Summary

Amends the: Superannuation Guarantee (Administration) Act 1992 to: provide that if a new employee has an existing 'stapled' superannuation fund and does not choose a fund to receive contributions, their employer is required to make contributions on behalf of the employee into the stapled fund; and ensure that employers are not in breach of various rules, or are not liable for superannuation guarantee charge, in certain circumstances; Superannuation Act 1990 and Superannuation Act 2005 to make consequential amendments; Superannuation Industry (Supervision) Act 1993 to: require the Australian Prudential Regulation Authority to conduct an annual performance test for MySuper products and other products to be specified in regulations; make amendments contingent on the commencement of the Treasury Laws Amendment (Self Managed Superannuation Funds) Act 2021, when enacted, and Family Law Amendment (Western Australia De Facto Superannuation Splitting and Bankruptcy) Act 2020, when enacted; require trustees of registrable superannuation entities and self managed superannuation funds and directors of the corporate trustee of a registrable superannuation entity to perform their duties and exercise their powers in the best financial interests of the beneficiaries; reverse the evidential burden of proof for the best financial interests duty so that the onus is on the trustee of a registrable superannuation entity; allow regulations to be made to prohibit certain payments made by trustees of registrable superannuation entities and prescribe additional requirements on trustees and directors of trustee companies of registrable superannuation entities; and allow contraventions of record-keeping obligations specified in regulations to be subject to a strict liability offence; and Corporations Act 2001 to remove an exemption from disclosing information about certain investments under the portfolio holdings disclosure rules.