FASEA Superannuation and Retirement Planning

Question 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?

Accepted Answer

11.5%

Answer

10.5%

Answer

11.0%

Answer

12.0%

Question 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?

Accepted Answer

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

Answer

They must be aged 55 or over and intend not to work more than 10 hours per week

Answer

They must have reached preservation age and intend to never again become gainfully employed

Answer

They must be aged 60 and have ceased an employment arrangement

Question 3

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

Accepted Answer

57

Answer

55

Answer

60

Answer

65

Question 4

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

Accepted Answer

$30,000

Answer

$25,000

Answer

$27,500

Answer

$35,000

Question 5

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

Accepted Answer

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

Answer

The excess is automatically returned to accumulation phase

Answer

The ATO issues a default assessment and the trustee must commute the excess

Answer

The excess is taxed at the member's marginal tax rate upon withdrawal

Question 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?

Accepted Answer

Client's best interests

Answer

Honesty

Answer

Fairness

Answer

Diligence

Question 7

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

Accepted Answer

Self-managed superannuation fund (SMSF)

Answer

Industry superannuation fund

Answer

Retail superannuation fund

Answer

Corporate superannuation fund