Under the COVID-19 early release measures nearly 4.8 million requests were made – resulting in $39.2 billion being released from Australian’s superannuation funds.
However, many of these requests were made by people who did not end up actually needing the funds because COVID related financial impacts were less than they expected.
Since 1 July 2021 there is now a facility in place for these funds to be recontributed to individual’s super funds. You can contribute up to the amount you withdrew and these amounts will not count towards your non-concessional contributions cap.
The recontribution amounts must be made between 1 July 2021 and 30 June 2030 and super funds must be notified about the recontribution either before or at the time of making the recontribution.