Be aware of how much you can contribute to super can save you money, as there are caps on how much you can contribute before you have to pay extra tax.

The concessional (before-tax) contributions cap for 2010–11 is $25,000 or, if you are 50 years old or over, $50,000 (this higher amount is a transitional cap that ceases in the 2011–12 financial year).

The non-concessional (after-tax) contributions cap is $150,000. If you are less than 65 years old at any time during the year, you may be able to bring forward the next two years of contributions, but certain conditions apply.

For more information about how much you can contribute to your super before extra tax applies please contact the team at South East Access