Re-contribution of COVID-19 early release amounts
September 8, 2021
If you made a withdrawal from your super under the COVID-19 early release of super program, you are now able to re-contribute up to the amount you withdrew without it counting towards your post-tax contributions cap.
What you should know
- Re-contributions can be made between 1 July 2021 and 30 June 2030
- The Australian Taxation Office (ATO) will make the final determination whether a contribution constitutes a COVID-19 early release re-contribution
- You can make more than one re-contribution, however the total amount you re-contribute cannot exceed the total amount you received through the COVID-19 early release scheme or the amount you nominate on the ATO’s Notice of re-contribution of COVID-19 early release amounts form (whichever is lower)
- Re-contribution of COVID-19 early release amounts identified as ineligible will be reported as personal contributions which may result in you exceeding your post-tax contributions cap
- Valid re-contributions will not count toward your post-tax contributions cap
- You cannot claim a tax deduction for any amounts you re-contribute under this scheme.
How to make a COVID-19 early release re-contribution
To make a re-contribution of COVID-19 early release amounts, you will need to complete the ATO's Notice of re-contribution of COVID-19 early release amounts form available at www.ato.gov.au and provide it to TelstraSuper before, or at the time you make your re-contribution.
You can make your re-contribution via BPay or attach a cheque to the form when you return it to TelstraSuper.
Further important information
- The ATO will determine whether your contribution is a valid COVID-19 early release re-contribution and notify you of this you directly
- Normal contribution eligibility criteria will apply.
- Any amounts over the total amount released to you through the COVID-19 early release scheme will be ineligible as a re-contribution of COVID-19 early release amounts.
- TelstraSuper will not be notified whether your re-contribution is a valid COVID-19 early release re-contribution. Therefore, re-contributions that you make will be included in your total post-tax contribution amount within your TelstraSuper account, including in SuperOnline
- You will be responsible for ensuring that you track how much you have re-contributed under the COVID-19 early release scheme. Due to how the scheme operates, TelstraSuper will not be able to advise you how much you have re-contributed or how much you can still re-contribute
- The ATO will not count valid COVID-19 early release re-contributions towards your post-tax contribution cap
- You will not be able to claim valid COVID-19 early release re-contributions as a tax deduction
- Before making a re-contribution of COVID-19 early release amounts, you may wish to seek financial advice.
For further information about your COVID-19 re-contribution, please contact the ATO at www.ato.gov.au