Schedule 1 to the Bill amends the SGAA to limit the creation of multiple superannuation accounts for employees who do not choose a superannuation fund when they start a new job.<br/><br/>Schedule 2 to the Bill amends the SIS Act to require APRA to conduct an annual performance test for MySuper products and other products to be specified in regulations (such as ‘trustee-directed products’ where the trustee has control over the design and implementation of the investment strategy). A trustee providing such products will be required to give notice to its beneficiaries who hold a product that has failed the performance test. Where a product has failed the performance test in two consecutive years, the trustee is prohibited from accepting new beneficiaries into that product. APRA may lift the prohibition if circumstances specified in the regulations are satisfied.<br/><br/>Schedule 3 to the Bill amends the SIS Act to:<br/>- require each trustee of a registrable superannuation entity and each trustee of a SMSF to perform the trustee&apos;s duties and exercise the trustee&apos;s powers in the best financial interests of the beneficiaries;<br/>- require each director of the corporate trustee of a registrable superannuation entity to perform the director’s duties and exercise the director’s powers in the best financial interests of the beneficiaries;<br/>- allow regulations to be made that prescribe additional requirements on trustees and directors of trustee companies<br/>of registrable superannuation entities where failure to comply with these additional requirements would be a contravention of the best financial interests duty;<br/>- allow regulations to be made to specify that certain payments made by trustees of registrable superannuation entities are prohibited, or prohibited unless certain conditions are met (regardless of whether the payment is considered by a trustee to be in the best financial interests of the beneficiaries);<br/>- 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. The reverse onus does not apply to additional best financial interest duty requirements prescribed by regulations; and<br/>- allow contraventions of record-keeping obligations specified in regulations to be subject to a strict liability offence to<br/>provide regulators with an additional option to respond to compliance issues relating to record-keeping requirements.<br/>Schedule 3 to the Bill also amends the Corporations Act to remove an exemption from disclosing information about certain investments under the ‘portfolio holdings disclosure’ rules.2021Commonwealth195139Treasury Laws Amendment (Measures for consultation) Bill 2020: Single default accountnullBillfalsefalseAssentedlegislation.psml/ps/lawone//cth/website/content/legislation/bill/2021/id_195139c2021b000086868228cth0195139/api-3/0.3/legislation/6868228.json/api-3/0.3/legislation/6868228/content/6955768.json?count=10&term=defaultThis instrument amends the Superannuation Guarantee (Administration) Regulations 2018 to support the single default account reforms in Schedule 1 to the Treasury Laws Amendment (Your Future, Your Super) Act 2021.2021Commonwealth196841Treasury Laws Amendment (Your Future, Your Super—Single Default Account) Regulations 2021nullRegulationfalsefalseRepealedlegislation.psml/ps/lawone//cth/website/content/legislation/reg/2021/id_196841f2021l010737033552cth0196841/api-3/0.3/legislation/7033552.json/api-3/0.3/legislation/7033552/content/7139802.json?count=10&term=default1987New South Wales14072Miscellaneous Acts (Fine Default) Amendment Act 1987nsw/act:1987/266ActfalsefalseRepealed266legislation.psml/ps/lawone//nsw/website/content/legislation/act/1987/0266act/1987-266.pdf1106884nsw0014072/api-3/0.3/legislation/1106884.json1993Tasmania180419Justices Amendment (Fine Defaulters) Act 1993nullActfalsefalseRepealed10legislation.psml/ps/lawone//tas/website/content/legislation/act/1993/0010null5599231tas0180419/api-3/0.3/legislation/5599231.jsonThe Default Insurer Fund (DI Fund) is established by the Workers Compensation Act 1951 (WC Act). The Fund has been operational for a few years and there are a number of provisions that require refinement.<br/><br/>All insurers licensed under the ACT Private Sector Workers Compensation Scheme,other than the DI Fund Manager, have the power to settle a claim without employer consent. Under the current WC Act provisions, the DI Fund Manager must obtain the uninsured employer’s consent to settle a claim. This results in unnecessary legal and administrative costs for the DI Fund, the expenditure of unnecessary court time and delays in injured workers receiving their workers compensation entitlements.<br/><br/>This 2009 Act will allow the DI Fund Manager to make decisions regarding the conduct of matters and settlement<br/>of claims without the employer’s consent. Under the provisions the DI Fund Manager will still be required to, as far as practicable, consult with the employer regarding the matter.2009Australian Capital Territory115808Workers Compensation (Default Insurance Fund) Amendment Act 2009act/act:2009/23ActfalsefalseRepealed23legislation.psml/ps/lawone//act/website/content/legislation/act/2009/0023a/2009-2310471act0115808/api-3/0.3/legislation/10471.json/api-3/0.3/legislation/10471/content/2443299.json?count=10&term=defaultAct amends the Workers Compensation Act 19512009Australian Capital Territory116519Workers Compensation (Default Insurance Fund) Amendment Act 2009 (No 2)act/act:2009/38ActfalsefalseRepealed38legislation.psml/ps/lawone//act/website/content/legislation/act/2009/0038a/2009-38582act0116519/api-3/0.3/legislation/582.json/api-3/0.3/legislation/582/content/2425221.json?count=10&term=defaultAn Act to amend the Workers Compensation Act 19512010Australian Capital Territory118711Workers Compensation (Default Insurance Fund) Amendment Act 2010act/act:2010/12ActfalsefalseRepealed12legislation.psml/ps/lawone//act/website/content/legislation/act/2010/0012a/2010-125220act0118711/api-3/0.3/legislation/5220.json/api-3/0.3/legislation/5220/content/2457175.json?count=10&term=defaultThe object of these Rules is to amend the Victorian Civil and Administrative Tribunal Rules 2008 to update the default scale of costs as a consequence of recent amendments to Chapter I of the Rules of the County Court and the scale of costs under those Rules.2015Victoria165059Victorian Civil and Administrative Tribunal (Default Scale of Costs Amendment) Rules 2015vic/reg:2015/6RegulationfalsefalseRepealed6legislation.psml/ps/lawone//vic/website/content/legislation/reg/2015/0006pubstatbook.nsf/b05145073fa2a882ca256da4001bc4e7/a79435d38e474c24ca257ddc001b7e59209531vic0165059/api-3/0.3/legislation/209531.json/api-3/0.3/legislation/209531/content/3472463.json?count=10&term=defaultAn Act to amend the Land Agents Act 1994 and to make a related amendment to the Conveyancers Act 1994.2004South Australia91804Land Agents (Indemnity Fund-Growden Default) Amendment Act 2004sa/act:2004/29ActfalsefalseRepealed29legislation.psml/ps/lawone//sa/website/content/legislation/act/2004/0029null776413sa0091804/api-3/0.3/legislation/776413.jsonAn Act to amend the Electricity Industry Act 2000, the Essential Services Commission Act 2001 and the Gas Industry Act 2001 to facilitate reforms to energy retail contract pricing and the introduction of a Victorian default offer providing a fair price for energy for households and small businesses and for other purposes.2019Victoria187771Energy Legislation Amendment (Victorian Default Offer) Act 2019nullActfalsefalseRepealed6legislation.psml/ps/lawone//vic/website/content/legislation/act/2019/0006pubstatbook.nsf/51dea49770555ea6ca256da4001b90cd/59feb88f8c9442cbca2583c90009a5776185637vic0187771/api-3/0.3/legislation/6185637.json/api-3/0.3/legislation/6185637/content/6185940.json?count=10&term=default