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

21   Application - duty to act in best financial interests of beneficiaries

Registrable superannuation entities and self managed superannuation funds

(1) The amendments made by items 9, 11, 16 and 17 of this Schedule apply in relation to the performance of duties, or the exercise of powers, by a trustee on or after the commencement of this item.

Directors of corporate trustees of registrable superannuation entities

(2) The amendments made by items 13 and 15 of this Schedule apply in relation to the performance of duties, or the exercise of powers, by a director of a corporate trustee on or after the commencement of this item.

Application to contracts

(3) The amendments mentioned in subitems (1) and (2) do not apply in relation to the performance of duties, or the exercise of powers, under a contract entered into before the commencement of this item. However, the amendments apply in relation to:

(a) a decision to renew or vary the contract, where the decision to renew or vary is made on or after that commencement; and

(b) if the contract is renewed on or after that commencement - the performance of duties, or the exercise of powers, under the contract as renewed, on and from the day on which the renewal takes effect; and

(c) if the contract is varied on or after that commencement - the performance of duties, or the exercise of powers, under the contract as varied, on and from the day on which the variation takes effect.

(4) Despite paragraphs (3)(a), (b) and (c), the amendments do not apply in relation to a contract entered into before the commencement of this item to the extent that the operation of the amendments would result in an acquisition of property (within the meaning of paragraph 51(xxxi) of the Constitution) from a person otherwise than on just terms (within the meaning of that paragraph of the Constitution).