Notice of Disqualification - Daniel Bonner - 14 January 2026

Overview

The Superannuation Industry (Supervision) Act 1993 (SISA) was enacted by the Commonwealth Parliament to address the need for effective supervision and regulation of the superannuation industry in Australia. The Act aims to protect the interests of superannuation fund members by ensuring the proper management and administration of superannuation entities, thus addressing a gap in the regulation of the industry. In accordance with the SISA, Daniel Bonner has been disqualified by Ben Kelly, a delegate of the Commissioner of Taxation, due to contraventions of the Act. The disqualification is effective from the date of the notice and will also be published as a Notifiable Instrument in the Federal Register of Legislation. This disqualification prohibits Daniel Bonner from acting as a trustee, investment manager, custodian, or responsible officer of a superannuation entity, with potential criminal penalties for non-compliance.

Scope and Application

The Superannuation Industry (Supervision) Act 1993 (SISA) applies to individuals and entities involved in the administration and management of superannuation funds in Australia. Specifically, the Act targets trustees, investment managers, and custodians of superannuation entities, as well as responsible officers and corporate bodies that oversee these entities. The geographic reach of the SISA is national, applying across all states and territories in Australia. The Act includes provisions for disqualifying individuals who have contravened its requirements, with the disqualification taking immediate effect upon notice. Disqualified persons are prohibited from acting in their previous roles and face potential criminal penalties for non-compliance. The Act also allows for the revocation of disqualifications and provides a process for reconsideration of the Commissioner's decisions. Notably, any disqualification notices are published as Notifiable Instruments in the Federal Register of Legislation, ensuring transparency and accessibility of such information.

Key Provisions

The key operative sections of the Superannuation Industry (Supervision) Act 1993 (SISA) relevant to this disqualification notice include subsection 126A(6) (referenced in the notice), which mandates that a delegate of the Commissioner of Taxation must give notice to the disqualified individual, and subsection 126A(1) (also referenced), which allows for the disqualification if there is a contravention of the SISA and the seriousness of the contravention warrants it. The notice issued under subsection 126A(6) informs Daniel Bonner that he has been disqualified from acting in certain capacities related to superannuation entities, effective from the day the notice is made. Furthermore, under subsection 126A(7), details of this disqualification are to be published as a Notifiable Instrument in the Federal Register of Legislation. The obligations imposed by the SISA on parties such as Daniel Bonner include adherence to the legislative requirements governing the management and oversight of superannuation entities. The notice clearly states that Daniel Bonner is disqualified from acting as a trustee, investment manager, or custodian of a superannuation entity, as well as from being a responsible officer or part of a body corporate that fulfils these roles. This disqualification is a direct consequence of his contraventions of the SISA, highlighting the importance of compliance with the Act’s provisions to avoid such penalties. Any breach of the disqualification, as outlined in section 126K of the SISA, is a serious offence. If Daniel Bonner, knowing he is disqualified, acts in any of the prohibited capacities, he faces potential criminal consequences. The maximum penalty for this offence is two years in jail, underscoring the gravity of bypassing a disqualification order. This legal framework aims to protect the integrity of the superannuation industry by ensuring that those found to have contravened the SISA do not continue in roles that could affect the financial well-being of superannuation fund members. Additionally, the Act provides for the potential revocation of the disqualification. Under subsection 126A(5), the disqualification may be revoked either on the initiative of the Commissioner of Taxation or upon a written application by the disqualified individual, Daniel Bonner, in this case. This provision offers a pathway for reinstatement, contingent on meeting specific criteria or demonstrating compliance with the Act's requirements. Furthermore, section 344 of the SISA allows for the reconsideration of the disqualification decision by the Commissioner if Daniel Bonner is dissatisfied with the outcome. This reconsideration request must be made in writing within 21 days of receiving the notice and must detail the reasons for the perceived incorrectness of the decision.