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Superannuation and Retirement Applications (SRA) study materials
Superannuation and Retirement Applications (SRA) study resources

Superannuation and Retirement Applications (SRA) practice questions

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Question 1Superannuation system and regulatory framework

Which body is responsible for prudential regulation of superannuation trustees in Australia?

  1. APRA Correct answer.
  2. ASIC
  3. The ATO
  4. The Reserve Bank of Australia

Explanation

APRA is the prudential regulator for superannuation, setting capital, governance and risk standards for trustees under the SIS Act framework. ASIC handles market conduct and disclosure, while the ATO administers tax and compliance matters such as the superannuation guarantee.

Question 2Superannuation system and regulatory framework

What is the standard preservation age for a person born on or after 1 July 1964?

  1. 60 Correct answer.
  2. 55
  3. 65
  4. 67

Explanation

Preservation age has been progressively increased and is now 60 for anyone born on or after 1 July 1964. Reaching preservation age is one condition of release that allows access to preserved benefits.

Question 3Superannuation system and regulatory framework

Which condition of release allows unrestricted access to preserved superannuation benefits without needing to retire?

  1. Ceasing one employer arrangement after age 60
  2. Being retrenched before age 60
  3. Attaining age 65 Correct answer.
  4. Reaching preservation age while still working full time

Explanation

Attaining age 65 is a full condition of release, so benefits become unrestricted regardless of employment status. Retirement and transition-to-retirement conditions impose work or hours tests that do not apply once age 65 is reached.

Question 4Superannuation system and regulatory framework

Under the superannuation guarantee, employers must contribute at least what percentage of ordinary time earnings as at 2024-25?

  1. 10%
  2. 12%
  3. 9.5%
  4. 11.5% Correct answer.

Explanation

The superannuation guarantee rate rose to 11.5% from 1 July 2024 and is legislated to reach 12% from 1 July 2025. Contributions are calculated on ordinary time earnings, subject to the maximum contribution base.

Question 5Superannuation system and regulatory framework

What is the maximum number of members a self managed superannuation fund may have?

  1. Two
  2. No limit
  3. Four Correct answer.
  4. Six

Explanation

An SMSF may have a maximum of four members, and all members must be trustees or directors of the corporate trustee. This cap was raised from two members in 2019.

Question 6Superannuation system and regulatory framework

Which of the following contributions is classified as a concessional contribution?

  1. A personal after-tax contribution claimed as a tax deduction
  2. An employer superannuation guarantee contribution Correct answer.
  3. A downsizer contribution from sale proceeds
  4. A spouse contribution made from after-tax savings

Explanation

Concessional contributions are taxed at 15% in the fund and include employer SG contributions, salary sacrifice and personal contributions claimed as a deduction. After-tax personal, spouse and downsizer contributions are non-concessional.

Question 7Superannuation system and regulatory framework

What is the general concessional contributions cap for the 2024-25 financial year?

  1. $110,000
  2. $27,500
  3. $30,000 Correct answer.
  4. $25,000

Explanation

The general concessional contributions cap is $30,000 for 2024-25. The cap is indexed and individuals may access a higher cap through the carry-forward unused concessional provisions if eligible.

Question 8Superannuation system and regulatory framework

An individual has a total superannuation balance of $2 million. Which contribution strategy is available?

  1. Making a downsizer contribution of up to $300,000 Correct answer.
  2. Claiming a personal deduction for a contribution above the concessional cap
  3. Making non-concessional contributions using the bring-forward rule
  4. Using carry-forward unused concessional contributions

Explanation

The downsizer contribution remains available regardless of total superannuation balance, subject to eligibility based on age and the sale of a qualifying home. Carry-forward and bring-forward rules are restricted when the total balance exceeds the relevant thresholds.

Question 9Superannuation system and regulatory framework

What is the tax rate applied to concessional contributions in a complying superannuation fund?

  1. 45%
  2. 0%
  3. 15% Correct answer.
  4. 30%

Explanation

Concessional contributions are included in the fund's assessable income and taxed at 15%, reflecting the concessional treatment of contributions. Division 293 imposes an additional 15% for higher income earners.

Question 10Superannuation system and regulatory framework

Which earnings in a superannuation fund are exempt from tax?

  1. Realised capital gains on accumulation assets
  2. Earnings on assets supporting an accumulation account
  3. Interest earned on cash held for accumulation members
  4. Earnings supporting a retirement phase income stream Correct answer.

Explanation

Earnings on assets supporting retirement phase income streams are exempt from fund tax, provided the fund meets the retirement income stream standards. Accumulation phase earnings remain taxable at 15%, with capital gains receiving concessional treatment.

Question 11Superannuation system and regulatory framework

What is the general transfer balance cap for the 2024-25 financial year?

  1. $3 million
  2. $1.9 million Correct answer.
  3. $1.7 million
  4. $1.6 million

Explanation

The general transfer balance cap is $1.9 million for 2024-25, following indexation. The cap limits the total amount that can be transferred into retirement phase, and individual caps may be higher based on prior usage.

Question 12Superannuation system and regulatory framework

An individual exceeds their transfer balance cap by $50,000. What is the consequence?

  1. The excess is forfeited to the ATO
  2. The excess must be removed from retirement phase and excess transfer balance tax applies Correct answer.
  3. The excess is taxed at 15% and remains in retirement phase
  4. The entire pension is converted back to accumulation

Explanation

Amounts above the transfer balance cap must be removed from retirement phase, and excess transfer balance tax applies to the notional earnings on the excess. The individual receives a determination and must rectify the position.

Question 13Superannuation system and regulatory framework

What is the minimum annual pension payment for a 70-year-old account-based pension recipient in 2024-25?

  1. 7%
  2. 6%
  3. 5% Correct answer.
  4. 4%

Explanation

The minimum drawdown percentage for a recipient aged 65 to 74 is 5% of the account balance. The percentages increase with age and are applied to the balance at the start of the year or at commencement.

Question 14Superannuation system and regulatory framework

Which of the following is a characteristic of a transition to retirement income stream?

  1. The member must have met a condition of release of retirement
  2. Earnings are fully exempt from tax
  3. The member may salary sacrifice to increase take-home pay
  4. Investment earnings are taxed at 15% Correct answer.

Explanation

A transition to retirement income stream permits access to preserved benefits after preservation age while still working, but investment earnings remain taxed at 15%. It does not provide the tax exemption available to full retirement phase income streams.

Question 15Superannuation system and regulatory framework

What is the maximum non-concessional contributions cap for 2024-25?

  1. $120,000
  2. $27,500
  3. $30,000
  4. $110,000 Correct answer.

Explanation

The non-concessional contributions cap is $110,000 for 2024-25, equal to four times the concessional cap. Eligible individuals under age 75 may access a bring-forward arrangement to contribute up to three years of the cap.

Question 16Superannuation system and regulatory framework

Which of the following is a requirement for an SMSF to be a complying fund?

  1. The fund must have an approved auditor appointed annually Correct answer.
  2. The fund must have at least two members
  3. The trustee must be a licensed financial adviser
  4. The fund must invest only in Australian shares

Explanation

An SMSF must appoint an approved auditor to audit the fund each year and must comply with the SIS Act covenants. Failure to meet these obligations can result in the fund being treated as non-complying and taxed punitively.

Question 17Superannuation system and regulatory framework

What is the maximum number of members allowed in a self managed superannuation fund?

  1. Six
  2. Two
  3. Four Correct answer.
  4. Five

Explanation

SMSFs can have up to four members, all of whom must be trustees or directors of the corporate trustee. This limit was increased from two in 2019 to allow larger family funds.

Question 18Superannuation system and regulatory framework

Which of the following describes the sole purpose test for a superannuation fund?

  1. The fund must provide benefits only on retirement or to dependants on death Correct answer.
  2. The fund must return all profits to members annually
  3. The fund must invest solely in fixed interest
  4. The fund must be audited by APRA each year

Explanation

The sole purpose test requires the fund to be maintained solely for providing retirement benefits or death benefits to dependants. Providing other benefits, such as pre-retirement financial assistance, can breach the test and attract penalties.

Question 19Superannuation system and regulatory framework

What is the tax treatment of a lump sum death benefit paid to a non-dependant adult child?

  1. Taxed at the recipient's marginal rate
  2. Taxed at 15% plus Medicare levy on the taxable component Correct answer.
  3. Taxed at 30% on the taxable component
  4. Tax free

Explanation

Death benefits paid to non-dependants are taxed on the taxable component at 15% plus Medicare levy, while the tax-free component is received tax free. Dependant recipients generally receive benefits tax free.

Question 20Superannuation system and regulatory framework

Which of the following is a condition of release for accessing superannuation benefits?

  1. Completing a financial advice course
  2. Changing employers
  3. Reducing work hours to part time
  4. Reaching preservation age and retiring Correct answer.

Explanation

Retirement on or after preservation age is a condition of release that permits access to preserved benefits. Other conditions include reaching age 65, permanent incapacity and terminal illness.

Question 21Superannuation system and regulatory framework

What is the maximum contribution that can be made under the bring-forward rule for an eligible 40-year-old in 2024-25?

  1. $220,000
  2. $330,000 Correct answer.
  3. $360,000
  4. $110,000

Explanation

An eligible individual under 75 with a total superannuation balance below the threshold can bring forward up to three years of non-concessional contributions, totalling $330,000 for 2024-25. The available amount depends on the balance and prior usage.

Question 22Superannuation system and regulatory framework

Which of the following is subject to Division 293 tax?

  1. An individual with a total superannuation balance of $1 million
  2. An individual with income for surcharge purposes of $200,000
  3. An individual with income for surcharge purposes of $260,000 Correct answer.
  4. An individual receiving a tax-free pension

Explanation

Division 293 imposes an additional 15% tax on concessional contributions for individuals whose income for surcharge purposes plus concessional contributions exceeds $250,000. The threshold applies to combined income and contributions.

Question 23Superannuation system and regulatory framework

What is the purpose of the superannuation guarantee charge?

  1. To penalise employers who fail to pay minimum contributions on time Correct answer.
  2. To fund the Age Pension
  3. To pay for financial advice
  4. To tax excess concessional contributions

Explanation

The superannuation guarantee charge is imposed on employers who fail to make minimum contributions by the due date. It includes the shortfall, interest and an administration component, and is not deductible to the employer.

Question 24Superannuation system and regulatory framework

Which of the following investments is generally prohibited for an SMSF?

  1. Listed shares
  2. Exchange traded funds
  3. Residential property purchased from a member Correct answer.
  4. Commercial property leased to an unrelated party

Explanation

An SMSF is prohibited from acquiring assets from related parties, including residential property from a member, under the in-house asset and acquisition rules. Commercial property leased to an unrelated party and listed securities are generally permitted.

Question 25Superannuation system and regulatory framework

What is the effect of exceeding the concessional contributions cap?

  1. The excess is refunded to the employer
  2. The excess is taxed at 15% and remains in the fund
  3. The excess is taxed at 45% with no offset
  4. The excess is included in the individual's assessable income and taxed at marginal rates, with a 15% offset Correct answer.

Explanation

Excess concessional contributions are included in the individual's assessable income and taxed at marginal rates, with a non-refundable offset for the 15% already paid by the fund. The individual may elect to release the excess from the fund.

Question 26Superannuation system and regulatory framework

Which body is responsible for regulating the superannuation industry and administering the prudential framework for superannuation funds?

  1. The Australian Taxation Office (ATO)
  2. The Reserve Bank of Australia (RBA)
  3. The Australian Securities and Investments Commission (ASIC)
  4. The Australian Prudential Regulation Authority (APRA) Correct answer.

Explanation

APRA is the prudential regulator of the superannuation industry, responsible for overseeing the safety and soundness of superannuation funds. It administers the prudential framework under the Superannuation Industry (Supervision) Act 1993. The ATO and ASIC have other regulatory roles, but APRA is the primary prudential regulator.

Question 27Superannuation system and regulatory framework

Under the superannuation guarantee (SG) provisions, which of the following is the minimum percentage of ordinary time earnings that an employer must contribute for the 2024-25 financial year?

  1. 10%
  2. 11%
  3. 11.5% Correct answer.
  4. 9.5%

Explanation

The superannuation guarantee rate for the 2024-25 financial year is 11.5% of an employee's ordinary time earnings. This rate increased from 11% on 1 July 2024. It is legislated to rise to 12% from 1 July 2025.

Question 28Superannuation system and regulatory framework

A self managed superannuation fund (SMSF) has two individual trustees. One trustee resigns and a new individual trustee is appointed. Which requirement must be satisfied for the fund to remain a complying SMSF?

  1. The fund must notify APRA of the change within 14 days.
  2. The change must be documented and the fund must continue to meet the trustee/member rules. Correct answer.
  3. The new trustee must be a relative of the remaining trustee.
  4. The fund must appoint a corporate trustee within 30 days.

Explanation

For an SMSF, each member must be a trustee (or a director of a corporate trustee), and each trustee must be a member. When a trustee changes, the fund must ensure it continues to satisfy these rules, and the change should be properly documented, including updating the trust deed and records. There is no requirement to appoint a corporate trustee or notify APRA within a specific timeframe.

Question 29Superannuation system and regulatory framework

Which of the following statements best describes the operation of the superannuation guarantee charge (SGC) when an employer fails to pay the required superannuation contributions by the quarterly due date?

  1. The employer can deduct the shortfall from the employee's salary in the next quarter.
  2. The employer is required to contribute double the shortfall to the employee's fund as a penalty.
  3. The employer must pay the shortfall to the employee's fund and no further penalty applies.
  4. The employer must lodge an SGC statement and pay the charge to the ATO, which includes the shortfall, interest, and an administration fee. Correct answer.

Explanation

If an employer fails to pay the minimum superannuation guarantee contributions by the due date, they must lodge a superannuation guarantee charge statement with the ATO and pay the SGC. The SGC comprises the shortfall amount, interest (10% per annum), and an administration fee of $20 per employee per quarter. The charge is not tax deductible, and the employer may also face penalties.

Question 30Superannuation system and regulatory framework

Which of the following statements about the taxation of superannuation benefits paid to a member aged 60 or over from a taxed source is correct?

  1. The benefit is taxed at 15% regardless of whether it is a lump sum or income stream.
  2. The benefit is tax-free whether taken as a lump sum or as an income stream. Correct answer.
  3. The benefit is tax-free if paid as a lump sum, but taxed at marginal rates if taken as an income stream.
  4. The benefit is tax-free if taken as an income stream, but taxed at 15% if taken as a lump sum.

Explanation

For a member aged 60 or over, superannuation benefits paid from a taxed source are tax-free, whether taken as a lump sum or as an income stream. This is because the fund has already paid tax on contributions and earnings. The benefits are not subject to tax in the member's hands.

Question 31Accumulation phase and contributions

Under the concessional contributions cap rules, which type of contribution is counted as a concessional contribution?

  1. A personal after-tax contribution claimed as a tax deduction
  2. An employer compulsory superannuation guarantee payment Correct answer.
  3. A spouse contribution made from after-tax savings
  4. A government co-contribution paid for a low-income earner

Explanation

Concessional contributions are amounts taxed at 15% in the fund and include employer contributions (including SG), salary sacrifice, and personal contributions claimed as a deduction. After-tax personal and spouse contributions are non-concessional, and the government co-contribution is also non-concessional.

Question 32Accumulation phase and contributions

Which contribution is classified as a non-concessional contribution?

  1. Additional employer contribution under an award
  2. Salary sacrifice into super
  3. Personal contribution with no tax deduction claimed Correct answer.
  4. Employer superannuation guarantee

Explanation

Non-concessional contributions are made from after-tax money where no income tax deduction is claimed. They are not taxed on entry to the fund. Salary sacrifice, SG and award-based employer amounts are all concessional.

Question 33Accumulation phase and contributions

What is the standard tax rate applied to concessional contributions received by a complying superannuation fund?

  1. 15% Correct answer.
  2. 30%
  3. 0%
  4. 45%

Explanation

Concessional contributions are included in the fund's assessable income and taxed at the standard 15% rate. A higher 30% rate can apply to certain high-income individuals, but the default rate is 15%.

Question 34Accumulation phase and contributions

A member wants to make a personal contribution and claim an income tax deduction. Which condition must be satisfied?

  1. The member must be under age 65 at the time of contribution
  2. The member must lodge a valid deduction notice with the fund and receive acknowledgement before lodgement of their tax return Correct answer.
  3. The member must contribute through salary sacrifice instead
  4. The member must have no employer contributions in the same year

Explanation

To deduct a personal contribution, the member must give the fund a valid notice of intent to claim and receive acknowledgement, and the notice must be given before lodging the tax return and within required timeframes. Age and employer contribution status do not prevent a deduction if the member is eligible to contribute.

Question 35Accumulation phase and contributions

Which factor determines whether the 30% Division 293 tax applies to an individual's concessional contributions?

  1. The size of the fund's investment earnings
  2. The individual's age at 30 June
  3. The individual's total income plus concessional contributions exceeding the threshold Correct answer.
  4. The number of years the individual has been a member

Explanation

Division 293 imposes an additional 15% tax where an individual's income for surcharge purposes plus concessional contributions exceeds the annual threshold. It is based on income levels, not age, fund earnings or membership duration.

Question 36Accumulation phase and contributions

A 68-year-old member who has been retired for several years wishes to make a non-concessional contribution. Which statement best reflects the work test position for non-concessional contributions?

  1. The work test applies only if the member is self-employed
  2. The work test applies only to concessional contributions after age 75
  3. The work test does not apply to non-concessional contributions for members aged 67 to 74 Correct answer.
  4. The work test must be met for all non-concessional contributions after age 67

Explanation

Since 1 July 2022, the work test no longer applies to non-concessional contributions for members aged 67 to 74. The work test still applies to personal deductible contributions for that age group.

Question 37Accumulation phase and contributions

Which of the following best describes the bring-forward arrangement for non-concessional contributions?

  1. It allows a member to exceed the concessional cap by carrying forward unused amounts for five years
  2. It allows a member to withdraw excess contributions without penalty
  3. It permits employers to defer SG payments for up to three quarters
  4. It allows eligible members to contribute up to three years of non-concessional cap in a single year Correct answer.

Explanation

The bring-forward rule lets eligible members under age 75 access up to three years of non-concessional cap in one year, subject to their total superannuation balance. It relates to non-concessional contributions, not concessional carry-forward or employer payment timing.

Question 38Accumulation phase and contributions

Eligibility to use the carry-forward of unused concessional contributions generally requires which condition?

  1. An age under 40 at the time of contribution
  2. A minimum of ten years of membership
  3. A total superannuation balance below the general transfer balance cap at the prior 30 June Correct answer.
  4. A current employment contract with the same employer

Explanation

The carry-forward of unused concessional cap amounts is available where the member's total superannuation balance is below the general transfer balance cap at the end of the prior financial year and the unused amount is from up to five prior years. Membership length, employer and age under 40 are not conditions.

Question 39Accumulation phase and contributions

What is the maximum number of years of unused concessional cap amounts that can be carried forward?

  1. Two years
  2. Five years Correct answer.
  3. Ten years
  4. Three years

Explanation

Unused concessional contributions cap amounts can be carried forward for up to five years, provided the balance condition is met. The bring-forward rule for non-concessional contributions is a separate three-year mechanism.

Question 40Accumulation phase and contributions

A member receives an employer SG contribution of $10,000 and makes a salary sacrifice contribution of $5,000. How are these amounts treated for cap purposes?

  1. Both amounts count toward the non-concessional cap
  2. Both amounts count toward the concessional cap Correct answer.
  3. Only the salary sacrifice amount counts toward the concessional cap
  4. Only the SG amount counts toward the concessional cap

Explanation

Employer SG and salary sacrifice contributions are both concessional contributions and are aggregated against the concessional cap. They are taxed at 15% in the fund rather than being non-concessional.

Question 41Accumulation phase and contributions

Which statement about the taxation of non-concessional contributions is correct?

  1. They are taxed at 15% when received by the fund
  2. They are taxed at 30% on entry
  3. They are taxed at the member's marginal rate on entry
  4. They are not taxed when received by the fund Correct answer.

Explanation

Non-concessional contributions are made from after-tax money and are not taxed when received by the fund. The 15% contributions tax applies to concessional contributions.

Question 42Accumulation phase and contributions

Which contribution is most likely to be treated as a non-concessional contribution?

  1. A personal contribution for which a valid deduction notice is given
  2. A personal contribution made from savings with no deduction claimed Correct answer.
  3. A salary sacrifice amount agreed with the employer
  4. An employer contribution made under an enterprise agreement

Explanation

A personal contribution from savings with no deduction claimed is non-concessional because it comes from after-tax money. Employer contributions and salary sacrifice are concessional, and a personal contribution with a valid deduction notice is concessional.

Question 43Accumulation phase and contributions

A member aged 72 makes a non-concessional contribution of $50,000 and has a total superannuation balance below the threshold. Which statement is correct?

  1. The contribution is permitted only if made by salary sacrifice
  2. The contribution is permitted only if the member meets the work test
  3. The contribution is permitted and may use the bring-forward arrangement subject to the balance test Correct answer.
  4. The contribution is prohibited because the member is over 67

Explanation

Members under age 75 may make non-concessional contributions, and eligible members can use the bring-forward rule subject to their total superannuation balance. The work test no longer applies to non-concessional contributions for ages 67 to 74.

Question 44Accumulation phase and contributions

Which of the following is a valid way to make a concessional contribution?

  1. Transferring listed shares into the fund from personal holdings
  2. Receiving a government co-contribution
  3. Making a spouse contribution from after-tax savings
  4. Making a personal contribution and claiming a tax deduction Correct answer.

Explanation

A personal contribution with a valid deduction claim is concessional and taxed at 15% in the fund. In-specie transfers of shares and spouse contributions from after-tax savings are non-concessional, and the government co-contribution is non-concessional.

Question 45Accumulation phase and contributions

How does the ATO generally treat an excess concessional contribution?

  1. The excess is refunded automatically without tax consequences
  2. The excess is taxed at 45% and cannot be released
  3. The excess is taxed at 15% and the member may elect to release up to 85% of the excess Correct answer.
  4. The excess is converted to a non-concessional contribution with no tax

Explanation

Excess concessional contributions are included in the member's assessable income and taxed at their marginal rate, with a 15% offset for tax already paid. The member may elect to release up to 85% of the excess from the fund.

Question 46Accumulation phase and contributions

A member has a total superannuation balance above the general transfer balance cap at 30 June of the prior year. What is the effect on their non-concessional contribution cap?

  1. The cap is increased by the bring-forward amount
  2. The cap is nil Correct answer.
  3. The cap is unaffected
  4. The cap is doubled

Explanation

Where a member's total superannuation balance equals or exceeds the general transfer balance cap at the prior 30 June, their non-concessional contribution cap is nil. The bring-forward rule is also unavailable in that case.

Question 47Accumulation phase and contributions

Which statement best explains why salary sacrifice contributions are attractive to some members?

  1. They are not counted toward any contribution cap
  2. They are treated as non-concessional contributions
  3. They are taxed at the member's marginal rate in the fund
  4. They are made from pre-tax salary and taxed at 15% in the fund Correct answer.

Explanation

Salary sacrifice involves giving up pre-tax salary in return for employer contributions, which are concessional and taxed at 15% in the fund rather than at the member's marginal rate. They remain subject to the concessional cap.

Question 48Accumulation phase and contributions

A member wishes to claim a deduction for a personal contribution. By when must the notice of intent generally be given to the fund?

  1. Within five years of the contribution
  2. At any time after lodging the tax return
  3. Before the end of the financial year in which the contribution is made
  4. Before lodging the income tax return for the year and within required timeframes Correct answer.

Explanation

A valid notice of intent must be given to the fund before the member lodges their tax return for the relevant year and within the required timeframes, and the fund must acknowledge it. It cannot be given after the return is lodged or after certain events such as a release.

Question 49Accumulation phase and contributions

Which superannuation contribution is subject to the 15% contributions tax?

  1. A non-concessional contribution from after-tax savings
  2. An employer SG contribution Correct answer.
  3. A spouse contribution from after-tax savings
  4. A government co-contribution

Explanation

Employer SG contributions are concessional and are included in the fund's assessable income at 15%. Non-concessional contributions, the government co-contribution and spouse after-tax contributions are not taxed on entry.

Question 50Accumulation phase and contributions

A member has unused concessional cap amounts from the previous four years and a total superannuation balance below the threshold. What can they generally do?

  1. Transfer the unused amounts to a spouse
  2. Carry forward the unused amounts and contribute more than the annual cap this year Correct answer.
  3. Use the unused amounts only after age 65
  4. Convert the unused amounts into non-concessional cap

Explanation

Eligible members with unused concessional cap amounts from up to five prior years and a total superannuation balance below the general transfer balance cap can carry the amounts forward and contribute above the current annual cap. The amounts cannot be converted to non-concessional cap or transferred to a spouse.