NOTICE OF DISQUALIFICATION – Greg Hoger - 7 March 2025
Superannuation Industry (Supervision) Act 1993
To:
Greg Hoger
HELIDON QLD 4344
I, Emma Rosenzweig, a delegate of the Commissioner of Taxation, give you notice as required by subsection 126A(6) of the Superannuation Industry (Supervision) Act 1993 (SISA), that I have disqualified you under subsection 126A(1) of the SISA.
I’ve disqualified you as I’m satisfied that you’ve contravened the SISA on one or more occasions and the nature of the contraventions provides grounds for disqualifying you.
The disqualification takes effect on the day on which it is made.
Dated: 7 March 2025
Emma Rosenzweig
Deputy Commissioner of Taxation
Per Jenny McGuire.
Note 1:
Under subsection 126A(7) of the SISA, details of this disqualification notice will be published as a Notifiable Instrument in the Federal Register of Legislation.
Note 2:
Under section 126K of the SISA, it is an offence for a disqualified person, who knows that he or she is a disqualified person, to be, or act as a:
› trustee, investment manager or custodian of a superannuation entity
› responsible officer or a body corporate that is a trustee, investment manager or custodian, of a superannuation entity
The maximum penalty for committing this offence is two years jail.
Note 3:
Under subsection 126A(5) of the SISA, we may revoke this disqualification on our own initiative or on your written application.
Note 4:
Under section 344 of the SISA, if you are affected by this decision and are not satisfied with it, you can ask the Commissioner to reconsider the decision. This request must be made in writing within 21 days of receiving notice of this decision and must give the reasons you think the decision is wrong.
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 the superannuation industry. This Act was introduced to protect the interests of superannuation fund members by ensuring that trustees, investment managers, and custodians operate with integrity and competence. The enactment of the SISA aimed to fill the gap in regulation that could potentially expose fund members to mismanagement and financial loss. In the case of Greg Hoger, the Act provides the legal framework for the disqualification of individuals who have contravened its provisions, as evidenced by the notice of disqualification issued by Emma Rosenzweig, a delegate of the Commissioner of Taxation. The policy objective of the SISA is to maintain the financial stability and trustworthiness of the superannuation industry, thereby safeguarding the retirement savings of millions of Australians.
Scope and Application
The Superannuation Industry (Supervision) Act 1993 (SISA) applies to individuals and entities involved in the superannuation industry, including trustees, investment managers, custodians, and responsible officers of superannuation entities. The geographic reach of the SISA is national, governing conduct and transactions across Australia. The Act allows for disqualification of individuals found to have contravened its provisions, as evidenced by the notice issued to Greg Hoger. The disqualification prohibits the disqualified person from acting in specified roles within a superannuation entity. The Act also empowers the Commissioner to revoke a disqualification on their own initiative or in response to a written application from the disqualified individual. Additionally, the Act provides for the publication of disqualification notices as Notifiable Instruments in the Federal Register of Legislation, ensuring transparency. Under section 126K, it is an offence for a disqualified person to continue acting in restricted capacities, with a maximum penalty of two years imprisonment. Those dissatisfied with a disqualification decision have the right to request a reconsideration from the Commissioner within 21 days of receiving the notice.
Key Provisions
The Superannuation Industry (Supervision) Act 1993 (SISA) contains several key provisions, particularly those referenced in subsection 126A(1) and subsection 126A(6), which relate to the disqualification of individuals from certain roles within the superannuation industry. According to subsection 126A(6), the Commissioner of Taxation or a delegate can disqualify an individual, such as Greg Hoger in this case, if there is a contravention of the Act. The notice of disqualification, as outlined in the document, informs the individual that they have been disqualified due to violations of the Act and specifies that the disqualification is effective from the date of the notice.
The obligations imposed by the Act on individuals like Greg Hoger include adherence to the standards and requirements set forth in the SISA. This means that they must ensure compliance with all relevant provisions to avoid any contraventions that could lead to disqualification. The Act also mandates that any disqualified individual refrain from acting in any capacity that involves the management or oversight of superannuation entities, such as being a trustee, investment manager, custodian, or a responsible officer of a body corporate involved in such capacities.
Failure to comply with the disqualification order or continuing to act in prohibited capacities can lead to serious consequences. Under section 126K of the SISA, it is an offence for a disqualified person who is aware of their disqualification to act in any of the aforementioned roles. The maximum penalty for committing this offence is two years imprisonment. Additionally, there are provisions for the Commissioner to revoke the disqualification either on their own initiative or upon a written application by the disqualified person, as stated in subsection 126A(5). For those who are dissatisfied with the disqualification decision, section 344 of the SISA allows for a request to the Commissioner to reconsider the decision, which must be made in writing within 21 days of receiving the notice of disqualification.