CRT Alert 008/2021

12 August 2021

Re-contribution of COVID-19 early release amounts approved form requirements for funds

A recent amendment to theTreasury Laws Amendment (More Flexible Superannuation) Bill 2020, which received Royal Assent on 22 June 2021, allows individuals who withdrew a COVID-19 early release of super amount to re-contribute up to that amount back into super without it counting towards their non-concessional cap.

These contributions can be made from 1 July 2021, with the measure ending on 30 June 2030.

To make a re-contribution of COVID-19 early release amounts, your members need to complete the approved form and provide it to you before, or at the time they make the contribution.

The ATO is now finalising the re-contribution of COVID-19 early release amounts approved form and aims to have this available on for your members by the end of August 2021.

If you choose to design your own re-contribution of COVID-19 early release amounts approved form for your members, you will need to include the following elements (unless they are indicated as optional).

Section A: Your details

1. Tax File Number (Optional)

2. Name (Title, Family Name, First Given Name, Other Name)

3. Date of Birth (DDMMYYYY)

4. Current Postal Address (Number, Street, Suburb, State, Postcode, Country if outside Australia)

5. Phone Number

Section B: Super fund’s details

6. Fund Name

7. Fund Australian Business Number (ABN)

8. Member Account Number

9. Unique Superannuation Identifier (USI) (Optional)

Section C: Re-contribution details

10. Date of Contribution (Optional)

11. The amount to be treated as a re-contribution of COVID-19 early release of superannuation (up to a maximum of $20,000 ONLY)

Section D: Declaration

This form has a declaration for you to state the information is true and correct.

Review the information before you sign the declaration. If you provide false or misleading information, or fail to take reasonable care, you may be liable to administrative penalties imposed by taxation law.

12. I declare that I received COVID-19 early release superannuation amounts.

13. I declare that the amount re-contributed in this notice, in addition to any previous re-contributed amounts, is not more than the total of my COVID-19 early release amounts.

14. I declare that this form was given to my super fund on or before the time the re-contribution was made.

15. I declare that the information given on this notice is true and correct.

16. Signature (The form may contain a written signature, or an electronic signature based on the super fund’s software).

Note: While a member’s tax file number (TFN) may be required for you to accept the contribution, it is not a mandated field for the request to be in the approved form.

In addition to the required contents of the form, you may consider including key messages for members, which may include:

¦ prior to making a re-contribution of COVID-19 early release amounts you may wish to seek financial advice

¦ any amounts over the total amount released to you through COVID-19 early release will be ineligible as a re-contribution of COVID-19 early release amounts

¦ re-contribution of COVID-19 early release amounts identified as ineligible will be reported as personal contributions which may result in you exceeding your non-concessional contributions cap

¦ by signing this form, you are confirming that you meet all the eligibility requirements to make a re-contribution of COVID-19 early release amounts.

A further CRT alert will be issued shortly to provide you with some additional information on what you need to do to administer these contributions.

If you have further enquiries on this matter, lodge a request using the Super Enquiry Service .