FPL304 Social Security Advice

Updated: 16 October 2019
Credit Points 6
Location Teaching Period Mode of Study
Armidale Trimester 1 Online
Armidale Trimester 2 Online
Armidale Trimester 3 Online
Intensive School(s) None
Supervised Exam There is no supervised examination.
Pre-requisites candidature in the BCom or BCom(FinPlan) and 48cp
Co-requisites None
Restrictions None
Notes None
Combined Units None
Coordinator(s) Cynthia Shannon (cshanno5@une.edu.au)
Unit Description

This unit provides students with an overview to the operation of the social security system in Australia with particular emphasis on the Age Pension. A central tenet of the social security system is equity. Consequently, policy makers attempt to achieve this by using means testing to ensure those people most in need of assistance receive the benefits. A working knowledge of the social security system allows planning opportunities for financial advisers to assist clients to meet their goals. As Australia's baby boomers approach retirement, the problem of financing an ageing population looms. A process for considering alternative arrangements for aged-care services is addressed together with the funding implications for both individuals and government.

This unit will include topics that address the operation of the Australian social security system; eligibility criteria for payments and benefits; the Income Test and Assets Test; Age Pension eligibility for payments; taxation and superannuation implications for the Age Pension.

Materials No text required
Disclaimer Unit information may be subject to change prior to commencement of the teaching period.
Title Exam Length Weight Mode No. Words
Compulsory Client Simulation 30% 2000
Assessment Notes

Simulated client interview.

Relates to Learning Outcomes (LO)

LO: 1-3

Compulsory Online Assessment 30% 1500 (equivalent)
Assessment Notes

Online test comprises multiple choice questions that involve calculations; scenario-based analysis; and application of knowledge.

Relates to Learning Outcomes (LO)

LO: 1-4

Compulsory Social Security Advice 40% 2500 (equivalent)
Assessment Notes

Written Case Study.

Relates to Learning Outcomes (LO)

LO: 1-3, 5

Learning Outcomes (LO) Upon completion of this unit, students will be able to:
  1. determine the eligibility criteria for social security payments and services and compute what those payments would be;
  2. assess current eligibility for the Age Pension and the taxation implications under various client scenarios;
  3. integrate financial planning strategies suitable for various client scenarios ensuring access to the Age Pension is an available option;
  4. examine the demographic trends and public policy framework facing retirees in the later stages of retirement who need to access aged care services; and
  5. describe and calculate the range of fees and calculation methods for home care packages and residential aged care and the interrelationship between government and private funding.