{"text_format":"1","workbook":"xlsx","n_sheets":2,"sheets":["Disclaimer (Breakeven)","Breakeven"],"not_rendered":{"charts":0,"images":1,"macros":1,"external_links":0,"defined_names":49,"comments":0,"pivot_tables":0},"unopened":[],"bounds":{"document_bytes":16777216,"sheet_cells":100000,"rows_first":2000,"rows_last":500,"rows_between":2000,"halvings":0,"cell_chars":16384,"cell_head_chars":4096},"cells_cut":0,"cells_raw":0,"read":"whole","date_system":"1900"}

{"sheet":"Disclaimer (Breakeven)","index":0,"n_rows":24,"n_cols":3,"rows_kept":24,"cut":false,"hidden":false,"merged":[[0,2,0,3]]}
[null,null,{"$f":"TODAY()","v":"2021-04-07"}]
[]
[null,"Geared vs Non-geared Break-even Simulator"]
[]
[]
[null,null,"Important Information"]
[]
[null,null,"This calculator is directed and available to and for the benefit of Australian residents only. Lending products under the CommSec Adviser Services brand are provided by Commonwealth Bank of Australia (CBA) ABN 48 123 123 124 AFSL and Australian credit licence 234945. Investment Loans are administered by its wholly owned but non-guaranteed subsidiary Commonwealth Securities Limited (CommSec) ABN 60 067 254 399 AFSL 238814, a participant of the ASX Group and Chi-X Australia."]
[]
[null,null,"The CBA and its subsidiaries are domestic or foreign entities or business areas of the Commonwealth Bank Group of Companies (CBGOC). CBGOC and their directors, employees and representatives are referred to as “the Group”."]
[]
[null,null,"This Calculator is for illustrative purposes and produces factual information based on the input variables. This Calculator and this material does not provide advice, nor does it represent any particular financial product, and its results are not intended to imply any recommendation or opinion about a financial product. The outcomes generated by the calculator do not take account of the objectives, needs, financial and taxation situation of any client. For this reason any client should, before acting on the information, consider the appropriateness of it having regard to their own objectives, needs, financial and taxation situation and, if necessary, seek appropriate independent financial and taxation advice."]
[]
[null,null,"We believe that the information in this simulator is correct and any outcomes and results are reasonably made, based on the information available at the time of its compilation, but no representation or warranty, either expressed or implied, is made or provided as to accuracy, reliability or completeness of any statement made in this simulator. Any outcomes and results set forth in this simulator are subject to change without notice and may differ or be contrary to the opinions, conclusions or recommendations expressed elsewhere by the Group. We are under no obligation to, and do not, update or keep current the information contained in this simulator. The Group does not accept any liability for any loss or damage arising out of the use of all or any part of this simulator. Any valuations, projections and forecasts contained in this simulator are based on a number of assumptions and estimates and are subject to contingencies and uncertainties. Different assumptions and estimates could result in materially different results."]
[]
[null,null,"The Group does not represent or warrant that any of these valuations, projections or forecasts, or any of the underlying assumptions or estimates, will be met. Past performance is not a reliable indicator of future performance."]
[]
[null,null,"This simulator is not directed to, or intended for distribution to or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or which would subject any entity within the Group to any registration or licensing requirement within such jurisdiction. All material presented in this simulator, unless specifically indicated otherwise, is under copyright to the Group. None of the material, nor its content, nor any copy of it, may be altered in any way, transmitted to, copied or distributed to any other party, without the prior written permission of the appropriate entity within the Group. In the case of certain products, the Bank or one of its related bodies corporate is or may be the only market maker."]
[]
[null,null,"The staff responsible for this simulator receive a salary and a bonus that is dependent on a number of factors, including their performance and the overall financial performance of the Group, including its profits derived from investment banking, sales and trading revenue."]
[]
[]
[]
[null,null,"15.01"]

{"sheet":"Breakeven","index":1,"n_rows":47,"n_cols":26,"rows_kept":47,"cut":false,"hidden":false,"merged":[[42,1,43,4],[1,20,1,24],[45,12,45,16],[24,18,27,19],[55,13,56,13],[12,19,14,19],[16,19,18,19],[20,19,22,19]]}
[]
[null,null,null,null,null,"New Position",null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"TODAY()","v":"2021-04-07"}]
[]
[null,"Geared vs Non-geared Break-even Simulator",null,null,null,"Lending value of portfolio",{"$f":"IF(ISBLANK(D14),\"\",#REF!+#REF!+#REF!+#REF!+#REF!+#REF!+#REF!+#REF!+#REF!+#REF!+#REF!+#REF!+#REF!+#REF!+#REF!-#REF!-#REF!-#REF!-#REF!-#REF!-#REF!-#REF!-#REF!-#REF!-#REF!-#REF!-#REF!-#REF!-#REF!-H28+#REF!+#REF!+#REF!+#REF!+#REF!+#REF!+#REF!+#REF!+#REF!++#REF!+#REF!+#REF!+#REF!+#REF!+I28-#REF!-#REF!-#REF!-#REF!-#REF!-#REF!-#REF!-#REF!-#REF!-#REF!-#REF!-#REF!-#REF!-#REF!)","v":""}]
[]
[null,"Step 1",null,null,null,{"$f":"IF(OR(ISBLANK(#REF!),ISBLANK(#REF!),ISBLANK($D$14)),\"\",IF(AND(#REF!=0,$D$14>0),\"  Enter Amount\",IF($D$14=0,0,(#REF!/#REF!*$D$14)-#REF!)))","v":""},null,null,null,null,null,null,"Result",null,null,null,null,null,"Step 2",null,null,null,"Step 3"]
[null,"Enter your assumptions",null,null,null,null,null,null,null,null,null,null,"Investment cash flow - Year 1",null,null,null,null,null,"Calculate break-even point",null,null,null,"Change an assumption"]
[null," Assumptions",null,null,null,null,null,null,null,null,null,null," Investment Strategy:","Geared",null,"Non-Geared"]
[]
[null,"  Client Equity",null,null,null,null,null,null,null,null,null,null," Start of Year"]
[]
[null,"  Gearing Ratio (Geared strategy)",null,null,null,null,null,null,null,null,null,null,"Client Equity",{"$f":"IF(ISBLANK(D10),\"\",D10)","v":""},null,{"$f":"IF(ISBLANK(D10),\"\",D10)","v":""}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"IF(U14<0,\"N/A\",IF(ISBLANK(U14),\"\",U14))","v":""}]
[null,"  Interest Rate (p.a.) (Geared strategy)",null,null,null,null,null,null,null,null,null,null,"Amount borrowed",{"$f":"IF(OR(ISBLANK(D12),ISBLANK(D10)),\"\",($D$12*$D$10)/(1-$D$12))","v":""},null,{"$f":"IF(OR(ISBLANK(D12),ISBLANK(D10)),\"\",0)","v":""},null,null,"Required Interest Rate (pa)",null,null,null,null,null,null,8.5000000000000006E-2]
[]
[null,"  Capital Growth (p.a.)",null,null,null,null,null,null,null,null,null,null,"Portfolio value",{"$f":"IF(N14=\"\",\"\",N12+N14)","v":""},null,{"$f":"IF(P14=\"\",\"\",P12+P14)","v":""},null,null,"OR",null,null,null,null,null,null,2.5568332596196498E-2]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"IF(U18<0,\"N/A\",IF(ISBLANK(U18),\"\",U18))","v":""}]
[null,"  Income Yield (p.a.)",null,null,null,null,null,null,null,null,null,null," End of Year",null,null,null,null,null,"Required Capital Growth (pa)",null,null,null,null,null,null,0.03]
[]
[null,"  Franking Level",null,null,null,null,null,null,null,null,null,null,"Portfolio value",{"$f":"IF(OR(ISBLANK(D16),N16=\"\"),\"\",N16*(1+D16))","v":""},null,{"$f":"IF(OR(ISBLANK(D16),P16=\"\"),\"\",P16*(1+D16))","v":""},null,null,"OR"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"IF(U22<0,\"N/A\",IF(ISBLANK(U22),\"\",U22))","v":""}]
[null,"  Marginal Tax Rate",null,null,null,null,null,null,null,null,null,null," Capital Gains",null,null,null,null,null,"Required Income Yield (pa)"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,3.4030140982011306E-4]
[null,"  Medicare Levy",null,null,null,null,null,null,null,null,null,null,"Capital Gain/Loss",{"$f":"IF(OR(N16=\"\",N20=\"\"),\"\",N20-N16)","v":""},null,{"$f":"IF(OR(P16=\"\",P20=\"\"),\"\",P20-P16)","v":""}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"IF(U14<0,\"The non-geared strategy will outperform the geared strategy at all interest rates greater than or equal to 0%\",IF(U22<0,\"The geared strategy will outperform the   non-geared strategy at all income yields greater than or equal to 0%\",\"\"))","v":""}]
[null,"  Company Tax Rate",null,{"$f":"IF(ISBLANK(D10),\"\",30%)","v":""},null,null,null,null,null,null,null,null,"CGT liability (50% discount applied)",{"$f":"IF(OR(ISBLANK(D22),ISBLANK(D24),N24=\"\"),\"\",IF(N24<0,0,N24*0.5*($D$22+$D$24)))","v":""},null,{"$f":"IF(OR(ISBLANK(D22),ISBLANK(D24),P24=\"\"),\"\",IF(P24<0,0,P24*0.5*($D$22+$D$24)))","v":""}]
[]
[null,null,null,null,null,null,{"$f":"IF(#REF!>0,#REF!*(1-#REF!),0)","v":{"$error":"#REF!"}},{"$f":"#REF!-G28","v":{"$error":"#REF!"}},{"$f":"#REF!*#REF!","v":{"$error":"#REF!"}},null,null,null,"Capital Gain/Loss After Tax",{"$f":"IF(OR(N24=\"\",N26=\"\"),\"\",N24-N26)","v":""},null,{"$f":"IF(OR(P24=\"\",P26=\"\"),\"\",P24-P26)","v":""}]
[]
[null,null,null,null,null,null,null,null,null,null,null,null," Cash flow"]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,"Distributions",{"$f":"IF(OR(ISBLANK(D18),N16=\"\"),\"\",N16*D18)","v":""},null,{"$f":"IF(OR(ISBLANK(D18),P16=\"\"),\"\",P16*D18)","v":""}]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,"Loan interest",{"$f":"IF(OR(ISBLANK(D14),N14=\"\"),\"\",-N14*D14)","v":""},null,{"$f":"IF(OR(ISBLANK(D14),P14=\"\"),\"\",0)","v":""}]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,"Tax Payable/Refund",{"$f":"IF(OR(ISBLANK(D22),ISBLANK(D24),N32=\"\",N34=\"\",N38=\"\"),\"\",-(N32+N34+N38)*($D$22+$D$24))","v":""},null,{"$f":"IF(OR(ISBLANK(D22),ISBLANK(D24),P32=\"\",P34=\"\",P38=\"\"),\"\",-(P32+P34+P38)*($D$22+$D$24))","v":""}]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,"Franking Credits",{"$f":"IF(OR(ISBLANK(D20),ISBLANK(D26),N32=\"\"),\"\",N32*$D$26/(1-$D$26)*$D$20)","v":""},null,{"$f":"IF(OR(ISBLANK(D20),ISBLANK(D26),P32=\"\"),\"\",P32*$D$26/(1-$D$26)*$D$20)","v":""}]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,"Cash flow after tax",{"$f":"IF(OR(N32=\"\",N34=\"\",N36=\"\",N38=\"\"),\"\",N32+N34+N36+N38)","v":""},null,{"$f":"IF(OR(P32=\"\",P34=\"\",P36=\"\",P38=\"\"),\"\",P32+P34+P36+P38)","v":""}]
[]
[null,null,null,null,null,null,null,null,null,null,null,null," Net Profit/Loss After Tax",{"$f":"IF(OR(N28=\"\",N40=\"\"),\"\",N28+N40)","v":""},null,{"$f":"IF(OR(P28=\"\",P40=\"\"),\"\",P28+P40)","v":""},null,null,{"$f":"IF(N42=\"\",\"\",N42-P42)","v":""}]
[]
[null,null,null,null,null,null,null,null,null,null,null,null," 1 Year Return After Tax",{"$f":"IF(N42=\"\",\"\",N42/$D$10)","v":""},null,{"$f":"IF(P42=\"\",\"\",P42/$D$10)","v":""}]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"IF(N42=\"\",\"\",IF(N42-P42>=0.005,\"Geared strategy outperforms non-geared strategy\",IF(N42-P42<-0.005,\"Non-geared strategy outperforms geared strategy\",\"BREAKEVEN\")))","v":""}]
[null,{"$f":"'Disclaimer (Breakeven)'!C24","v":"15.01"}]