Re-contribute your COVID-19 super withdrawals1 min read
Did you take money out of your super under the COVID-19 early release of super program? If so, now you can rebuild your savings by putting that money back into your fund.
The COVID-19 early release of super program was designed to support people who were facing financial hardship as a result of the pandemic. The program allowed people to withdraw up to $20,000 of their super and closed on 31 December 2020.
Under the COVID-19 Re-contribution Measure, you can re-contribute up to the amount you took out of your super, without the contributions counting towards your non-concessional (after tax) contribution cap. This new rule has a start date of 1 July 2021 and an end date of 30 June 2030, giving you nine years to get your savings back on track.
What is next?
- If you’d like to re-contribute and you’re close to going over the non-concessional contribution cap, you need to complete and lodge a re-contribution form, available from the Australian Taxation Office (ATO).
- If you’d like to re-contribute and you’re unlikely to go over the cap, you don’t need to complete the form and can make a personal contribution to your super. Keep in mind that this contribution will count towards the cap.
Also note that any re-contribution will count towards your transfer balance cap, which applies when you move your super into the retirement phase. It will also count towards your total super balance on 30 June at the end of the financial year.
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