ATO updates online services for recontribution of COVID payments
The ATO has made updates to online services to enable funds to report recontributed amounts by members who had received COVID early release amounts from their super.
In an online CRT Alert, the ATO reminded members and tax professionals that from 1 July 2021 to 30 June 2030, individuals can recontribute amounts they withdrew under the COVID-19 early release of super (ERS) program without them counting towards their non-concessional cap.
Members report their recontribution under this measure using an approved form.
The ATO said super funds that have received an approved form from a member need to report this information to the ATO monthly.
The ATO has now released functionality in its online services to enable super funds to lodge using the file transfer service.
“SMSFs are also able to use Online Services for Business and we have developed similar functionality in Online Services for Agents,” the Tax Office said.
“If an SMSF does not have access to Online Services for Business and are not represented by an agent, they may lodge over the phone by calling our superannuation enquiries line on 13 10 20.”
Miranda Brownlee
Miranda Brownlee is the deputy editor of SMSF Adviser, which is the leading source of news, strategy and educational content for professionals working in the SMSF sector.
Since joining the team in 2014, Miranda has been responsible for breaking some of the biggest superannuation stories in Australia, and has reported extensively on technical strategy and legislative updates.
Miranda also has broad business and financial services reporting experience, having written for titles including Investor Daily, ifa and Accountants Daily.
