From the Institute of Chartered Accountants
With the superannuation contribution limits being so low and the penalty tax payable for exceeding them so high, you should review your contributions now to ensure you manage the caps this financial year.

[br] Concessional Contributions
The limit for Employer contributions (including contributions made under a salary sacrifice arrangement) and Personal Contributions claimed as a tax deduction by a self-employed person is $25,000 for the 2011/12 financial year.
If you are 50 years old or over, the annual cap is currently $50,000. The recent federal budget released will be freezing this increased contribution cap from 1 July 2012.

The cap amounts are calculated when the money is received by the superannuation fund. If your June superannuation is not paid to the Fund until July then it will be included in the cap for the following year. If you are therefore close to the cap limit, it is important to check with the Fund what payments have been allocated to you for this financial year.

[br] Non-Concessional Contributions
You may also contribute Non-Concessional contributions – these are personal contributions for which you do not claim an income tax deduction. The 2011/12 limit is $150,000. People under 65 years of age however may be able to bring forward their non-concessional contributions up to three times their non-concessional cap over a three-year period bringing it to $450,000.

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For more information about superannuation contributions talk to your Chartered Accountant.