If you accessed all or part of the $10,000 “COVID-19 early release” payment from your Superannuation during the period in which it was offered, it is important to note that this will affect your ability to claim a tax deduction for superannuation contributions in the period 1 July 2021 to 30 June 2030.

Any amount released under the “COVID-19 early release” payment scheme must first be re-contributed before you are able to claim a tax deduction for voluntary personal concessional superannuation contributions.

For example, if you accessed a $10,000 “COVID-19 early release” in May 2020 and you contribute $15,000 of personal concessional superannuation contributions after 1 July 2021 and before 30 June 2030, only $5,000 of the $15,000 will be tax deductible.