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PERSONAL ASSETS AND LIABILITIES STATEMENT P: 1300 659 676 F: 1300 659 675 NOTE: If there are multiple applicants, each applicant must complete an Assets & Liabilities Statement. NAME S): ASSETS VALUE

How to fill out personal bassetsb and bliabilitiesb

How to fill out personal assets and liabilities:

1. Start by listing all of your assets. These can include things like cash, bank accounts, investments, real estate, vehicles, and personal belongings of value.
2. Assign a monetary value to each asset. You can do this by referencing bank statements, appraisals, or recent purchase prices.
3. Categorize your assets into different types, such as liquid assets (cash, bank accounts) and non-liquid assets (real estate, vehicles).
4. Move on to listing your liabilities. These are your outstanding debts or obligations, such as mortgages, loans, credit card balances, or unpaid bills.
5. Assign a monetary value to each liability, typically the amount that you owe.
6. Categorize your liabilities into different types, such as secured debts (mortgages, car loans) and unsecured debts (credit card balances, personal loans).
7. Calculate the net worth by subtracting your total liabilities from your total assets. This will give you an indication of your overall financial position.

Who needs personal assets and liabilities?

1. Individuals who want to get a clear understanding of their financial situation.
2. People who are planning for retirement or major life events and need to assess their financial health.
3. Individuals who are applying for loans or credit and need to provide a comprehensive overview of their financial standing.
4. Those who are considering making investments or starting a business and want to evaluate their current resources.
5. Couples who are combining their finances and need to have a combined view of their assets and liabilities.
6. Professionals in fields such as financial planning or estate planning who assist individuals in managing their finances and need a comprehensive picture of their clients' financial situation.

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What is personal assets and liabilities?

Personal assets are things that you own that have value, such as a house, car, or savings account. Personal liabilities are debts or obligations that you owe, like a mortgage, student loans, or credit card debt.

Who is required to file personal assets and liabilities?

Individuals who have assets and liabilities are required to file personal assets and liabilities.

How to fill out personal assets and liabilities?

To fill out personal assets and liabilities, you need to list all of your assets and their values, as well as all of your liabilities and their amounts.

What is the purpose of personal assets and liabilities?

The purpose of personal assets and liabilities is to give a clear picture of an individual's financial situation, including what they own and what they owe.

What information must be reported on personal assets and liabilities?

Information that must be reported on personal assets and liabilities includes the values of assets like property and investments, and the amounts owed on liabilities like loans and credit card debt.