COVID-19 early release of super re-contributions
From 1 July 2021, if you received a COVID-19 early release of super amount, you’ll be able to re-contribute up to the amount you received, without the contributions counting towards your non-concessional (after-tax) cap.
How it works
- You can make COVID-19 re-contribution amounts to any fund of your choice, where the fund rules allow.
- Re-contributions can be made between 1 July 2021 and 30 June 2030.
- Each re-contribution amount must be detailed on a separate ATO approved form and must not exceed $20,000 per approved form.
- Re-contribution amounts are subject to standard contributions acceptance criteria.
- UniSuper will report the contribution to the ATO, who will exclude eligible COVID-19 re-contributions from the non-concessional contribution cap calculation.
Things to consider
- Amounts re-contributed can’t be claimed as a personal super deduction.
- Prior to making a re-contribution of COVID-19 early release amounts you may wish to seek financial advice.
- Any amounts over the total amount released to you through COVID-19 early release will be ineligible as a re-contribution of COVID-19 early release amounts.
- Re-contribution of COVID-19 early release amounts identified as ineligible will be reported as personal contributions, which may result in you exceeding your non-concessional contributions cap.
- By signing the ATO approved form, you’re confirming you meet all the eligibility requirements to make a re-contribution of COVID-19 early release amounts.