Growing Your Super
Superannuation Advice in Canberra
Superannuation is one of the most tax-effective ways to build wealth in Australia, but the rules around contributions, access, and tax are complex and change frequently. Whether you’re looking to maximise your contributions, review your fund’s investment strategy, or understand how a defined benefit scheme works, getting the right advice can have a significant impact on your financial position at retirement. At Panorama Wealth, we’re based in Canberra and provide superannuation advice to clients across Australia.
Eligibility to Contribute
There are age-based restrictions on who can contribute to super and what types of contributions your fund can accept:
Under 75: your fund can generally accept all types of contributions.
67 to 74: you will need to meet the work test or work test exemption to claim a deduction for personal superannuation contributions.
75 and over: your fund can still accept compulsory employer contributions and downsizer contributions.
These rules determine what strategies are available to you, and we can help you understand which contributions make sense given your age and circumstances.
Common Contribution Types
Concessional Contributions
Concessional contributions include employer contributions, salary sacrifice (pre-tax) contributions, and personal deductible contributions. A contributions tax of 15% applies to concessional contributions, and a tax deduction is available for personal deductible contributions.
If your total super balance is below $500,000, you may be eligible to carry forward unused concessional contribution cap amounts from the previous five financial years. This can be a particularly effective strategy for topping up your super in years where you have additional capacity to contribute.
Non-Concessional Contributions
Non-concessional contributions include salary sacrifice (post-tax) contributions and personal non-deductible contributions. No contributions tax applies and no tax deduction is available for the contribution. Under the bring-forward rule, you may be able to contribute up to three years’ worth of non-concessional contributions in a single year.
Downsizer Contributions
If you’re 55 or older and sell your home, you may be eligible to contribute up to $300,000 (or $600,000 for a couple) into super from the proceeds. Downsizer contributions don’t count towards your concessional or non-concessional contribution caps, making them a useful way to boost your super balance if these are already exhausted.
Conditions of Release
A condition of release refers to the circumstances under which you can access and withdraw some or all of your super. It also determines when you can convert your accumulation account into an account-based pension (subject to your Transfer Balance Cap). The most common conditions of release are:
Reaching age 60 and retiring.
Ceasing an employment arrangement on or after reaching age 60.
Reaching age 65.
Understanding when you can access your super is important for planning contributions and structuring your transition into retirement. For more detail on retirement strategies, see our Retirement Planning page.
Should You Add to Super?
If your sole goal were to maximise your net asset position regardless of all other considerations, you would generally try to get as much wealth into super as possible. This is because investment earnings in super are concessionally taxed - typically 15% in accumulation phase and 0% in account-based pension phase. You can also claim a tax deduction for personal deductible contributions.
However, the trade-off is that you can’t access those funds until you meet a condition of release. If you’re considering making additional contributions, you need to be confident you won’t need the money before then.
If you’re nearing age 60, the case for additional contributions becomes stronger because the main disadvantage (years until a condition of release is met) is reduced. For clients who also have a mortgage, the decision becomes more nuanced, involving trade-offs between paying down debt, contributing to super, and investing outside of super. We cover this in more detail on our Investing page.
Reviewing Your Super Fund’s Risk Profile
Even if making additional contributions isn’t a priority given your current circumstances, it’s still worth reviewing how your super is invested. Most super funds default to a “balanced” or “growth” option, which may or may not suit your situation.
For example, someone in their 30s with decades until retirement may benefit from a more growth-oriented allocation, while someone approaching retirement may want to reduce their exposure to market volatility. We can help you assess whether your current investment option aligns with your goals, time horizon, and risk tolerance.
Defined Benefit Super Funds
Some clients don’t have a typical accumulation account and instead have a defined benefit super fund such as CSS, PSS, DFRDB, or Military Super. These funds operate under different rules, and the tax implications can be more complex than standard accumulation accounts. Decisions around benefit options, commutation, and pension entitlements can have significant financial consequences, and professional advice can help you navigate these.
Self-Managed Super Funds (SMSFs)
There’s no legislated minimum balance required to set up an SMSF, though some suggest a minimum of around $500,000 to justify the additional costs and administrative responsibilities. SMSFs offer more flexibility and investment choice, but they also come with more responsibility and fewer consumer protections than industry or retail funds. Reaching a certain balance is generally not, on its own, a sufficient reason to set one up.
Panorama Wealth provides ongoing portfolio management services to clients within their existing SMSFs, as well as to clients who have a standard accumulation or account-based pension account.
Why Clients Choose Panorama Wealth
Highly Rated: 75+ five-star Google reviews, making us one of the highest-rated financial planning firms in Canberra.
Time for You: With fewer than 40 ongoing investment clients (compared to the industry average of over 100), we have the time to answer your calls, sit with you when it matters, and give you the same attention as we gave clients in year one.
Experienced: George Collie has over 15 years of industry experience and more than 25 years of personal investing experience.
Interests Aligned: There is likely to be a high level of overlap between the investments we recommend to clients and the ones we use in our own portfolios. We charge a transparent 0.60% per annum on investment portfolios and don’t receive commissions on any of the investment products we recommend.
Highly Qualified: All financial advisers at Panorama Wealth hold a Master’s degree.
Frequently Asked Questions About Superannuation
How much super do I need?
There’s no single number that works for everyone. How much you need depends on the lifestyle you want in retirement, whether you own your home, your health, and how long your retirement might last. We model your specific situation to give you a personalised answer rather than relying on generic benchmarks.
Should I salary sacrifice into super?
Salary sacrificing into super can be tax-effective, but whether it’s the right strategy depends on your income, your marginal tax rate, your contribution caps, and whether you have other priorities such as paying down a mortgage. We can help you work out if salary sacrifice makes sense for your situation.
Should I set up a self-managed super fund?
Not necessarily. SMSFs offer more control and flexibility, but they come with additional costs, administrative responsibilities, and fewer protections. Whether an SMSF is right for you depends on your balance, your investment goals, and how involved you want to be. We can help you weigh the pros and cons.
Do you only help people in Canberra?
We’re based in Canberra but service clients across Australia. Meetings can be held in person at our Canberra office or via video call.
Get Started
Whether you want to make the most of your super contributions, review your fund’s investment strategy, or understand a complex defined benefit scheme, we’re here to help. Book an initial consultation with Panorama Wealth to discuss your situation.