Re-contribution of early release super
The ATO has released guidelines about possible re-contribution of early release super withdrawals made during the pandemic. This is aimed at those who used early access to withdraw up to $10,000 in each of the past two years.
Superannuation funds will be able to accept up to the $20,000 previously withdrawn without the re-contribution counting as part of the non concessional cap. This is intended to encourage re-contribution of the Covid early release super withdrawal amounts to reduce the long term impact on nest eggs for younger superannuation members!
If you want to re-contribute without the contributions counting towards your non-concessional cap, first check that your super fund will accept the re-contributions, then complete an approved form and provide it to your super fund on or before the time the re-contribution is made. Re-contributions can be made up until 30 June 2030.
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