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.

These contributions:

  • will not count towards your non-concessional contributions cap
  • can be made between 1 July 2021 and 30 June 2030
  • cannot exceed the total amount of super you accessed under the COVID -19 early release; and
  • cannot be claimed as a personal superannuation deduction

How to make your contributions

  1. You must fill out and send us a form advising us of your contribution, on or before the time your contribution is made
  2. If you are re-contributing your early release amounts over several contributions, you must fill out a form for each contribution
  3. Qantas Super will report the contribution to the ATO, who will exclude eligible COVID-19 re-contributions from the non-concessional contribution cap calculation.

Important things to know

The ATO explained that if you’re not going to go over your non-concessional contributions cap for the year by making your re-contribution, it is not necessary for you to complete the form. However, this means that the amount you re-contribute will then count towards your non-concessional contributions cap.

Any re-contribution will also count towards your transfer balance cap. It will also count towards your total super balance when it is recalculated to include all your contributions on 30 June at the end of the financial year.

You can learn more about re-contributing early release payments via the ATO.

A Super Adviser can also help you determine whether re-contributing is right for you.

Case studies

Here are a few examples of how re-contributing can work, via the ATO:

Chloe

Chloe accessed $20,000 through COVID-19 early release of superannuation.

Chloe has decided to make a personal contribution of $10,000 into her super.

Chloe’s non-concessional contributions cap for the financial year is $110,000 and as she will not be exceeding this amount, decides to not treat this amount as a re-contribution of a COVID-19 early release amount.

As Chloe will not exceed her non-concessional contribution cap this year there is no need for her to complete the COVID-19 re-contribution form.

Scott

Scott accessed $10,000 through COVID-19 early release of superannuation.

Scott has decided to make a personal contribution of $120,000 into his super.

Scott’s non-concessional contributions cap for the financial year is $110,000 and as he will be in excess of his non-concessional contributions cap, Scott decides to treat $10,000 as a re-contribution of COVID-19 early release amounts so that he will not be in excess.

Tessa

Tessa accessed $20,000 through COVID-19 early release of superannuation.

Tessa has decided to make a personal contribution into her super of $10,000.

Tessa has decided to claim a personal tax deduction for her contribution and as such is not eligible to treat the contributions as a recontribution of COVID-19 early release amounts.

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