Practice Test Geeks(FASEA) Financial Adviser Standards and Ethics Authority Practice Test
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Superannuation and Retirement Planning Flashcards

7 cards from real FASEA practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.

Read the first 7 Superannuation and Retirement Planning flashcards as text

  1. Under Australia's superannuation system, what is the minimum Superannuation Guarantee (SG) contribution rate that employers must pay for eligible employees as of 1 July 2025?

    Answer: 11.5%

    The SG rate increased to 11.5% on 1 July 2024 and was set to reach 12% by 1 July 2025, but as of the 2024–25 financial year the legislated rate is 11.5%.

  2. Which of the following conditions must be met for a person to satisfy the 'retirement' condition of release for their superannuation benefits before age 60?

    Answer: They must reach preservation age and satisfy a trustee that they have permanently retired

    Before age 60, a member must reach their preservation age AND satisfy the fund trustee that they have permanently retired from the workforce.

  3. A client born after 30 June 1964 wants to access their preserved superannuation. What is their preservation age?

    Answer: 57

    Members born after 30 June 1964 have a preservation age of 57 under current superannuation legislation.

  4. What is the annual concessional contributions cap for superannuation in the 2024–25 financial year?

    Answer: $30,000

    The concessional contributions cap increased to $30,000 per annum from 1 July 2024.

  5. Under the transfer balance cap rules, what happens when a member's transfer balance account exceeds the general transfer balance cap?

    Answer: The member must pay a 15% excess transfer balance tax and commute the excess

    When the transfer balance cap is breached, the ATO issues an excess transfer balance determination and applies an excess transfer balance tax (15% on the first breach, 30% subsequently) while the member must commute the excess back to accumulation.

  6. A financial adviser recommends a client consolidate their multiple superannuation accounts. Which FASEA Code of Ethics value is MOST directly served by this recommendation, if it genuinely reduces fees?

    Answer: Client's best interests

    Acting in the client's best interests is directly served when consolidation objectively reduces fees and improves the client's financial position.

  7. Which superannuation structure allows members to borrow money to purchase assets inside the fund under a limited recourse borrowing arrangement (LRBA)?

    Answer: Self-managed superannuation fund (SMSF)

    Only SMSFs are permitted to enter into LRBAs under section 67A of the Superannuation Industry (Supervision) Act 1993.

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Sources & references

Exam facts on this page (fees, format, dates, passing scores) are checked against these official sources; the date is our last check. Editorial policy

  1. download.asic.gov.au — Exam format, exam information · verified Nov 2026
  2. asic.gov.au — Test delivery, passing score, retake fee, retake policy, score release, score validity, eligibility, fees, late registration · verified Oct 2026