Superannuation Planning & Advice

Superannuation planning involves creating a strategy that helps you maximise your super while minimising tax, so you can enjoy your desired lifestyle now and in the future. 

Your superannuation strategy can lay out what you should invest in and what extra contributions you should make. 

Here are some practical questions a Green Associates Financial Planner can help answer:  

• What are the different types of contributions I can make? 
• How do I opt in for salary sacrifice with my employer? 
• How much superannuation should I have at my age right now and at retirement? 
• What are the best superannuation strategies to boost my balance? 

• What is a self-managed super fund (SMSF) and should I have one? 

At Green Associates, our superannuation advisers help you: 

• Create a strategy to save through your super and minimise tax 

• Decide which types of contributions are best to achieve your goals – and how much they should be 
• Decide where and how the money in your super fund is invested 
• Decide if an SMSF is your best option and give you relevant self-managed superannuation advice
• Review and adjust your strategy as circumstances change, including any regulatory changes. 

So long as you are under 75 years old, you may be able to make extra super contributions. The most common types of contributions are:

• Employer contributions: This is the minimum amount your employer must pay into your super from your salary (commonly called Superannuation Guarantee or SG).
• Salary Sacrifice contributions: These are employer contributions made on top of the regular SG contributions. You ‘sacrifice’ part of your salary and have it paid directly into your super.  
• Personal contributions: These can be either after-tax (called non-concessional contributions) or before-tax (called concessional contributions). You can claim a tax deduction for concessional contributions because it is considered as taxable income.  

Here are some stats from a 2022 Super Consumers Australia report that you may not know: 

• Retirement targets by the Australian Superannuation Funds Association lead to retirement income that only the top 20% of households actually spend, which means that the targets lead to over saving and lower living standards during working lives.
• There is an estimated $502,000 retirement balance difference between someone staying with a good-performing super fund compared to a poor performer, yet the majority of Australians do not switch.  

Just these 2 statistics alone illustrate how neglecting your super can have serious implications on your lifestyle now and in the future.  

Additionally, super can help you save money by reducing your tax bill. Before-tax personal contributions are tax-deductible and are usually taxed at a concessional rate of 15%, which is typically lower than most people’s marginal income tax rate.

It’s important to keep in mind, though, that there are limits to the amount of concessional contributions you can make each year without incurring additional tax penalties.  

The rules are complex and do keep changing, and that’s why smart super advice is important.  

The best time to start making extra super contributions depends on your individual circumstances, financial goals and retirement plans.  

However, in general, it is a good idea to start as early as possible to take advantage of the power of compounding. The more time your money has to grow in your super account, the more you will potentially have for retirement.  

You can access your super when you meet a condition of release and reach your preservation age, depending on when you were born.

You can make the most of your super money by rolling it into a pension income stream to provide more tax-effective retirement income. This is because any earnings on assets that support a pension income stream are tax-free, and pension payments to you are also tax-free from age 60. 

At Green Associates, we also offer retirement planning services. Book an appointment to receive super advice in the context of your retirement.  

If you would like to create a tailored superannuation strategy, contact Green Associates today to set up your first consultation. By starting now, you will be boosting your super balance and benefiting from the confidence that you are maximising your future savings.