Notice of Disqualification – Daniel M Carbone – 20 January 2026

Overview

The Superannuation Industry (Supervision) Act 1993 (SISA) was enacted by the Parliament of Australia to address the need for robust regulation and oversight of superannuation entities to protect the interests of superannuation fund members. This legislation was introduced to fill the gap in the regulation of trustees and other key roles within the superannuation industry, aiming to ensure that only fit and proper persons manage superannuation funds. The SISA establishes a framework for the licensing and supervision of trustees and other responsible officers to mitigate risks and maintain the integrity of the superannuation system. The policy objective is to safeguard the financial well-being of superannuation fund members by enforcing high standards of conduct and competency among those who manage their retirement savings.

Scope and Application

The Superannuation Industry (Supervision) Act 1993 applies to individuals and entities within the superannuation industry, specifically targeting trustees, responsible officers, and other associated roles. This Act is a Commonwealth legislation, meaning its jurisdiction extends across Australia. The Act targets those who are, or act as, trustees, investment managers, or custodians of a superannuation entity, or are responsible officers of a body corporate that holds such roles. The notice of disqualification issued under this Act, as exemplified in the notice to Daniel M Carbone, applies to individuals found to be in breach of the Act’s provisions and deemed unfit to perform fiduciary duties in the superannuation sector. The Act includes provisions for disqualifying individuals from holding such positions if they are found to have contravened the Act’s requirements, with the seriousness of the contraventions being a key determinant. Additionally, the Act stipulates that it is an offence for a disqualified person to continue acting in any capacity related to superannuation entities, with significant penalties, including imprisonment, for such violations. The Act also provides mechanisms for the revocation of disqualification and avenues for reconsideration of the decision by the Commissioner.

Key Provisions

The main sections of the notice pertain to the disqualification of Daniel M Carbone under the Superannuation Industry (Supervision) Act 1993 (SISA). Section 126A(1) and 126A(3) of the SISA provide the authority for the disqualification, which occurs when a person has contravened the Act and is deemed unfit to serve as a trustee or a responsible officer of a body corporate that is a trustee of a superannuation entity. Section 126A(6) mandates that the delegate of the Commissioner of Taxation must provide written notice of this disqualification, which was issued to Daniel M Carbone on 20 January 2026. Additionally, section 126A(7) requires the details of this disqualification to be published as a Notifiable Instrument in the Federal Register of Legislation. The obligations imposed on Daniel M Carbone by this disqualification are significant. As a result of the disqualification, he is prohibited from acting or being involved in any capacity as a trustee, investment manager, or custodian of a superannuation entity, or as a responsible officer of a body corporate that is a trustee, investment manager, or custodian. This disqualification effectively bars him from participating in the administration or management of any superannuation entities, thereby ensuring that he cannot influence or control funds that are critical for the financial security of superannuation account holders. Under section 126K of the SISA, there are serious consequences for breaching the terms of the disqualification. Specifically, it is an offence for a disqualified person who is aware of their disqualification status to engage in activities as a trustee, investment manager, custodian, or responsible officer of a superannuation entity. The penalty for such an offence can include up to two years in jail, underscoring the gravity of the disqualification and the importance of adhering to its terms. Furthermore, section 344 of the SISA allows for the possibility of the disqualification being reconsidered by the Commissioner if Daniel M Carbone submits a written request within 21 days of receiving the notice, providing reasons for why the decision should be reconsidered. In conclusion, the disqualification notice issued to Daniel M Carbone under the SISA serves to prohibit him from participating in any role that involves the management or administration of superannuation entities. The notice, which is legally binding, highlights the seriousness of the contraventions that led to his disqualification and the potential criminal penalties for non-compliance. The provisions of the Act ensure that only fit and proper persons are entrusted with the responsibility of managing superannuation funds, thereby protecting the interests of superannuation account holders.