If you withdrew money from your super fund through the COVID-19 early release of super program, you can rebuild your super by making personal super contributions.
If these contributions mean you might exceed your non-concessional contributions cap, you may be eligible to have them treated as 'COVID-19 re-contributions', which are excluded from the non-concessional contributions cap.
For more information please refer to the ATO Help.
In order to record a COVID-19 Re-contribution, certain prerequisites need to be met:
- The fund is in the 2023 Financial Year.
- A transaction processing the Early Access to Super has been recorded in the fund.
Note: Funds with Opening Balances after recording the Early Access to Super
If a fund has entered Opening Balances after the Early Access to Super has been recorded, a transaction will need to be entered in order to meet the 2nd prerequisite for the Re-contribution transaction.
To satisfy this, enter a transaction as follows to record the prior early access to super. Ensure that "Display on Operating Statement" is set to No to ensure this transaction doesn't display on the financial statements.
|Account Name||Account Code||DR ($)||CR ($)|
|Benefits Paid/Transfers Out||46000/Member||xxxxxxx|
|Profit/Loss Allocation Account||49000||xxxxxxx|
Recording in Simple Fund 360
Simple Fund 360 records the COVID-19 Re-contribution to Account 24200/MemberCode under the More Details section.
Use the Contribution Dashboard to track Covid 19 Re-contributions made by each member of the fund.
|Select the fund and from the Main Toolbar, select Member.||
|Navigate to Contribution Dashboard.||