If you do not have a current Superannuation fund or do not provide your super fund details, Bouygues Construction will set you up with their default superannuation fund: Australian Super.

Where to from here?

Frequently asked questions

The only ‘silly’ question is the question that is never asked. Here are some of the queries we receive frequently from our clients:

What is the current Superannuation rate? The current super guarantee rate is 11.5% of your base salary/wages. This rate will increase to 12% on 1 July, 2025.

How much super do I need to retire? As a general rule, most people will need 70% of their take-home pay to maintain their lifestyle in retirement. And since we're living longer, your super may need to last for 30 years or more after you retire. You can use a retirement income calculator to estimate how long your superannuation may last in retirement.

What happens to my superannuation if I leave Australia? If you are a former temporary resident who accumulated superannuation while working in Australia, you can claim your super when your visa has been cancelled. This is referred to as the Departing Australia Superannuation payment (DASP) and this can be applied for online.

How much tax will I pay on my Departing Australia Superannuation payment (DASP)? The tax rate is different for ordinary employees and working holidaymakers. You can find the DASP tax rates here.

How do I find out if I have any lost super? If you've ever changed jobs or moved house, there's a good chance you may have more than one super account. You can search for lost super by logging into your MyGov account, by calling 13 28 65 or by completing a paper form. *It’s important to review each super fund individually prior to consolidating as you may lose insurance benefits by consolidating your superannuation accounts.

How much insurance do I require if I were to fall ill, be partially disabled, become totally and permanently disabled, or pass away? It’s important to talk with a Financial Adviser to discuss the levels of coverage that you may require, but the Money Smart insurance needs calculator will give you some indication of the levels of life cover that may be appropriate for you.

What is the difference between TPD and Income Protection Insurance? TPD insurance pays out a lump sum if you become permanently disabled and are unable to work, while income protection insurance provides regular payments to replace your income if you are unable to work due to illness or injury.

Can I claim my insurance premiums as a tax deduction? Only the premiums you pay to protect your income are deductible. This is known as income protection or salary continuance cover. Premiums paid by your employer or by your super fund are generally not tax deductible.

What are the different types of contributions? Concessional Contributions include employer contributions, salary sacrificed contributions or any contributions you can claim a tax deduction. Non-concessional Contributions are personal contributions, which are made from your own cash flow and you’ve already paid tax on.

What are the current contribution caps? The current concessional contribution cap is $30,000 (including employer contributions) and $120,000 for non-concessional contributions. There are instances where you can exercise the bring-forward rule for non-concessional contributions. or carry-forward rule for concessional contributions. Book a time to speak with one of our advisers if you would like to learn more.

How do I save more money? First of all, work out where your money is going. A simple online budget tool enables you to understand where you are today and helps you identify opportunities to save money.

Still unsure where to from here? Book a complimentary virtual meeting with one of our Financial Advisers at a time that suits you by clicking the link below.

Contact us by calling 08 8224 0602 or via email mfa@mfaadelaide.com.au