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

Schedule 2   Addressing underperformance in superannuation

Part 1   Main amendments

Superannuation Guarantee (Administration) Act 1992

3   After section 32ZAA

Insert:

32ZAB Effect of blocking contributions to PSSAP etc. - eligible choice funds

(1) This section applies if:

(a) an employer cannot make contributions to a superannuation fund on behalf of an employee because of section 60F of the Superannuation Industry (Supervision) Act 1993 (consequences of 2 consecutive fail assessments); and

(b) the superannuation fund is any of the following:

(i) PSSAP;

(ii) ADF Super (within the meaning of the Australian Defence Force Superannuation Act 2015);

(iii) if the regulations made for the purposes of this subparagraph specify another superannuation fund - that superannuation fund.

(2) The following provisions do not have effect in relation to the superannuation fund:

(a) if the superannuation fund is PSSAP - section 16 of the Superannuation Act 2005;

(b) if the superannuation fund is ADF Super (within the meaning of the Australian Defence Force Superannuation Act 2015) - section 15 of that Act;

(c) if the superannuation fund is another superannuation fund - a provision that:

(i) is specified in regulations made for the purposes of this subparagraph; and

(ii) is analogous to the provisions mentioned in paragraphs (a) and (b).