Superannuation
Advice
Superannuation is the largest asset most Australians own outside their home, and the one they think about least. It accumulates quietly for forty years through a system of rules that change regularly. Small decisions made early, about where it sits, how it is invested and what you contribute, compound into very different outcomes.
What superannuation advice involves
Superannuation, or “super”, is a retirement savings plan that involves investing a portion of your income in an investment fund, which can be accessed once you reach your preservation age or when you meet a condition of release.
Navigating the complex and ever changing landscape of superannuation can be confusing. Getting advice can help you implement the right strategies to secure your financial future.
Increasing your funds for retirement and ensuring you have enough to last does not happen by accident.
How a superannuation advisor can help
Superannuation rules are complex and change frequently – contribution caps, tax thresholds, preservation rules and government co-contributions all shift regularly. Without advice, it’s easy to miss opportunities or make costly mistakes that compound over decades.
At Viridian, we review your existing superannuation to ensure your investment approach supports your goals without exposing you to unnecessary risk. We look at your full financial picture – income, tax position, family situation and retirement planning goals – and build a strategy that works across every stage of your working life and into retirement.
Consolidating multiple funds
Most people who have changed jobs have more than one super account, and often more than one set of fees and more than one insurance policy they are paying for. Consolidating is usually sensible, but not always. Moving funds can cancel insurance cover you may not be able to replace, particularly if your health has changed. We check before you consolidate, not after.
Contribution strategy
There are several ways to put money into superannuation and they are treated differently for tax. Concessional contributions, non concessional contributions, and in some cases contributions carried forward from previous years all have limits and consequences for exceeding them. The right strategy depends on your income, your age and what else you are doing with your money.
Spouse contributions and contribution splitting
Where one partner has significantly more superannuation than the other, there are ways to even the balances out over time. This can improve the household’s overall position, particularly later in retirement.
Insurance held inside superannuation
Most super funds provide default life and disability cover. It is convenient and the premiums come out of your balance rather than your bank account, but the cover is often not matched to your actual needs, and the definitions can be narrower than a policy held outside super. See life insurance advice.
Choosing investment options
Nearly everyone is in their fund’s default option because they never chose otherwise. That option is designed for an average member, and you are not one. We review whether the option matches your timeframe and your tolerance for risk.
Self managed superannuation funds
An SMSF gives you control and brings real responsibility, cost and administrative obligation. It suits some people and is a burden for others. We are direct about which one you are likely to be.
Superannuation and relationship breakdown
Superannuation is a divisible asset in a separation. How it is split, and what happens to insurance and nominations afterwards, needs deliberate attention.
Death benefit nominations
Your super does not automatically follow your will. Nominations can lapse. See estate planning advice.
Speak to our experienced team today.
Superannuation advice by situation
1 – You have several funds from previous jobs
Multiple fee sets, multiple insurance policies, and a balance that is smaller than the sum of its parts.
2 – You are about to take time off work for a family
An extended break affects contributions during the break and the balance decades later. There are strategies that reduce the gap.
3 – You have had an unusually high income year
A bonus, a sale, or a one off payment creates a window where contribution strategies can be particularly effective.
4 – You have received an inheritance
Where the money should sit, and whether contributing it to super is the right move, depends on your age and access timeframe.
5 – You are going through a divorce
Superannuation is usually one of the largest assets in the settlement.
6 – You are thinking about an SMSF
Usually prompted by wanting to hold property or direct shares. Worth testing the reasoning before committing.
7 – You are close to a contribution cap
Exceeding a cap has tax consequences. Knowing where you stand before the end of the financial year matters.
8 – You have moved to Australia mid career
Superannuation may be new to you, and you may have retirement savings in another country with its own rules about moving them.
Who this is for
- Anyone with more than one super account
- People whose income or circumstances have changed significantly
- Business owners and the self employed making their own contributions
- Anyone considering an SMSF
- People approaching preservation age
Who this isn’t for
- Anyone who simply wants to compare fund performance. Comparison tools do this well and free.
- People wanting help drawing a retirement income. See retirement planning advice.
Our advice process
01 Evaluation
02 Discovery
03 Strategy
04 Implementation
05 Review
Speak to our experienced team today.
Superannuations FAQ's
Should I consolidate my superannuation accounts?
Usually, but check before you do. Holding several accounts means paying several sets of fees and often several insurance premiums. Consolidating reduces that. The risk is that rolling out of a fund cancels the insurance held inside it, and that cover can be difficult or impossible to replace if your health or occupation has changed since it was arranged. Some older funds also have features worth keeping. Check the insurance first, then consolidate.
How much can I contribute to super each year?
There are separate annual limits for contributions made before tax and contributions made after tax. In some circumstances you can carry forward unused amounts from earlier years, or bring forward future years’ after tax limits. Your age and total superannuation balance can affect what is available to you. Limits are indexed and change over time, and exceeding them creates a tax liability, so it is worth confirming your position before the end of a financial year.
What is the difference between concessional and non concessional contributions?
Concessional contributions are made before tax. They include employer contributions, salary sacrifice, and personal contributions you claim a deduction for. They are taxed on entry to the fund. Non concessional contributions are made from money you have already paid tax on, so they are not taxed again on entry. Each has its own annual limit, and the right mix depends on your income, your age and what else you are doing with your money.
What is an SMSF and is it right for me?
A Self-Managed Super Fund (SMSF) gives you direct control over how your superannuation is invested, including the ability to hold assets like direct property, shares and other investments not available through retail or industry funds. However, SMSFs come with significant responsibilities, trustees are legally accountable for compliance, and running costs can make them less cost-effective for smaller balances. Whether an SMSF is appropriate depends on your balance, investment knowledge, time commitment and financial goals. An adviser can help you assess whether it’s the right structure for your situation.
When can I access my superannuation?
Generally once you reach your preservation age and meet a condition of release, such as retiring from the workforce or reaching a specified age. Preservation age depends on your date of birth. Limited early access is possible in specific circumstances including severe financial hardship and certain compassionate grounds, each with strict criteria and an application process.
Is the insurance in my super enough?
Often not, though it depends entirely on your circumstances. Default cover inside superannuation is set at a level designed for an average member, not for your mortgage, your dependants or your income. The definitions can also be narrower than a policy held outside super, particularly for disability cover. It is convenient and the premiums do not come from your bank account, which is why it goes unexamined for years. Worth reviewing against what you would actually need.
Should I set up a self managed super fund?
Only if you want the control and are prepared for the responsibility. An SMSF gives you direct say over investments, including the ability to hold property or direct shares. It also brings legal duties as trustee, annual audit and compliance obligations, ongoing costs, and the need to keep an investment strategy documented and current. It suits some people well and is a burden for others. The balance size and your appetite for administration both matter.
What happens to my super if I die?
It goes to whoever your nomination directs, or if there is no valid nomination, to whoever the fund trustee determines after considering your circumstances. Superannuation does not automatically form part of your estate or follow your will unless you have directed it there. Nominations can also lapse. How the money is taxed depends on who receives it and their relationship to you, which is why this sits alongside estate planning rather than separately from it.
How do I choose the right investment option in my super fund?
Start with your timeframe and your tolerance for a fall in value. Most people are in their fund’s default option, which is designed for an average member of the fund rather than for their specific situation. Options generally range from more defensive to more growth oriented, and the appropriate choice usually shifts as you get closer to needing the money. It is also worth checking that your super allocation makes sense alongside investments you hold outside super.