All Clear from COVID

Barefoot,

We stupidly made the decision to withdraw the maximum $20,000 from my husband’s super when it was on offer due to Covid. Now we want to give it back. Is it as simple as depositing it back into his super account?

Narelle

Hi Narelle,

Good idea.

Almost five million people have withdrawn a combined $37 billion in early release Covid payments. And, given there were no conditions on how the dough was spent, some of it ended up being spent on boob jobs and Botox.

The good news is that the ATO has given an update, saying “individuals can now recontribute their COVID-19 early release payments without it counting towards their non-concessional (after-tax) contributions cap”.

Oh-kay.

Basically, it means you won’t be penalised for injecting the money back into your super, rather than into your lips. Give your fund a call and tell them your plan. They may need you to fill out a form before you BPay the dough.

Scott.