ATO: Re-contribution of COVID-19 Early Release Super Amounts

COVID-19 re-contribution amount is a form of personal contribution that is excluded from an individual’s non-concessional contribution cap. The Australian Taxation Office (ATO) has advised that individuals can now re-contribute amounts they withdrew under the COVID-19 early release of the super program without counting towards the non-concessional contributions cap.

According to the ATO, these contributions can be made anytime between 1 July 2021 to 30 June 2030. Also, the individuals can make COVID-19 re-contribution amounts to any fund of their choice where these early release super amounts rule applies.

How & What To Do?

To make a COVID-19 re-contribution, individuals can use the approved form. Also, you can choose to design your own Notice of Re-contribution of COVID-19 Early Release Amounts approved form for your members.

Once a completed approved form is received, you need to:

  • Check the COVID-19 re-contribution amount which cannot exceed $20,000 per approved form.
  • Provide the ATO with the information from the approved forms you have received on a monthly basis.

There is no change of rule for you when accepting and reporting a personal contribution amount that is treated as a COVID-19 re-contribution.

Information To Record And Send To The ATO

The ATO requires you to capture the following information from the Notice of re-contribution of COVID-19 early release amounts approved form:

  • Member’s TFN
  • Family Name
  • First Given Name
  • Other Given Names
  • Contributor’s Date of Birth
  • Member account number
  • Unique Superannuation Identifier (USI)
  • Date of Contribution
  • Contribution Amount
  • Declaration Signed
  • Date of Declaration
  • Date Declaration Received

When & Where To Send The Information?

In order to send information from the form to the ATO, the Tax Office said it is developing the functionality to use the Bulk Data Exchange facility via the Business Portal.

“Until this is in place, we need you to record and hold this information. We will advise you when you can send it to us,” the ATO said. Most probably it will be available on www.ato.gov.au by the end of August.

So, this is all you need to know about the re-contribution of COVID-19 early release super amounts. If you have further enquiries on this matter, feel free to contact our tax consultants at KPG Taxation.

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