Treasury Laws Amendment (Your Future, Your Super) Act 2021 (46 of 2021)

Schedule 1   Single default account

Part 1   Main amendments

Superannuation Guarantee (Administration) Act 1992

3   After subsection 19(2E)

Insert:

(2F) If:

(a) subsection (2G) applies to one or more contributions for a quarter that were not able to be made by an employer to a particular fund for the benefit of an employee; and

(b) after the period of 28 days after the end of the quarter, the employer made those contributions to any fund for the benefit of the employee;

the Commissioner may reduce (including to nil) so much of the amount of the employer's individual superannuation guarantee shortfall for the employee for the quarter as is due to the lateness of those contributions.

Note: The Commissioner must have regard to guidelines in force under subsection 21(2) when deciding whether or not to make a decision under this subsection.

(2G) This subsection applies to a contribution for a quarter that was not able to be made by an employer to a particular fund for the benefit of an employee if:

(a) the employer attempts to make the contribution at a particular time; and

(b) at that time, there is no chosen fund for the employee; and

(c) at that time, the most recent notification to the employer:

(i) by the Commissioner; and

(ii) relating to a request by the employer (or by the employer's agent) for the Commissioner to identify any stapled fund for the employee;

is that the Commissioner is satisfied that the fund is the stapled fund for the employee; and

(d) the fund does not accept the contribution from the employer for the benefit of the employee.