Treasury Laws Amendment (More Flexible Superannuation) Act 2021 (45 of 2021)

Schedule 3   Re-contribution of COVID-19 early release superannuation amounts

Income Tax Assessment Act 1997

4   After section 292-102

Insert:

292-103 COVID-19 re-contributions

(1) A contribution is covered by this section if:

(a) the contribution is made by you to a *complying superannuation plan in respect of you in a *financial year; and

(b) the contribution is made in the financial year beginning on 1 July 2021, or a later financial year ending on or before 30 June 2030; and

(c) one or more amounts (the COVID-19 early release amounts ) have been paid to you from a complying superannuation plan, in either or both of the financial years beginning on 1 July 2019 or 1 July 2020, because you satisfied:

(i) a condition of release specified in item 107A or 207AA of the table in Schedule 1 to the Superannuation Industry (Supervision) Regulations 1994; or

(ii) a condition of release specified in item 109AA of the table in Schedule 2 to the Retirement Savings Accounts Regulations 1997; and

(d) the amount of the contribution is not more than the total of your COVID-19 early release amounts; and

(e) if you made one or more previous contributions covered by this section - the sum of:

(i) the amount of the contribution; and

(ii) the amounts of those previous contributions;

is not more than the total of your COVID-19 early release amounts; and

(f) you choose, in accordance with subsection (2), to apply this section to the contribution.

(2) To make a choice for the purposes of paragraph (1)(f), you must:

(a) make the choice in the *approved form; and

(b) give it to the *superannuation provider in relation to the *complying superannuation plan on or before the time when the contribution is made.


Copyright notice

© Australian Taxation Office for the Commonwealth of Australia

You are free to copy, adapt, modify, transmit and distribute material on this website as you wish (but not in any way that suggests the ATO or the Commonwealth endorses you or any of your services or products).