Super re-contributions of COVID-19 early release amounts will not be counted as part of the non-concessional contribution cap
The ATO has confirmed
the basic operation of the COVID-19 re-contribution amendments contained in the Treasury Laws Amendment (More Flexible Superannuation) Act 2021
The ATO said individuals who received a COVID-19 early release of super amount will be able to re-contribute up to the amount they received without the contributions counting towards their non-concessional cap.
The ATO said these COVID-19 re-contributions:
- can be made between 1 July 2021 and 30 June 2030
- cannot exceed the total amount of superannuation accessed under the COVID -19 early release and
- cannot be claimed as a personal superannuation deduction.
Individuals choosing to re-contribute COVID-19 early release amounts must notify their super fund in the approved form, either before or at the time of making the re-contribution. The ATO said more detail on the process and the approved form available by 31 August 2021.