If you’ve withdrawn amounts under the COVID-19 early release of super rules you can now re-contribute them back into your superannuation if you choose. COVID-19 re-contribution amounts are not a new type of contribution, they’re a personal contribution that the ATO will exclude from your non-concessional contribution cap.
The applicable ATO approved form must be provided to us before the contribution is made, otherwise we may not be able to process the request.
You’ll also need to complete a Direct Debit Request form to make a COVID-19 recontribution.
Can I make a COVID-19 re-contribution without the approved form?
No, you must provide notice by the ATO approved form, either before or at the time of making the contribution.
The ATO approved form can be found on the ATO website and searching for “Notice of re-contribution of COVID-19 early release amounts” (NAT75394).
What happens if the declaration is received after I make COVID-19 re-contributions?
It’s a legal requirement we receive an ATO approved form declaring the contribution is to be treated as a COVID-19 re-contribution at the time or before the contribution is made. If the form, including the date on the form, hasn’t been completed and submitted to the super fund then the contribution can’t be treated as a COVID-19 re-contribution.
We can accept the contribution as a personal contribution and it will be reported towards your non-concessional cap.
Do I need to supply a work test declaration to make COVID-19 re-contributions?
COVID-19 re-contributions are personal contributions. The current rules regarding the acceptance of contributions as contained in the SISR apply to this contribution, including the application of the work test or work test exemption.
Can I make multiple COVID-19 re-contributions?
Yes, you can make multiple contributions between 1 July 2021 and 30 June 2030.
Can I make multiple COVID-19 re-contributions covered by one ATO approved form?
One ATO approved form may cover multiple contributions in a financial year, as long as the form is provided to the super fund on or before the time when the contributions are made.
Can I claim a deduction on the personal contribution amount that is to be considered a COVID-19 re-contribution?
No, tax law doesn’t allow COVID-19 re-contributions to be claimed as a tax deduction. This is also noted in the ‘Requirements’ section of the ATO approved form.
Can I digitally sign the ATO approved form?
Yes, we can accept digital signatures on the notice of re-contribution of COVID-19 early release amounts form if they have been electronically signed by the following electronic signature providers:
- Adobe® Sign
- Iress® Digital Signature
Please note that you need to provide the following when using one of the above electronic signature providers to electronically sign our forms and applications:
- Electronically signed form
- Certificate of Completion issued by the electronic signature provider.
Please note we require the electronically signed form and the Certificate of Completion to be submitted from either your or your adviser’s email address.
- ® Registered to Adobe
- ® Conga is a registered trademark of AppExtremes, LLC. ABN 64 159 755 629 registered in the U.S. and other countries
- ® Registered to DocuSign Inc ABN 27 308 800 598
- ® Registered to Iress Limited ABN 47 060 313 359
- ® OneSpan™ is a registered trademark of OneSpan North America Inc. and its affiliates in the U.S. and other countries including Australia ABN 59 091 768 688.
I provided the ATO approved form but didn’t make the re-contribution to your fund, what happens now?
The ATO will see from the superannuation fund’s reporting that there isn’t any related personal contribution and no amounts would be treated as a COVID-19 re-contribution.
What happens if the amount on the ATO approved form is less than the amount I contributed?
The ATO will see from the superannuation fund’s reporting that there is a difference and only treat the amount stated on the ATO approved form as being excluded from the non-concessional contributions cap calculations (provided this amount does not exceed the approved COVID-19 early release amount).
What happens if the amount I declared on the ATO approved form is more than the amount I contributed?
The ATO will see from the superannuation fund's reporting that there is a difference and only treat the amount of the actual contribution as being excluded from the non-concessional contributions cap. The ATO will then treat the portion of the next personal contribution(s) in that financial year, if any, as a COVID-19 re-contribution up to the amount on the ATO approved form or the approved early release amount whichever is the lesser.
Is a COVID-19 re-contribution a preserved tax-free amount?
The COVID-19 re-contribution will be preserved until you meet a condition of release. The contribution will add to the tax-free component of your superannuation account.