Time to start re-contributing your super?
Did you withdraw a portion of your super as part of the Covid-19 early release super program?
From July 1 super fund members can begin re-contributing additional amounts to their super without it counting towards their non-concessional (after tax) contributions cap.
The program is designed to encourage individuals who did draw on early release super – and are now able to contribute an amount in excess of their non-concessional contributions cap – to do so.
Normally if you exceed these caps, you may need to pay additional tax – even if you have already paid tax on the contribution amount. With this program, the additional early release contribution does not count towards cap limits.
Re-contributions can be made from July 1, 2021, until June 30, 2030 (subject to the rules of your super fund).
Who can complete the notice of re-contribution?
- Received a Covid-19 early release super amount
- Are likely to exceed the non-concession contributions cap in the year of the re-contribution
- Want to re-contribute (up to the amount released) without additional contributions counting towards your non-concessional cap
- Have confirmed that your super fund can accept contributions
Complete the Notice of re-contribution of Covid-19 early release amounts form on the ATO website HERE.