Re-contributing COVID-19 early release super withdrawals

Feb 3, 2025

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.

 

Disclaimer: This article contains general information only. The information contained in this article is not designed to be a substitute for professional advice as such a brief guide cannot consider and cover all individual needs, objectives, circumstances and conditions applying to the law as it relates to these items mentioned in this article. No responsibility can be accepted for errors, omissions or possible misleading statements or for any decisions or actions taken as a result of any material in this communication. Appropriate expert advice should always be considered from a professional financial adviser prior to making any financial decisions. Liability limited by a Scheme approved under Professional Standards Legislation.
Tax planning end of financial year checklist – 2023FY

Tax planning end of financial year checklist – 2023FY

May 19, 2023

With the end of the 2023 financial year approaching, we would like to draw your attention to some things worth considering as part of your year-end tax planning. Yes the notes within this newsletter are quite extensive however there is a lot for you to consider and...

read more
Due diligence when purchasing a business

Due diligence when purchasing a business

Nov 22, 2022

When considering to buy a business, it is essential to conduct due diligence to thoroughly investigate all aspects of it before making a binding decision to buy. The due diligence process involves the buyer making sure that they are not making a risky or poor...

read more
Record keeping for investment properties

Record keeping for investment properties

Sep 16, 2022

When you own an investment property, it is important to keep records of all associated costs and expenses for the whole duration that you own the property. Good record keeping will not only help with tax time but also important when you want to sell your investment...

read more
Changes to Queensland Land Tax Rules

Changes to Queensland Land Tax Rules

Aug 5, 2022

Changes to Queensland Land Tax RulesFrom 30 June 2023, land tax for Queensland landowners will be calculated based on their Australia-wide landholdings. Queensland land tax payable will still be based on the land value of the taxpayer’s Queensland landholdings however...

read more
Translate »
Skip to content