Notice of Disqualification – Boro Vidakovic – 22 September 2025

Overview

The Superannuation Industry (Supervision) Act 1993 (SISA) was enacted to provide robust oversight and regulation of the superannuation industry in Australia, addressing the need for a comprehensive framework to protect the interests of superannuation fund members. This legislation was introduced by the Australian Parliament with the primary objective of ensuring that superannuation funds are managed efficiently, transparently, and in the best interests of the members. The SISA aims to maintain the integrity of the superannuation system by imposing stringent regulatory requirements on trustees, investment managers, custodians, and other responsible officers of superannuation entities. The act empowers the Commissioner of Taxation to disqualify individuals from performing certain roles within the superannuation industry if they are found to have contravened the provisions of the act, as illustrated by the notice of disqualification issued to Boro Vidakovic under subsection 126A(2) of the SISA.

Scope and Application

The Superannuation Industry (Supervision) Act 1993 applies to individuals and entities involved in the superannuation industry, including trustees, investment managers, custodians, and responsible officers of superannuation entities. The act is of national jurisdiction, governing the conduct and operations of superannuation entities across Australia. The legislation extends its application through subordinate instruments, which may provide further details and regulations regarding the disqualification of individuals who contravene the provisions of the act. Exclusions or exemptions are not explicitly stated in the notice, but the act may contain specific criteria or conditions under which certain conduct or transactions may be exempt from its purview. The notice of disqualification, as outlined, is applicable to Boro Vidakovic, who has been found to have contravened the act on multiple occasions, resulting in a disqualification that prohibits him from acting in specified roles within the superannuation industry. The disqualification is effective immediately upon the notice being issued and will be published as a notifiable instrument in the Federal Register of Legislation.

Key Provisions

The Superannuation Industry (Supervision) Act 1993 (SISA) includes specific provisions for disqualifying individuals from roles within the superannuation industry if they have contravened the Act. In this instance, Boro Vidakovic has been disqualified under subsection 126A(2) of the SISA due to multiple contraventions of the Act, as evidenced in the notice issued by Emma Rosenzweig, a delegate of the Commissioner of Taxation. This disqualification is effective from the date of issuance, as outlined in the notice. The SISA imposes various obligations on individuals and entities within the superannuation industry. These obligations include adherence to the legislative requirements set forth in the Act, which governs the conduct of trustees, investment managers, custodians, and responsible officers of superannuation entities. Any contravention of these provisions can lead to significant consequences, including disqualification from participating in the superannuation industry. Under section 126K of the SISA, it is an offence for a disqualified person to act as, or be, a trustee, investment manager, or custodian of a superannuation entity, or to be a responsible officer of a body corporate that holds such roles. The penalties for this offence are severe, with a maximum penalty of two years imprisonment. This stringent penalty underscores the importance of compliance with the SISA and the seriousness of any breaches. Additionally, the SISA provides mechanisms for potential revocation of the disqualification. Under subsection 126A(5), the disqualification may be revoked either on the initiative of the Commissioner or upon written application by the disqualified individual. Furthermore, if Boro Vidakovic is affected by the disqualification and believes it to be unjust, he has the right to request a reconsideration of the decision under section 344 of the SISA. This request must be made in writing within 21 days of receiving the notice, providing reasons for why the decision should be reconsidered. This procedural safeguard ensures that individuals have a means to challenge decisions that they believe are erroneous.