Patrick is a Farm Consultant and works from a small commercial office he owns in Pinjarra. Patrick is 54 years old and has $460,000 in XYZ Superannuation. All of this superannuation is invested in cash earning 3%pa after fees. Patrick is considering establishing a Self-Managed Superannuation Fund to purchase his commercial office for $280,000 and invest the remainder in managed funds. Patrick purchased the property for $90,000 3 years ago. Patrick also has $230,000 from an inheritance which he envisages that he will not need for over 10 years but does not want to put it into the Superannuation environment as he will not be able to access it. Patrick earns $194,000 gross of tax and SGC. He is not married, has no debt, dependants and is healthy. He considers himself to have a Growth risk profile. YOUR TASKS In the format of a Scaled Statement of Advice to Patrick give the following recommendations: 1) A recommendation to establish a SMSF. Include at least three advantages and at least three disadvantages relevant to Patricks situation. 2) Including calculations of any consequences, recommend to Patrick that he buys the commercial property in his SMSF. 3) Recommend a suitable investment for residual cash in the SMSF 4) For the inheritance, recommend an Investment bond and give advantages and disadvantages of the recommendation. Although there is no strict word limit, ensure that it is written to a client who has little understanding of Financial Planning concepts and strategies. ECF3211 Semester 2 2023 What we will be looking for when we assess your report 1) EXPLANATION AND DISCUSSION OF SMSF ESTABLISHMENT RECOMMENDATION. 2) EXPLANATION, DISCUSSION AND CALCULATIONS OF THE BUSINESS REAL PROPERTY RECOMMENDATION. 3) EXPLANATION AND DISCUSSION OF RESIDUAL SMSF CASH RECOMMENDATION. 4) EXPLANATION AND DISCUSSION OF INVESTMENT BOND RECOMMENDATION