If you withdrew money from your super fund through the COVID-19 early release of super program, you may be eligible to make re-contributions, that is excluded from the non-concessional contribution caps, back to your super. It is only necessary to choose to have a personal contribution treated as a COVID-19 re-contribution if the contribution amount will exceed your non-concessional cap for the year.
To be eligible to re-contribute the COVID-19 early release withdrawals without affecting your non-concessional contributions, you must meet the following criteria:
- you withdrew superannuation amounts through the COVID-19 early release of super program (which closed on 31 December 2020)
- the total amount, including any previous COVID-19 re-contributions, you’re re-contributing is equal to or less than the total amount you withdrew through the COVID-19 early release
- you re-contribute the amounts to your fund from 1 July 2021 to 30 June 2030
- you’re not claiming a deduction in your income tax return for amounts you re-contribute
- you give your fund the approved form notifying it of the re-contribution at the time or before it is made.
Re-contributions can be made by lodging a re-contribution form with your super fund. Speak to our team if you would like to find out more and know if you are eligible.
