Introduction
You can now re-contribute funds that you have taken out under the COVID-19 early release of super program.
Contributions can be made between 1 July 2021 and 30 June 2030.
COVID19 re-contribution amounts are not a new type of super contribution. They are considered a personal contribution but will not count towards a person’s non-concessional contribution cap.
Individuals can re-contribute COVID-19 funds to any fund of their choosing where the fund’s rules permit it.
Frequently Asked Questions
- Can I make a COVID-19 re-contribution without the approved form?
No. You must notify the superannuation fund in the approved form, either before or at the time of making the COVID-19 re-contribution.
Individuals can use the approved form, or superfunds can create their own Notice of re-contribution of COVID-19 early release amounts for their members.
- Do I need to make a COVID-19 re-contribution to the same fund from which I took it out under the COVID-19 early release of super program?
You can make COVID-19 re-contribution to any fund of your choice, as long as the fund rules permit it.
- Can I make multiple COVID-19 re-contributions?
Yes, you can make multiple COVID-19 re-contributions. This can be made between 1 July 2021 and 30 June 2030.
- Does the work test apply for COVID-19 re-contribution received this financial year?
COVID-19 re-contribution are considered personal contributions.
The current rules governing the acceptance of personal contributions as stated in the Superannuation Industry Supervision Regulations (SISR) apply to this contribution, including the application of work test or work test exemption.
- Am I allowed to make these COVID-19 re-contributions into my defined benefit interest (if the fund rules permit)?
The law does not specify the type of superfunds to which COVID-19 re-contributions can be made. The current rules governing the acceptance of personal contributions as stated in the Superannuation Industry Supervision Regulations (SISR) apply to this contribution.
Similarly, the acceptance of a COVID-19 re-contribution is subject to the acceptance of the rules of the fund.
- What if the ATO determines that I was not eligible to claim a COVID-19 re-contribution?
As COVID-19 re-contributions are reported as personal contributions, if the you are found to be ineligible, you may exceed your non-concessional contributions cap.
- Can I use one approved form for multiple COVID-19 re-contributions?
One approved form can cover multiple a COVID-19 re-contributions, as long as it was supplied to the superfund on or before the re-contributions were made.
If you’d like to learn more about the COVID-19 re-contribution, please contact us for more information.
This page contains information that is of a general nature. It does not take into account your specific requirements or circumstances. Before making any financial decisions, you should consider your individual financial situation, objectives, and requirements, and seek financial advice.