<ul data-eligibleForWebStory="true"><li>Contributing to superannuation can be tax-effective but exceeding limits can result in penalties.</li><li>Concessional contributions include employer contributions, salary sacrifice payments, and personal deductible contributions.</li><li>These contributions are taxed at 15% and have an annual cap of $27,500 per person.</li><li>Exceeding the cap may lead to taxation at regular income tax rates and potential penalties.</li><li>Unused cap amounts from previous years can be carried forward under certain conditions.</li><li>Common mistakes include not tracking employer contributions, overcommitting to salary sacrifice, and not reviewing personal deductible contributions.</li><li>Tips to stay within the cap include tracking contributions regularly, reviewing arrangements, and seeking advice if needed.</li><li>Extra contributions to super can be beneficial with proper planning to avoid penalties.</li></ul>

The Line Between Smart Saving and Penalty Territory

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