Notice Of Disqualification – Julia Madafferi - 21 May 2026

Overview

The Superannuation Industry (Supervision) Act 1993 (SISA) was enacted by the Commonwealth Parliament to address issues and fill gaps in the regulation and supervision of the superannuation industry, thereby ensuring the protection of superannuation benefits. The SISA provides a framework for the oversight of trustees, investment managers, and custodians of superannuation entities, aiming to maintain the integrity and stability of the superannuation system. The Act includes provisions for the disqualification of individuals who have acted contrary to its requirements, ensuring that those who undermine the system are prevented from continuing in roles that involve managing superannuation funds. The notice of disqualification issued to Julia Madafferi under subsection 126A(6) of the SISA by Ben Kelly, a delegate of the Commissioner of Taxation, signifies the enforcement of these provisions. This disqualification is a direct response to the contravention of the SISA by the corporate trustee of one or more superannuation entities, where Julia Madafferi was a responsible officer at the time of the contraventions. The policy objective is to deter misconduct within the superannuation industry by disqualifying individuals from holding positions of responsibility in superannuation entities, thus safeguarding the interests of superannuation fund members.

Scope and Application

The Superannuation Industry (Supervision) Act 1993 applies to the trustees, investment managers, custodians and responsible officers of superannuation entities, encompassing various industries that engage with superannuation funds. This federal act extends its jurisdiction across the Commonwealth of Australia, aiming to ensure the proper management and oversight of superannuation entities to protect the interests of members. The act can disqualify responsible officers from participating in the management of these entities if they are found to have contravened its provisions, as seen in the case of Julia Madafferi. The act does not specify exclusions or exemptions; however, its application can be extended or restricted through subordinate instruments, which may provide further detail or specific conditions under which the act operates. The notice of disqualification, such as the one issued to Julia Madafferi, is published as a notifiable instrument in the Federal Register of Legislation, making it publicly accessible. Additionally, the act stipulates severe penalties for disqualified individuals who continue to act in prohibited capacities, reinforcing its regulatory oversight.

Key Provisions

The Superannuation Industry (Supervision) Act 1993 (SISA) contains provisions that allow the disqualification of individuals who have acted as responsible officers of a corporate trustee in a manner that contravenes the Act. Under subsection 126A(2) of the SISA, a person can be disqualified if the corporate trustee they served has contravened the SISA and the seriousness of the contraventions provides grounds for disqualification. The disqualification takes immediate effect upon notice being given (subsection 126A(6)). In the case of Julia Madafferi, the delegate of the Commissioner of Taxation has issued a notice of disqualification based on her role as a responsible officer of a corporate trustee who has contravened the SISA. The Act imposes several obligations and requirements on parties and entities it governs. For responsible officers, such as Julia Madafferi, the key requirement is to ensure compliance with the SISA by the corporate trustee they serve. This includes adhering to the standards set forth in the legislation to maintain the integrity and proper functioning of superannuation entities. The Act mandates that responsible officers must not engage in any conduct that would contravene the SISA, especially if such conduct could lead to disqualification. Additionally, under section 126K of the SISA, disqualified persons are prohibited from acting as trustees, investment managers, custodians of superannuation entities, or being responsible officers of bodies corporate that serve in these roles. This ensures that individuals who have been found to have contravened the SISA do not continue to influence the management of superannuation funds. Failure to comply with the provisions of the SISA can result in serious consequences. Under section 126K of the SISA, it is an offence for a disqualified person to act in any capacity as a trustee, investment manager, custodian, or responsible officer of a superannuation entity, even if they are aware of their disqualification. The maximum penalty for this offence is two years imprisonment, underscoring the seriousness of the contraventions. Additionally, the disqualification notice issued under subsection 126A(7) of the SISA will be published as a Notifiable Instrument in the Federal Register of Legislation, which serves as a public record of the disqualification. For Julia Madafferi, this means her name and the details of her disqualification will be made publicly available. In the event that Julia Madafferi is dissatisfied with the disqualification decision, she has the right to request a reconsideration by the Commissioner. This request must be made in writing within 21 days of receiving notice of the decision and must provide reasons why the decision is considered wrong (section 344 of the SISA). Additionally, the disqualification can be revoked either on the initiative of the Commissioner or upon a written application by Julia Madafferi (subsection 126A(5) of the SISA). This provision offers a potential avenue for Julia Madafferi to seek reinstatement should she be able to demonstrate that the grounds for her disqualification no longer apply.