Contributing extra to your super
The amount you can contribute to your super each financial year before paying extra tax is generally capped. However, a couple of special rules can help you extend those caps.
2020 was a difficult year for many Australians. Over 3.5 million people accessed their super via the government’s early withdrawal scheme.
If you withdrew money from your super through the government’s COVID-19 early release scheme and have found you didn’t end up needing some or all of it, the ATO will now allow you to re-contribute what you withdrew back to your super without penalty.
Here are a few examples of how re-contributing can work, via the ATO:
If you need help with making a decision about your super, you can get simple advice over the phone or face to face. It’s included as a part of your membership so there’s no extra cost.