You are a financial adviser helping your clients make financial decisions and plan for the future. You specialise inretirement planning.

A referral has been received from an existing client and a fact find meeting was conducted with Bob (Robert) and Ann Sackleyon the 3

rd ofJanuary 2023. During the meeting you find that Bob and Ann are

both 67 ,considering theirretirement plansand decided to undertake a review of their current financial situation.

On 1 July 2022, they both purchasedlifetime annuities for $60,000each. These provide a$6,000 pension each per annum. In addition, they held the following assets as of 1 July 2022:

Home $850,000

Mortgage on home$150,000

Prepaid funeral $50,000

Term deposit at 4% $350,000

Managed fund $70,000

Direct shares$80,000

Rental property $ 450,000

Motor vehicles $40,000

Antiques $50,000

Jewellery $45,000

On 1 November 2022, the Sackley's decided to give $100,000

from their investments(i.e., $50,000 to each of their two children) to help them with the purchase of their first homes. Bob has decided to take a part-time job with a local art dealer and expects to earn $100 per week.

You prepare responses to the following questions and have been asked by the principal to record, demonstrating a client presentation

for training purposes.

1.Calculate the Sackley's assessable assets.