Financial Performance Analysis Of Fosters Group Ltd.

Authorities to Consult for Accurate Financial Data

1. Detail what authorities / personnel / sources you would have to consult with to ensure the financial data provided is accurate and complete.  Discuss how you would reconcile the financial data to confirm accuracy.

2. Undertake both a vertical and horizontal analysis of the Fosters consolidated income statements for the years ending 30 June 2010 and 30 June 2011

3. Complete a Profit and Loss report for year ending 30 June 2011 as well as a debt-to-equity ratio for the 2011 financial year.

4. Utilising appropriate models and financial and quantitative data from the Annual Report provide an environmental and further financial analysis of Fosters Group – any suspected problem areas should be highlighted.

5. Assess the Statement of Cash Flows in the Annual report – explain why there was a significant decrease in cash at the end of the year ending 30 June 2011 compared with the previous financial year.

6. Based on the above analyses, comment on the financial performance of Fosters in the last financial year – specifically on the following aspects:

Profitability

Financial Stability

Efficiency

7. If the objective of Fosters management was to consolidate their earnings and post a moderate increase in the previous years profit, have they achieved this?  Has the above analyses demonstrated this information – if not, undertake a further analysis of the statements to determine this.

8. Lastly, assess the financial potential of Fosters Group Ltd. Using the financial data provided in the 2011 financial report.  Comment on what funding requirements would be required in the future to continue the same rate of growth over the last financial year.  Also list the statutory obligations of the company.

Financial objective

• Reduction of tax liability – for reducing the tax liability the company has appointed tax expert who can advise on how to manage taxes and plan the taxes so that the tax liability of the company can be minimised.
• Wealth accumulation – it can be identified from the annual report of JB Hi-Fi that the cash outflow for the purpose of investing activities amounted to $ 885.5 million that was more by $ 52 million as compared to the previous year. It clearly indicates that the company is accumulating wealth for improving the future performance[1].
• Asset development – it can be identified from the annual report of the company that the total asset of the company significantly increased from $ 992.3 million to $ 2,452.3 million over the years from 2016 to 2017. The company invested big amount of $ 1,026.6 million for intangible assets that indicates that the company is engaged in asset development[2].
• Legal and financial requirements – The company is required to comply with the all the legal requirements imposed by the government. Further, the financial statement must disclose the legal suits of the company. The financial statements of the company shall be prepared as per the Australian accounting standard issued by AASB and must comply with the Corporation Act 2001[3].
• Investment strategy – Cash outflow for the purpose of investing activities amounted to $ 885.5 million that was more by $ 52 million as compared to the previous year. It clearly indicates that the company is accumulating wealth for improving the future performance.
• Business registration – the company is limited by shares and it is domiciled and incorporated in Australia[4].
• Insurance needs – the company carries the credit insurance for most of the accounts of commercial debtors.
• Tax issues – as the company is engaged in various businesses it is subjected to various taxes. The tax of the company includes both current tax as well as deferred tax. Applicable tax rate on the company is 30%. Various taxes of the company include dividend tax, tax on employee share options, taxes on income from continuing operations and taxes on hedge gains[5].

To ensure the above requirements the managements forms the strategies and implement it. Further, the management can implement new strategies based on the financial performance of the company[6].

Importance of constant review of financial position – constant review assists in analysing the financial performance and financial position of the company on continuous basis. Further, it helps to analyse the performance of the competitors and make new strategies to improve the performance.

Areas to be improved – the information that can be implemented for covering all the requirements sufficiently are the trend analysis, 5 years data and graphs for analysing the financial performance in better way.

Changes in financial position - as per the consolidated profit and loss statement of the company it can be identified that the profit of the company for the year ended 2016 was $ 152.2 million that increased to $ 172.4 million for the year ended 2017. Further, it can be identified from the cash flow statement of the company for the year ended 2017 it can be found that the cash and cash equivalent for the year has been increased to $ 72.8 million from $ 51.9 million for the year 2016[7].

Vertical and Horizontal Analysis of Income Statements

For assuring the financial data of the company its auditors can be consulted. The annual report of JB Hi-Fi for the year ended 2017 was audited by Deloitte Touche Tohmatsu. As per their opinion the financial report of the company that includes the consolidated balance sheet, consolidated income statement, consolidated cash flow statement and changes in equity that –

• The statements are giving true and fair view of the financial position and financial performance of the company for the year closing on 30^th June 2017.
• The statements are complied with Corporation Regulation 2001 and Australian Accounting Standards[8]

Horizontal analysis

Vertical analysis

Profitability status – as per the consolidated profit and loss statement of the company it can be identified that the profit of the company for the year ended 2016 was $ 152.2 million that increased to $ 172.4 million for the year ended 2017. The company was able to increase its profit due to increase in revenue from $ 3,954.5 million ton $ 5,628 million over the years from 2016 to 2017[9].

		2017	2016
Debt to equity ratio	Total liabilities/total equity	1.87	1.45

Debt to equity ratio is the leverage ratio used to measure the proportion of total debt and financial obligations as compared to the shareholder’s equity. Higher debt equity ratio like more than 1 indicates that the debt portion for obtaining the assets is higher as compared to equity and the company is financially leveraged. It can be identified that the debt equity ratio of the company for both the years are more than 1. Moreover, the ratio has been increased from 1.45 in 2016 to 1.87 in 2017. Therefore, it can be stated that the company is highly leveraged[10].

The environmental risks are the ability of the company to continue its operation in such a way that will not compromise the health ecosystem under which the company carries out its operation. The company is in the view that it is not exposed to the risks of environmental sustainability and believes that it will be able to protect the shareholder’s value[11]. Further, the company implemented various initiatives for minimising the effect of the environmental operation. These initiatives include Australian packaging covenant, carbon disclosure project and various recycling initiatives.

Analysing the cash flow statement of the company for the year ended 2017 it can be found that the cash and cash equivalent for the year has been increased to $ 72.8 million from $ 51.9 million for the year 2016. The main reason of increasing the cash was the proceeds from shares amounted to $ 395.9 million for the year 2017. Further, the receipts from customers increased from $ 4,355.7 million to $ 6,205 million[12].

Profit and Loss Report and Debt-to-Equity Ratio

Profitability ratios – the profitability ratios analyse the profit earning capability of the company from the sales. From the profitability ratios of the company that is the gross profit margin, net profit margin and return on asset of the company that the gross profit of the company for both 2016 and 2017 were more or less same that is 21.88% for 2016 and 21.86% for 2017. The net profit margin was reduced from 3.85% to 3.06%. However, return on assets of the company has been significantly reduced from 15.34% to 7.03%. Therefore, it can be stated that the management’s efficiency regarding generation of earnings from the assets have been reduced[13].

Financial stability – the financial stability or solvency ratios are used to measure the debt of the company as compared to its equity and assets. Debt to equity ratio measures the liabilities of the company as compared to its equity. It has been identified that the company has improved its ratio from 1.61 to 1.45 over the year from 2016 to 2017. However, the interest coverage ratio of the company has been increased from 31.99 times to 46.44. Cash transition period that tells about the time that is taken by the company for transition to cash position must be ceased for financing and investing the cash flow from the operating activities. The period has been increased from 36.79 months to 38.09 months.

Efficiency ratios – the efficiency ratios are used to measure the ability of the company to use the assets of the company and managing of the liabilities efficiently. From the account receivable turnover ratio of the company it can be identified that the ratio has been reduced from 44.06 to 38.21. Therefore, the efficiency of the company with regard to the collection of receivables has been reduced. However the inventory turnover ratio of the company has been improved from 6.03 to 6.25 over the years from 2016 to 2017.

From the profit and loss statement of the company it is evidential that the profit of the company has been increased from $ 152.2 million to $ 172.4 million over the years from 2016 to 2017. Therefore, the company was successful to increase their profit in 2016 as compared to previous year through consolidating the earnings.

It can be recognized from the annual report of the company that total borrowings of the company for the year ended 2017 amounted to $ 558.8 million whereas total amount of contributed equity was $ 438.7 million. Therefore the amount of debt was higher as compared to equity. As the higher amount of debt increases the financial leverage of the company, for further requirement the company shall raise the fund through equity. Further, as per the annual report of the company no statutory obligation was stated for the year ended 2017[14].

Environmental and Financial Analysis of Fosters Group Ltd.

It can be seen above in assessment 2 that various ratios like profitability ratios, stability ratios and efficiency ratios are computed for analysing the financial performance of the company.  Major findings from the calculation are as follows –

• Debt to equity ratio has improved its ratio from 1.61 to 1.45 over the year from 2016 to 2017.
• The interest coverage ratio of the company has been increased from 31.99 times to 46.44.
• Cash transition period has been increased from 36.79 months to 38.09 months
• Gross profit of the company for both 2016 and 2017 were more or less same that is 21.88% for 2016 and 21.86% for 2017.
• The net profit margin was reduced from 3.85% to 3.06%.
• However, return on assets of the company has been significantly reduced from 15.34% to 7.03%.
• From the account receivable turnover ratio of the company it can be identified that the ratio has been reduced from 44.06 to 38.21.
• The inventory turnover ratio of the company has been improved from 6.03 to 6.25 over the years from 2016 to 2017[15].

The management and directors of the company are committed for assuring that the business of the company are ethically conducted and are complied with the corporate governance standards. Further, the practices and policies of the company are complied with the 3^rd edition of ASX Corporate Governance Council Recommendations and Principles in all material aspects. The board is primarily engaged with enhancing and protecting the value of the shareholders[16]. Each director of the company is considered as independent except the CEO. However, in case of conflict of interest the concerned director is not entitled to receive the relevant papers of the board.

Various risks faced by the company are market risk, liquidity risk, credit risk and fair value.

Risk management strategy

• Market risk – major market risk of the company is interest risk that is managed through maintaining proper mix between floating rate and fixed borrowing by using interest rate swap and hedging activities
• Liquidity risk – it is managed by the board of directors through assessing long, medium and short term funding and requirement of liquidity management[17]

The company has option of investing in both short-term and long term assets. It can be identified from the annual report of JB Hi-Fi that the cash outflow for the purpose of investing activities amounted to $ 885.5 million that was more by $ 52 million as compared to the previous year[18].

1	6 different taxes payable by businesses –
Tax Name						Tax Explanation
Goods and Service tax (GST)						GST is indirect tax that is charged at 10% on supply of the goods and services in Australia. Individuals registered under GST are chargeable for GST
Superannuation tax						This tax is chargeable on retirement saving plan where both employer and employee contributes. The superannuation fund is created for the purpose of retirement benefits[19]
Property tax						This tax is chargeable on industrial property or residential property. Tax charged on home owners are at 0.56%, however in some places the tax rate is 1.65%.
Corporate tax						This tax is chargeable on the business income or profits earned from the business operation. Generally the corporate tax is charged at 30% on the profits or earnings[20].
Land tax						Land tax is when the land is possessed by any business or acquired. This tax is charged by the state government and the rate of tax is fixed and altered by the government.
Payroll tax						Payroll taxes are charged on the payment made by the employer to its employees. Tax is collected by the government of the place where the business is operated[21].
2	15 different allowable deductions that can be claimed by the business for reducing the amount of payable tax –
1.      Deduction allowed under GST for input purchases 2.      Expenses related to motor Vehicle 3.      Expenses  related to Business Travel 4.      Rent expenses 5.      Business general expenses. 6.      Wages and Salaries to employees 7.      Interest paid 8.      Gratuity, pensions, superannuation. 9.      Bad Debts 10.  Expenses for repairs and maintenance. 11.  Expenses paid for the computer offered to the employees. 12.  Other operating expenses. 13.  Fringe benefits provided by the employer. 14.  Donations made to charitable institute. 15.  Miscellaneous Business expenses
3	Rules followed for claiming deduction for expenses –
As per the requirement of ATO (Australian Taxation Office), while any expense is incurred for the purpose of generating revenues then the expenses are allowed as deduction from the taxable income. However, for claiming the deductions following rules must be followed – ·         Expenses incurred must be for the purpose of business and not for personal purpose ·         Expenses shall be incurred for generating income from the business ·         The expenses incurred shall not be of capital nature associated with capital asset.
4	Regulations for claiming travel expenses –
Travel expenses can be claimed as deduction only when the expenses are incurred for business purpose and not for personal purposes. The travel expenses allowed as deductions are as follows – ·         Travel expenses incurred for accommodation, meals and incidentals to stay away overnight for the purpose of work like conference or interstate work. Meals will not be deductible if it does not include overnight stay. ·         Costs incurred for borrowed car or any other vehicle used for the purpose of work ·         Road and bridge tolls ·         Fees for hiring car and parking of car ·         Train, taxi and bus fares.
5		Simplified depreciation rules related to small business –
Accessing this concession means						If simplified depreciation is applied then the management shall use this method to charge depreciation for all the depreciable assets. Further, the deduction can be claimed only for the purpose of business
Not accessing this concession means						If the company does not opt for following the simplified depreciation method then it must follow the general depreciation rule. As per the general rule the depreciation is charged based on the useful life of the asset and 2 methods of depreciation are straight line method and diminishing balance method
Access the concession						As per the simplified depreciation rule this concession can be availed by the small business that has turnover of less than $ 10 million from the date of 1st July 2016 or for $ 2 million applicable for any previous year. The allowable deduction for 1st year is 15% and 30% for 2nd year.
6		Immediate deduction for prepaid expenses rules related to small business entities –
Accessing concession means						Prepaid expenses are deductible within 12 months of expenses incurred if the below mentioned rules are complied – ·         Period of the service for which expenses incurred comes to an end on the last date on the financial year following the year under which the expenses incurred ·         The service period for the eligible expenses is 12 months or less than that
Not accessing concession means						If the above mentioned rule of 12 months is not complied then the small business will not be eligible for the the immediate deduction rules. However the small businesses are also entitled to use the simplified taxation system (STS)
Access the concession						To avail this concession the business must use the 12 months rule as mentioned above.
7	What is the time limit for requesting an amendment to a tax assessment? (50 words)
Time limit allowed for requesting the amendment for assessing the tax is 2 years for small business taxpayers and 4 years for other tax payers. However, the time is computed from the date of receiving the notice from ATO (Australian Taxation Office).
8	Gaining Capital Gains Tax concession
·         15 year exemption – this is allowable for the taxpayer aged 55 or more and retiring or incapacitated permanently and the asset is owned for minimum 15 years for any active business. Under this scenario the CGT is not not payable if the asset is disposed off through gift, sale or transfer ·         50% active asset reduction – if the taxpayer owns the asset from active business he will have to pay 50% tax on the capital gain while the asset is disposed off ·         Retirement exemption – if the taxpayer is aged less than 55 years amount received from disposing off the assets is exempt for the CGT limit of $ 500,000, if the asset is paid to comply the superannuation fund or retirement savings account. ·          Rollover – if the asset is disposed off to buy the replacement or improving the existing one the capital gain can be deferred till later year. However, the replacement asset can be acquired up to 2 years after or 1 year before of income year for which the CGT is to be rolled over
9	Mismatch of  ATO PAYG instalment amount with the expected income tax liability of  companies
As per the provisions of ATO, the PAYG instalments can be varied. However, if the company has to pay an amount that is less than 85% as computed by ATO, the difference will be charged as interest.
10	3 Goods and Services Tax (GST) concessions a business may be eligible for.
·         Cash basis accounting for GST ·         Payment of GST through instalments ·         Input tax credit for GST apportionment[22]
11	3 areas that may cause significant taxation issues to a company
·         Issues related to stamp duty for superannuation funds ·         Unpaid trusts and present entitlements ·         Dividend access for shares
12		Describe and compare 3 different financial forecasting techniques. (30 words each)
Cause – effect method			Here the cause and effect relationships are examined for the variables as compared to other variables like interest rate, unemployment level and disposable income of the consumers
Time series forecasting			Under this the data is accumulated over the period of time to identify the trends. It is the simplest method for deploying and this method is quite accurate.
Pro-forma financial statements			Under this technique costs and sales figures from previous 2-3 years after exclusion of few one-time costs. This technique is generally used for merger and acquisition
13	6 different financial risks and contingencies related to financial and business performance.
·         Liquidity risk ·         Credit risk ·         Borrowing risks ·         Project risk ·         Compliance risk ·         Legal risk
14	List 2 options that could be used to manage the risks listed in the previous question.
·         Appointing team for risk management ·         Prioritize the risk based on the time and chances of occurring
15	5 different legal rights that a client is entitled to –
·         Right to privacy ·         Right for receiving correct amount of and type of benefit ·         The entitlements shall be decided as per centre-link and any decision regarding that shall be taken as per the legislation ·         Right to be informed regarding all legal matters ·         Right to be treated with consideration and courtesy by the lawyer all the times[23]
16	Different methods / formats used to present financial data to the clients.
·         Annual financial statements ·         Half yearly financial statements ·         Budgets ·         Graphs and charts
17	Description of Acts / Regulations –
Australian Privacy Principles					It is included under Schedule 1 of Privacy Act 1988. It outlines the way in which most of the Australian and Norfolk Island Government Agencies, private sectors and not for profit entities with annual turnover of $ 3 million shall handle, manage and use personal information.
Stamp Duties Act					This tax is imposed by the state government that differs in different states and it is imposed on property transfer, lease, mortgage and hire purchase agreements
Taxation Act					The taxation act in Australia is regulated by the ATO (Australian Taxation Office). New tax introduction and amendments are issued by the ATO
Trades Practice Act					This act was introduced to ensure the existence of proper competition in the market. However, this act also deals with prevention of monopolies that can have impact on the market competition.
18	Describe what is included in each of the following reports: (50 words each)
Profit and Loss				It includes the revenues generated from the business and expenses incurred for the purpose of business
Balance Sheet				It includes assets and liabilities and equities. Assets are segregated into current assets and non-current assets and current liabilities are segregated into current liabilities and non-current liabilities
Statement of Changes in Equity				It includes the changes in capital balance of business over the period of reporting. It shows the reconciliation of ending and beginning balance in the equity of the company.
19	Key principles of cash flow
Cash flow statement assists in analysing the cash receipts and payment from operating activities, financing activities and investing activities. It also helps to analyse the cash balance at the beginning of period and closing of the period owing to various activities.
20	Key principles of budgeting
Budgeting is the financial plan for projecting future expenses and revenues. It is used for controlling the expenses and incomes, establishing priorities and setting up targets in the numerical terms and providing co-ordination and direction for turning the business objectives into practical reality[24].
21	2 different sources of financial products and markets
2 financial products are – ·         Bonds ·         Equities 2 financial markets are – ·         Financial institutions ·         Stock market
22	Purpose of treasury
It provides advices regarding policy reforms and policies that is used for promoting the secure financial system, remove impediments to product competition, forming sound corporate policies to safeguard public interest relating to the matters like foreign investment and consumer protection[25].

"Individuals." Ato.gov.au. N. p., 2018. Web. 8 July 2018.

"JB Hi-Fi | JB Hi-Fi - Australia's Largest Home Entertainment Retailer." Jbhifi.com.au. N. p., 2018. Web. 8 July 2018.

Babalola, Y. A., and F. R. Abiola. "Financial ratio analysis of firms: A tool for decision making." International journal of management sciences 1, no. 4 (2013): 132-137.

Brochet, Francois, Alan D. Jagolinzer, and Edward J. Riedl. "Mandatory IFRS adoption and financial statement comparability." Contemporary Accounting Research 30.4 (2013): 1373-1400.

Daley, John, and Danielle Wood. Fiscal challenges for Australia. Grattan Institute, 2015.

Davies, Adrian. Best practice in corporate governance: Building reputation and sustainable success. Routledge, 2016.

Delen, Dursun, Cemil Kuzey, and Ali Uyar. "Measuring firm performance using financial ratios: A decision tree approach." Expert Systems with Applications 40.10 (2013): 3970-3983.

Fazzini, Marco. "Financial Statement Analysis." Business Valuation. Palgrave Macmillan, Cham, 2018. 39-76.

Feng, J. "Saving for retirement: An investigation of contributions to superannuation in Australia." School of Economics (2013).

Gitman, Lawrence J., Roger Juchau, and Jack Flanagan. Principles of managerial finance. Pearson Higher Education AU, 2015.

Greco, Salvatore, J. Figueira, and M. Ehrgott. Multiple criteria decision analysis. New York: Springer, 2016.

Heikal, Mohd, Muammar Khaddafi, and Ainatul Ummah. "Influence analysis of return on assets (ROA), return on equity (ROE), net profit margin (NPM), debt to equity ratio (DER), and current ratio (CR), against corporate profit growth in automotive in Indonesia Stock Exchange." International Journal of Academic Research in Business and Social Sciences 4, no. 12 (2014): 101.

Assessment of Statement of Cash Flows

Hills, John. Wealth in the UK: distribution, accumulation, and policy. Oxford University Press, 2013.

Lundholm, Russell James, and Richard G. Sloan. Equity valuation and analysis with eVal. McGraw-Hill Irwin, 2013.

McKernan, Signe-Mary, Caroline Ratcliffe, C. Eugene Steuerle, and Sisi Zhang. Less than equal: Racial disparities in wealth accumulation. Washington, DC: Urban Institute, 2013.

Mees, Bernard, and Cathy Brigden. Workers' Capital: Industry funds and the fight for universal superannuation in Australia. Allen and Unwin, 2017.

Palepu, Krishna G., Paul M. Healy, and Erik Peek. Business analysis and valuation: IFRS edition. Cengage learning, 2013.

Reid, Walter, and David Roderic Myddelton. The meaning of company accounts. Routledge, 2017.

Robb, Alicia M., and David T. Robinson. "The capital structure decisions of new firms." The Review of Financial Studies 27, no. 1 (2014): 153-179.

Tricker, RI Bob, and Robert Ian Tricker. Corporate governance: Principles, policies, and practices. Oxford University Press, USA, 2015.

Williams, Edward E., and John A. Dobelman. "Financial statement analysis." World Scientific Book Chapters (2017): 109-169.

Yang, S. Alex, and John R. Birge. "How inventory is (should be) financed: Trade credit in supply chains with demand uncertainty and costs of financial distress." (2013).

Zaimah, R., et al. "Financial well-being: Financial ratio analysis of married public sector workers in Malaysia." Asian Social Science 9.14 (2013): 1.

[1] Robb, Alicia M., and David T. Robinson. "The capital structure decisions of new firms." The Review of Financial Studies 27, no. 1 (2014): 153-179.

[2] Gitman, Lawrence J., Roger Juchau, and Jack Flanagan. Principles of managerial finance. Pearson Higher Education AU, 2015.

[3] Williams, Edward E., and John A. Dobelman. "Financial statement analysis." World Scientific Book Chapters (2017): 109-169.

[4] Reid, Walter, and David Roderic Myddelton. The meaning of company accounts. Routledge, 2017.

[5] "JB Hi-Fi | JB Hi-Fi - Australia's Largest Home Entertainment Retailer." Jbhifi.com.au. N. p., 2018. Web. 8 July 2018.

[6] Hills, John. Wealth in the UK: distribution, accumulation, and policy. Oxford University Press, 2013.

[7] Delen, Dursun, Cemil Kuzey, and Ali Uyar. "Measuring firm performance using financial ratios: A decision tree approach." Expert Systems with Applications 40.10 (2013): 3970-3983.

[8] "JB Hi-Fi | JB Hi-Fi - Australia's Largest Home Entertainment Retailer." Jbhifi.com.au. N. p., 2018. Web. 8 July 2018.

[9] "JB Hi-Fi | JB Hi-Fi - Australia's Largest Home Entertainment Retailer." Jbhifi.com.au. N. p., 2018. Web. 8 July 2018.

[10] Fazzini, Marco. "Financial Statement Analysis." Business Valuation. Palgrave Macmillan, Cham, 2018. 39-76.

[11][11] Yang, S. Alex, and John R. Birge. "How inventory is (should be) financed: Trade credit in supply chains with demand uncertainty and costs of financial distress." (2013).

[12] Greco, Salvatore, J. Figueira, and M. Ehrgott. Multiple criteria decision analysis. New York: Springer, 2016.

[13] Babalola, Y. A., and F. R. Abiola. "Financial ratio analysis of firms: A tool for decision making." International journal of management sciences 1, no. 4 (2013): 132-137.

[14] Zaimah, R., et al. "Financial well-being: Financial ratio analysis of married public sector workers in Malaysia." Asian Social Science 9.14 (2013): 1.

[15] Heikal, Mohd, Muammar Khaddafi, and Ainatul Ummah. "Influence analysis of return on assets (ROA), return on equity (ROE), net profit margin (NPM), debt to equity ratio (DER), and current ratio (CR), against corporate profit growth in automotive in Indonesia Stock Exchange." International Journal of Academic Research in Business and Social Sciences 4, no. 12 (2014): 101.

[16] Davies, Adrian. Best practice in corporate governance: Building reputation and sustainable success. Routledge, 2016.

[17]  Palepu, Krishna G., Paul M. Healy, and Erik Peek. Business analysis and valuation: IFRS edition. Cengage learning, 2013.

[18] Lundholm, Russell James, and Richard G. Sloan. Equity valuation and analysis with eVal. McGraw-Hill Irwin, 2013.

[19] Feng, J. "Saving for retirement: An investigation of contributions to superannuation in Australia." School of Economics (2013).

[20] Tricker, RI Bob, and Robert Ian Tricker. Corporate governance: Principles, policies, and practices. Oxford University Press, USA, 2015.

[21] Mees, Bernard, and Cathy Brigden. Workers' Capital: Industry funds and the fight for universal superannuation in Australia. Allen and Unwin, 2017

[22] "Individuals." Ato.gov.au. N. p., 2018. Web. 8 July 2018.

[23] McKernan, Signe-Mary, Caroline Ratcliffe, C. Eugene Steuerle, and Sisi Zhang. Less than equal: Racial disparities in wealth accumulation. Washington, DC: Urban Institute, 2013.

[24] Brochet, Francois, Alan D. Jagolinzer, and Edward J. Riedl. "Mandatory IFRS adoption and financial statement comparability." Contemporary Accounting Research 30.4 (2013): 1373-1400.

[25] Daley, John, and Danielle Wood. Fiscal challenges for Australia. Grattan Institute, 2015.