The Australian Taxation Office (ATO) guidance on these amounts indicates that they will be considered personal contributions that will be excluded from an individual’s non-concessional contribution cap. It is necessary for the individual members to complete the approved form and send this to the ATO.
For superannuation funds receiving re-contribution amounts, once they receive a completed approved form from the member they need to:
- Check the COVID-19 re-contribution amount. An amount cannot be accepted where it exceeds $20,000.
- Provide the ATO with the information from the approved forms received on a monthly basis.
There is a list of frequently asked questions on the ATO website which should also be reviewed by funds receiving re-contributed amounts, which clarify the reporting and other obligations in accepting these.