Notice of Disqualification - David Ivicevich - 31 July 2025

Overview

The Superannuation Industry (Supervision) Act 1993 (SISA) was enacted to establish a framework for the effective regulation of the superannuation industry in Australia, aiming to ensure the proper management and safeguarding of superannuation funds. The Act was introduced to address the need for oversight and governance in the superannuation sector to protect the interests of fund members. The SISA was enacted by the Parliament of Australia, with the policy objective of maintaining the integrity and stability of the superannuation system. The legislation provides mechanisms for the supervision and regulation of superannuation entities, including the disqualification of individuals who are deemed unfit to hold certain roles within the industry. The Act empowers the Commissioner of Taxation to disqualify individuals from acting as trustees or responsible officers of superannuation entities if they are found to be unfit or if the entity has contravened the provisions of the Act. This legislative framework is critical in upholding the standards of conduct and accountability within the superannuation sector.

Scope and Application

The Superannuation Industry (Supervision) Act 1993 (SISA) applies to individuals and entities involved in the supervision and administration of superannuation entities, which include funds, trusts, and other arrangements that provide benefits to members on retirement or death. This legislation is of Commonwealth jurisdiction and therefore has a national reach across Australia. It applies to trustees, responsible officers, and other persons involved in the management of superannuation entities. The Act’s provisions include disqualifying individuals who are deemed unfit to manage superannuation entities due to breaches of the Act or other serious misconduct. The disqualification is applicable to individuals who knowingly act as trustees, investment managers, custodians, or responsible officers of superannuation entities after being disqualified. The Act also includes provisions for the revocation of disqualifications and the ability for affected parties to request reconsideration of disqualification decisions within 21 days of receiving notice. Certain details of disqualifications are to be published as Notifiable Instruments in the Federal Register of Legislation, ensuring transparency and public awareness of disqualifications.

Key Provisions

The primary operative sections of the Superannuation Industry (Supervision) Act 1993 (SISA) in this notice pertain to subsections 126A(2), 126A(3), and 126A(6). Subsection 126A(2) authorises the disqualification of a person who is a responsible officer of a corporate trustee that has contravened the SISA, provided the contraventions are serious enough to warrant such action. Subsection 126A(3) allows for disqualification if the person is deemed unfit to serve as a trustee or responsible officer of a superannuation entity. Subsection 126A(6) mandates the issuance of a written notice of disqualification, which is what is provided to David Ivicevich in this case. The Act imposes several obligations and requirements on the parties it governs. For David Ivicevich, the most immediate obligation is to cease any activities that involve him acting as a trustee, investment manager, or custodian of a superannuation entity, or as a responsible officer of a body corporate involved in such capacities. Additionally, under section 126K of the SISA, it is a legal requirement for him to refrain from engaging in any activities that would make him culpable under this section. The Act also requires that any contraventions of its provisions by the corporate trustee be addressed to prevent recurrence, as these led to his disqualification. The legislation also outlines specific consequences for breaches of its provisions. Notably, under section 126K, it is an offence for a disqualified person to act as a trustee, investment manager, custodian, or responsible officer of a superannuation entity if they are aware of their disqualification status. The penalty for committing this offence is up to two years in jail, as stated in the notice. Furthermore, the disqualification can be revoked under subsection 126A(5) either on the initiative of the authorities or upon a written application by the disqualified person. In the event that David Ivicevich is dissatisfied with the decision, he has the right to request a reconsideration by the Commissioner within 21 days of receiving the notice, as outlined in section 344 of the SISA. This request must be in writing and should detail the reasons why the decision is believed to be incorrect.