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