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.auThis information is general advice only and does not take into account your individual objectives, financial situation or needs. Before acting on any advice you should assess whether it is appropriate for you and consider talking to a financial adviser. Before making any decision or acquiring any product you should obtain and review its Product Disclosure Statement.