Notice of Confirmation of Disqualification – Boro Vidakovic – 28 October 2025

Overview

The Superannuation Industry (Supervision) Act 1993 (SISA) was enacted to provide a regulatory framework for the supervision of superannuation entities, ensuring that they are managed in the best interests of their members. The Act was introduced to address the need for robust oversight of the superannuation industry to protect the financial interests of participants and beneficiaries. The SISA is administered by the Parliament of Australia, with the policy objective of maintaining the integrity and stability of the superannuation system. The Act empowers the Commissioner of Taxation to disqualify individuals who are responsible officers of corporate trustees that have contravened the provisions of the Act, as a means to uphold the standards of the industry and deter misconduct. In the case of Boro Vidakovic, the delegate of the Commissioner has confirmed his disqualification due to serious contraventions by the corporate trustee of one or more superannuation entities, with the disqualification becoming effective on the date of the notice.

Scope and Application

The Superannuation Industry (Supervision) Act 1993 applies to entities and individuals involved in the administration of superannuation funds, specifically targeting trustees, responsible officers, and other key personnel within superannuation entities. The Act's jurisdiction spans across Australia, thereby impacting entities and individuals regardless of state or territory borders. The Act's primary focus is on ensuring the proper management and oversight of superannuation funds to protect the interests of fund members. Notably, the Act imposes disqualifications on individuals who have been found to have contravened its provisions, particularly if their conduct is deemed serious enough to warrant such action. Exclusions and exemptions from the Act are limited, and its application can be extended or further defined through subordinate instruments, which may provide additional detail on specific operational aspects and enforcement measures.

Key Provisions

The Superannuation Industry (Supervision) Act 1993 (SISA) provides various provisions concerning the disqualification of individuals from certain roles within superannuation entities. Section 344(6) mandates the giving of a notice of confirmation of disqualification when a delegate of the Commissioner of Taxation confirms the disqualification of an individual under subsection 344(4) of the Act. This notice informs the disqualified individual that their disqualification is confirmed due to their involvement as a responsible officer of a corporate trustee who has contravened the SISA, and the seriousness of the contraventions warrants their disqualification. The notice states that the disqualification takes effect immediately upon the issuance of the notice. The Act imposes significant obligations on the parties it governs. It mandates that a delegate of the Commissioner of Taxation must confirm the disqualification of an individual under certain circumstances. Specifically, if the delegate is satisfied that a corporate trustee of one or more superannuation entities has contravened the SISA, and the individual was a responsible officer at the time of the contraventions, the delegate must confirm the disqualification. This confirmation must be communicated to the individual in writing, as detailed in subsection 344(6) of the SISA. Additionally, the Act requires that details of this disqualification notice be published as a Notifiable Instrument in the Federal Register of Legislation under subsection 126A(7). Breaching the disqualification provisions can have severe consequences. Under section 126K of the SISA, it is an offence for a disqualified person who is aware of their disqualification to act as, or be, a trustee, investment manager, or custodian of a superannuation entity, or a responsible officer or body corporate that is a trustee, investment manager, or custodian of a superannuation entity. The maximum penalty for committing this offence is two years imprisonment. This penalty underscores the seriousness of the Act’s provisions and the importance of compliance with the disqualification requirements. If an individual is not satisfied with the decision to disqualify them, they can apply to the Administrative Review Tribunal to review the decision within 28 days of the notification under subsection 344(8) of the SISA.