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Re-Contribution of Early Release Super

If you withdrew money from your superannuation fund through the Covid-19 early release of super program, you can rebuild your super by making personal super contributions.

If these contributions mean you might exceed your non-concessional contributions cap, you may be eligible to have them treated as ‘Covid-19 re-contributions’, which are excluded from the non-concessional contributions cap.

Are You Eligible to Make a Re-Contribution

You will be eligible to make a re-contribution of Covid-19 early release amounts to super if you ca answer yes to all of the following:

  • You accessed superannuation amounts through Covid-19 early release of super program
  • The total amount, including any previous Covid-19 re-contributions, you are re-contributing is equal to or less than the total amount you accessed through Covid-19 early release
  • You can provide the approved form notifying your fund of the re-contribution on or before the time when the contribution is made
  • You re-contribute the amount to your fund between 1 July 2021 and 30 June 2030
  • You are not claiming a deduction in your income tax return for the amounts you re-contribute
How Much You Can Re-Contribute

If eligible, you can make a re-contribution up to the amount you accessed through Covid-19 early release.

You can make multiple re-contributions, but the total of all your re-contributions must not go over the total amount you accessed through Covid-19 early release.

How To Make Your Re-Contribution

Before you choose to treat your re-contribution of Covid-19 early release amounts, you should:

  • Check your non-concessional contributions cap to see if you are likely to go over it in the year you made the contribution. If the contribution will not cause you to exceed your cap, you do not need to complete a form
  • Check your eligibility
  • Confirm with your super fund that they will accept contributions

When you choose to make a Covid-19 re-contribution, you will be a complete the Notice of re-contribution of Covid-19 early release amounts form. You need to provide this to your super fund before or at the time when you make your contribution. Your fund will report this re-contribution to the ATO.

The information contained on this website and in this article is general in nature and does not take into account your personal situation. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from a financial adviser. Taxation, legal and other matters referred to on this website and in this article are of a general nature only and are based on our interpretation of laws existing at the time and should not be relied upon in place of appropriate professional advice. Those laws may change from time to time.

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