Treasury Laws Amendment (Your Future, Your Super) Act 2021 (46 of 2021)
Schedule 3 Best financial interests duty
Part 1 Main amendments
Superannuation Industry (Supervision) Act 1993
8 At the end of subsection 52(1)
Add:
Note: There are civil and criminal consequences for contravening a covenant: see sections 54B, 54C, 55 and 202. Civil consequences may arise from an act or omission resulting in a contravention of a covenant regardless of whether or not the act or omission was intentional. Criminal consequences under section 202 require proof of dishonesty or intention in relation to a contravention of a covenant.