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Time to start re-contributing your super?

Time to start re-contributing your super?

  • Superannuation

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?

Individuals who:

  • 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

Next step?

Complete the Notice of re-contribution of Covid-19 early release amounts form on the ATO website HERE.

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