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  • Re-contribution of COVID-19 early release superannuation amounts

    If you accessed money from your super fund as part of the COVID-19 early release of super program you may be looking at ways that you can start to grow your super.

    When making super contributions, the important thing to remember is that there are caps on the amounts that you can contribute and going over these can mean you pay extra tax.

    In general, if you make a personal super contribution to your fund out of money that you have already paid tax on and you do not claim a tax deduction for it, this is called a non-concessional contribution and will count towards your non-concessional contributions cap.

    The re-contribution of COVID-19 early release amounts into superannuation measure helps you to build your super balance by ensuring that any non-concessional contributions you make up to the amount you released under the COVID-19 early release will not count towards your non-concessional contributions cap.

    If you have decided to re-contribute the super that you took out as part of the COVID-19 early release and you are close to going over your non-concessional contributions cap for the year, you may choose to access the measure by completing and lodging a re-contribution form.

    If you are not going to go over your cap for the year by making your re-contribution, it is not necessary for you to complete the form but the amount will count towards your non-concessional contributions cap. You should consider seeking advice on whether this is right for you, and your specific circumstances by contacting a financial advisor or tax agent.

    The re-contribution will count towards your transfer balance cap, which applies when you move your super into retirement phase. It will also count towards your total super balance when it is recalculated to include all your contributions on 30 June at the end of the financial year.

    On this page:

    Who can make a re-contribution

    You will be eligible to make a re-contribution of COVID-19 early release amounts to super if you can 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 recontributions, 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 amounts to your fund between 1 July 2021 and 30 June 2030
    • you are not claiming a deduction in your income tax return for 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.

    Example 1

    Chloe accessed $20,000 through COVID-19 early release of superannuation.

    Chloe has decided to make a personal contribution of $10,000 into her super.

    Chloe's non-concessional contributions cap for the financial year is $110,000 and as she will not be exceeding this amount, decides to not treat this amount as a re-contribution of a COVID-19 early release amount.

    As Chloe will not exceed her non-concessional contribution cap this year there is no need for her to complete the COVID-19 re-contribution form.

    End of example

     

    Example 2

    Scott accessed $10,000 through COVID-19 early release of superannuation.

    Scott has decided to make a personal contribution of $120,000 into his super.

    Scott's non-concessional contributions cap for the financial year is $110,000 and as he will be in excess of his non-concessional contributions cap, Scott decides to treat $10,000 as a re-contribution of COVID-19 early release amounts so that he will not be in excess.

    End of example

     

    Example 3

    Tessa accessed $20,000 through COVID-19 early release of superannuation.

    Tessa has decided to make a personal contribution into her super of $10,000.

    Tessa has decided to claim a personal deduction for her contribution and as such is not eligible to treat the contributions as a re-contribution of COVID-19 early release amounts.

    End of example

    How to make your re-contribution

    Re-contributions of COVID-19 early release of superannuation can be made between 1 July 2021 and 30 June 2030.

    Before you choose to treat your contribution as a re-contribution of COVID-19 early release amounts under the measure, you should:

    • Check your eligibility
    • 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.
    • Confirm with your super fund, that they will accept contributions.

    When you choose to make a re-contribution, you will need to complete the Notice of re-contribution of COVID-19 early release amounts (NAT 75394) form. You need to provide this to your super fund before or at the time when you make your contribution.

    If you make multiple re-contributions or re-contributions to different super funds, you must provide a form which covers each re-contribution.

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    Last modified: 27 Aug 2021QC 66702