#EveryoneNeedsaPlan to Re-Contribute COVID 19 Early Release Super Amounts

At the beginning of the pandemic, many of us were unsure if we were going to need the early release super amounts that were being offered by the government, but after the dust settled it became apparent for a large number of 'early-releasers' that the money would not be needed and now find themselves in a position of trying to get the money back into super.  However, super contribution rules are complex and need to be considered before transferring the early release amounts back into super.

There is a specific process that needs to be followed if you are to re-contribute any monies you took out as part of the COVID 19 super early release program to ensure that the contribution does not count towards your Non-Concessional Super Contributions cap.  We recommend you seek professional advice before making any contributions to your super.

McKinnon Financial Planning provide superannuation advice to our clients, including re-contribution of early release super amounts, so if you need help with your super do not hesitate to contact us and arrange your free initial appointment to discuss your requirements.