Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-30 - SUPERANNUATION  

Division 292 - Excess non-concessional contributions  

Subdivision 292-C - Excess non-concessional contributions tax  

Operative provisions

SECTION 292-103   COVID-19 re-contributions  

292-103(1)    
A contribution is covered by this section if:

(a)    the contribution is made by you to a *complying superannuation plan in respect of you in a *financial year; and

(b)    the contribution is made in the financial year beginning on 1 July 2021, or a later financial year ending on or before 30 June 2030; and

(c)    one or more amounts (the COVID-19 early release amounts ) have been paid to you from a complying superannuation plan, in either or both of the financial years beginning on 1 July 2019 or 1 July 2020, because you satisfied:

(i) a condition of release specified in item 107A or 207AA of the table in Schedule 1 to the Superannuation Industry (Supervision) Regulations 1994 ; or

(ii) a condition of release specified in item 109AA of the table in Schedule 2 to the Retirement Savings Accounts Regulations 1997 ; and

(d)    the amount of the contribution is not more than the total of your COVID-19 early release amounts; and

(e)    if you made one or more previous contributions covered by this section - the sum of:

(i) the amount of the contribution; and

(ii) the amounts of those previous contributions;

is not more than the total of your COVID-19 early release amounts; and

(f)    you choose, in accordance with subsection (2) , to apply this section to the contribution.

292-103(2)    
To make a choice for the purposes of paragraph (1)(f) , you must:

(a)    make the choice in the *approved form; and

(b)    give it to the *superannuation provider in relation to the *complying superannuation plan on or before the time when the contribution is made.