Re-contribution of COVID-19 early release super amounts

Individuals can now re-contribute amounts they withdrew under the COVID-19 early release of super program without the re-contribution counting towards their non-concessional contributions cap.

These contributions can be made between 1 July 2021 and 30 June 2030.

Individuals can make COVID-19 re-contribution amounts to any fund of their choice where the funds' rules allow.

If a person wishes to make a COVID-19 re-contribution, they need to provide the approved form to notify their fund of the re-contribution.  Any such contribution is treated by the fund as if it is a non-concessional contribution – that is, no contributions tax is payable by the fund.  However, no deduction may be claimed for a COVID-19 re-contribution.

It should be noted that once an amount originally withdrawn under the COVID-19 early release of super program has been re-contributed into a superannuation fund, it will not be able to be released from that fund until the fund member satisfies a condition of release – such as obtaining the age of 65 or having met their preservation age and they have ‘retired’.

To find out more, please contact our office on 1300 363 866.

McConachie Stedman Financial Planning is an Authorised Representative of Wealth Management Matters Pty Ltd ABN 34 612 767 807 | AFSL 491619