  We discuss various approaches to the problem of determining which
supersymmetric invariants are permitted as counterterms in maximally
supersymmetric super Yang--Mills and supergravity theories in various
dimensions. We review the superspace non-renormalisation theorems based on
conventional, light-cone, harmonic and certain non-Lorentz covariant
superspaces, and we write down explicitly the relevant invariants. While the
first two types of superspace admit the possibility of one-half BPS
counterterms, of the form $F^4$ and $R^4$ respectively, the last two do not.
This suggests that UV divergences begin with one-quarter BPS counterterms, i.e.
$d^2 F^4$ and $d^4 R^4$, and this is supported by an entirely different
approach based on algebraic renormalisation. The algebraic formalism is
discussed for non-renormalisable theories and it is shown how the allowable
supersymmetric counterterms can be determined via cohomological methods. These
results are in agreement with all the explicit computations that have been
carried out to date. In particular, they suggest that maximal supergravity is
likely to diverge at four loops in D=5 and at five loops in D=4, unless other
infinity suppression mechanisms not involving supersymmetry or gauge invariance
are at work.
