Super COVID-19 re-contributions

The ATO has confirmed that individuals can now re-contribute superannuation amounts they withdrew under the COVID-19 early release program without them counting towards their non-concessional contributions cap.

The ATO advised that its approved form for making COVID-19 re-contributions is expected to be available by the end of August 2021. Each COVID-19 re-contribution amount must be detailed on a separate approved form and cannot exceed $20,000 per approved form.

COVID-19 re-contribution amounts will need to be reported by super funds to the ATO via MATS as a personal contribution. The ATO has requested funds to record and hold the required information until it finalises the functionality to enable funds to use the Bulk Data Exchange facility via the Business Portal. The ATO said it is working through the process for SMSFs and will advise that in due course.