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  • Super Reforms – Your Future, Your Super

    In the 2020–21 federal Budget, the government announced the Super Reforms – Your Future, Your Super measure.

    The measure as four key elements:

    • A new YourSuper comparison tool for individuals to be able to compare key data on MySuper products.
    • From 1 November 2021, where employees do not choose a super fund, most employers will have to check with the ATO if their employee has an existing super account, known as a 'stapled super fund', to pay the employee's super guarantee into.
    • A change to the duties of trustees of superannuation funds to act in the best financial interest of their members.
    • A new super fund underperformance assessment to be conducted by APRA and published on our website.

    Legislation and supporting material

    Royal assent was received on 22 June 2021 and the measures are now law.

    The measures commence on 1 July 2021, except for Schedule 1 (the single default account or 'stapled super fund' measure) which commences on 1 November 2021.

    See also:

      Last modified: 24 Jun 2021QC 64643