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
6 After subsection 34(2)
Standards relating to record keeping obligations
(2A) If standards are prescribed by the regulations for the purposes of paragraph 31(2)(n), 32(2)(g) or 33(2)(e), each trustee of a superannuation entity must ensure that those standards are, when applied to the operation of the entity, complied with at all times.
Penalty: 50 penalty units.
(2B) Subsection (2A) is an offence of strict liability.