 2014 new residents will be liable for the following fees, (unless the accommodation payment is exempted due to low means):

Accommodation payment

Basic daily care fees

§§ Payment for right to accommodation at facility (entry fee) §§ Based on level of assets assessed (including the former home) §§ Can be a lump sum (RAD) or ongoing payment (DAP) §§ RAD is fully refundable, DAP is non-refundable §§ 28 days from entry to decide how to pay §§ If classed as ‘low means’, no accommodation payment required

§§ Payable by all residents regardless of income and assets §§ Covers daily living expenses §§ Set at 85% of the single aged pension §§ Indexed quarterly to CPI

8 | Your Wealth Issue 8 – First Half 2015

Means tested care fees and extra service fees §§ Ongoing contribution to care costs §§ Based on income and assets (means tested) §§ Care fees subject to annual and lifetime caps §§ Opt-in additional service fees to pay for lifestyle services §§ Payable as a package in facilities which offer extra services

Return to Contents

Technically Speaking

How the accommodation payment and means tested fees are calculated The income tested amount is calculated as (assessable income – assessable incomefree area) x 50% (note that income is mostly assessed by the same method as for Centrelink benefits). The asset tested amount is calculated as a percentage of assessable assets based on three thresholds. Although generally assets are assessed as per the Centrelink rules, there are some small but important differences: §§ Any Refundable Accommodation Deposit paid is included for the Aged Care means test, but not Centrelink Age Pension assessment. §§ The former home is only assessed up to a cap of $155,823 (as at September 2014 and indexed quarterly by CPI) for Aged Care, and disregarded for Centrelink assessment if a Daily Accommodation Payment is being made. The result of the two tests is combined, and divided by 364 to calculate the ‘Means Tested Amount’. The means tested amount is used to determine whether or not an accommodation payment (entry fee) is payable, and the amount of any means tested care fee which will be charged on an ongoing basis.

Whilst selling your home may free up cash, it could lead to a higher means tested amount being calculated if the sale proceeds are used to pay the Refundable Accommodation Payment. In contrast, the assessed value of the former home is capped if it is retained. Furthermore, if a ‘protected person’ can remain in the home (ie a spouse or a carer/close relative who receives an income support payment) the home will remain exempt for Aged Care assessment (and also for Age Pension assessment if a Daily Accommodation Payment is being paid). This could result in a higher Age Pension entitlement as well as a lower means tested care fee.

Other ways to reduce means tested care fees Depending on your circumstances there may be a number of other strategies available to reduce means tested care fees. Certain types of investments benefit from different treatment under the social security or aged care tests. Your adviser can assist you in determining the most appropriate way to invest your available funds in order to minimise care fees and provide tax effective cashflow.

Comparing Aged Care expenses when retaining or selling the former home Assessable assets for means tested fee

Retain PPR1

Sell PPR1

$155,823

$0

$0

$500,000

Account based pension

$300,000

$300,000

Total assessable assets

$455,823

$800,000

Assessed value of home Refundable Accommodation Deposit (RAD)

Assessable income for means tested fee Age pension

$17,137

$18,149

Deemed income from Account Based Pension2

$9,780

$9,780

Property rent

Exempt

$0

$26,917

$27,929

$17,210

$17,210

$4,705

$12,114

3

Total assessable income

Keeping or selling the former home

Care fees and cashflow

When planning to enter Aged Care, one of the first questions will often be “Do I need to sell my home to afford to enter the facility?” There are many factors which will affect this decision, and it is important to consider both the financial and non-financial aspects of your situation such as family preferences, whether the property is in rentable condition, who will look after maintenance etc. On the financial side you will need to consider how to generate sufficient income to fund ongoing care fees and other expenses.

Daily Accommodation Payment (DAP)

$33,149

$0

Total expenses

$55,064

$29,324

Total income

$61,390

$37,402

$6,326

$8,078

9 | Your Wealth Issue 8 – First Half 2015

Basic daily care fee Means tested care fee

Net cashflow position

Source: Morgans Assumptions: Home value $500,000. Rent $25,000pa, Drawing from Account Based Pension 6%pa 1 PPR means Principle Place of Residence 2 For pensions commenced prior to 1 Jan 2015 deeming may not apply to Account Based Pension 3 Rent remains exempt if paying a ‘Daily Accommodation Payment’

The above example shows how important it is to understand and quantify your options before making big decisions about how to fund a move into residential aged care. Visit the Government’s website www.myagedcare.com.au for further information on aged care including details of aged care facilities, and speak with your Morgans adviser if you or a family member is considering aged care.

Return to Contents

Morgans Foundation

Morgans Foundation For over ten years, our Morgans Northern Rivers office located in Ballina has supported the charity House with No Steps which is an organisation supporting people with a disability in New South Wales, Queensland and the Australian Capital Territory. Branch Managers, Kai Hansen and Leo Senese, together with their team, have been supporters of the local Summerland House Farm located in Alstonville. Summerland House Farm is a popular north coast tourist attraction and a working avocado, macadamia and hydroponic tomato farm, creating employment opportunities for 90 local people with a disability. Established in 1972 as a regional operation for the House with No Steps organisation, Summerland House Farm has gone from strength to strength as the agricultural hub of the region and in more recent times, as a must-see tourist attraction and education centre with over 150,000 visitors per year. In 2013 Morgans Northern Rivers provided an increased level of support becoming the principal sponsor of the Summerland House Farm Country Fair. The Country Fair event is the major fundraiser for the Summerland House

Farm, raising funds to purchase the necessary farming equipment and other resources to continue to create opportunities. It is also the day that puts the spotlight on this amazing organisation and gives the employees a chance to showcase their business, their skills and welcome everyone to their farm. Expansion of the Country Fair program in 2014 provided ‘something for everyone’ and the event drew crowds of over 10,000 people from around the region and beyond. Fair-goers were spoilt for choice with over 20 acts on five stages. The Morgans Main Stage saw spectacular performances from ‘X Factor’ 2012 star, Nathaniel Willemse, award-winning all women a cappella group Headliners Chorus, local bush poets and some gardening tips from green thumb extraordinaire Costa Georgiadis. There were also plenty of activities for the little ones with rides, face painting, farmyard animals, mini golf, pony rides, crafty corner, magicians and balloon artists.

by Gabrielle Chisholm

Information If you’re interested in learning more about either the Morgans Foundation, House with No Steps or Summerland House Farm visit: www.morgans.com.au/foundation www.hwns.com.au www.summerlandhousefarm.com.au

This year, the Morgans Foundation was delighted to be able support House With No Steps and the Summerland House Farm.

Jenny Im and Judith Harding from Morgans Ballina make friends with some local llamas.

Costa Georgiadis and farm staff at Costa’s new Summerland House Farm garden. 10 | Your Wealth Issue 8 – First Half 2015

Return to Contents

In life, it’s not what you get but what you

become Albert Einstein

Return to Contents

Morgans Financial Limited

ABN 49 010 669 726 AFSL 235410 A Participant of ASX Group | A Professional Partner of the Financial Planning Association of Australia Level 29 123 Eagle Street Brisbane QLD 4000Financial AustraliaLimited Morgans GPO Box 202 Brisbane QLD 4001 Australia ABN 49 010 669 726 AFSL 235410 A Participant of ASX Group | A Professional Partner Make investing Talkofto your Morgans of the Financial Planningeasy. Association Australia

adviser Level 29 123 Eagle777 Street946 Brisbane or call 1800 to find your nearest office. QLD 4000 Australia GPO Box 202 Brisbane QLD 4001 Australia

Queensland

New South Wales

Brisbane – Head Office +61 7 3334 4888

Armidale

Victoria +61 2 6770 3300

Brighton

Western Australia +61 3 9519 3555

Perth

+61 8 6462 1999

West Perth

+61 8 6160 8700

Brisbane – Edward St +61 7 3121 5677

Ballina

+61 2 6686 4144

Camberwell

+61 3 9813 2945

Brisbane – Tynan Partners

+61 7 3152 0600

Balmain

+61 2 8755 3333

Carlton

+61 3 9066 3200

Bowral

+61 2 4851 5515

Farrer House

+61 3 8644 5488

Bundaberg

+61 7 4153 1050

Chatswood

+61 2 8116 1700

Geelong

+61 3 5222 5128

Cairns

+61 7 4222 0555

Coffs Harbour

+61 2 6651 5700

Melbourne

+61 3 9947 4111

Caloundra

+61 7 5491 5422

Gosford

+61 2 4325 0884

Richmond

+61 3 9916 4000

Corporate Advice

Emerald

+61 7 4988 2777

Hurstville

+61 2 9570 5755

South Yarra

+61 3 9098 8511

Brisbane

+61 7 3334 4888

Gladstone

+61 7 4972 8000

Merimbula

+61 2 6495 2869

Traralgon

+61 3 5176 6055

Sydney

+61 2 8215 5055

Gold Coast

+61 7 5581 5777

Neutral Bay

+61 2 8969 7500

Warrnambool

+61 3 5559 1500

Melbourne

+61 3 9947 4111

Ipswich/Springfield

+61 7 3202 3995

Newcastle

+61 2 4926 4044

Perth

+61 8 6160 8700

Kedron

+61 7 3350 9000

Newport

+61 2 9998 4200

Mackay

+61 7 4957 3033

Orange

+61 2 6361 9166

Milton

+61 7 3114 8600

Port Macquarie

+61 2 6583 1735

Northern Territory

Mt Gravatt/Capalaba

+61 7 3245 5466

Scone

+61 2 6544 3144

Darwin

Noosa

+61 7 5449 9511

Sydney – Level 9

+61 2 8215 5000

Redcliffe

+61 7 3897 3999

+61 2 8216 5111

Rockhampton

+61 7 4922 5855

Sydney – Level 7 Currency House

Spring Hill

+61 7 3833 9333

Sydney Hunter St

+61 2 9125 1788 +61 2 9615 4500

Sydney Reynolds Equities

+61 2 9373 4452

Wollongong

+61 2 4227 3022

Sunshine Coast

+61 7 5479 2757

Toowoomba

+61 7 4639 1277

Townsville

+61 7 4725 5787

Yeppoon

+61 7 4939 3021

ACT Canberra

South Australia Adelaide

+61 8 8464 5000

Norwood

+61 8 8461 2800

+61 2 6232 4999

+61 8 8981 9555

Tasmania Hobart

+61 3 6236 9000

www.morgans.com.au www.morgans.com.au Morgans and CIMB – Please visit www.morgans.com.au to understand the products and services within our alliance. Personal Information held by Morgans Financial Ltd may have been used to enable you to receive this publication. If you do not wish your Important Information information in this booklet is of please a general nature. doesatnot take intoBranch consideration any personal or individual personal information to beThe used for this purpose in the future contact us, Iteither your local or to GPO Box 202 Brisbane Qld 4001. goals, needspolicy or circumstances. You should seek professional advice before acting on this information to make sure the strategies meet your Our privacy is available online at www.morgans.com.au individual circumstances. Morgans and CIMB – Please visit www.morgans.com.au to understand the products and services within our alliance. Return to Contents