Notice of Disqualification – Kim Geddes – 28 November 2025

Overview

The Superannuation Industry (Supervision) Act 1993 (SISA) was enacted to address the need for effective supervision and regulation of the superannuation industry in Australia. This legislation provides a comprehensive framework to ensure that superannuation funds are managed in the best interests of members, thereby protecting the financial wellbeing of Australians in their retirement years. The SISA was introduced by the Commonwealth Parliament, reflecting the national importance of superannuation as a key component of the retirement income system. The policy objective underpinning the Act is to maintain and enhance the integrity, efficiency, and sustainability of the superannuation industry, thereby contributing to the long-term financial security of the Australian population. Under this Act, significant powers are vested in the Commissioner of Taxation, who can disqualify individuals from participating in the management of superannuation entities if there are grounds to believe that they have acted in contravention of the provisions of the SISA. The notice of disqualification serves as a formal communication to the individual, informing them of the decision and the reasons behind it, and specifies the immediate effect of the disqualification. Additionally, the Act outlines the potential criminal penalties for disqualified persons who continue to act in prohibited capacities, reinforcing the seriousness with which breaches of the Act are regarded. The Commissioner also has the authority to revoke disqualifications under certain conditions, and provides a mechanism for reconsideration of decisions by affected parties.

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 governs the conduct of trustees, investment managers, custodians, and responsible officers of superannuation entities, ensuring they comply with the legal and regulatory standards required for the effective management of retirement savings. The jurisdictional reach of the SISA is national, applying across all states and territories of Australia, thereby creating a uniform regulatory environment for superannuation fund governance. The Act also includes provisions for the disqualification of individuals found to have contravened its provisions, which serves as a deterrent against misconduct in the industry. Exclusions and exemptions from the Act are limited and typically pertain to certain types of superannuation arrangements or entities, such as self-managed superannuation funds (SMSFs) that meet specific conditions. The application and enforcement of the Act are further extended through subordinate instruments and regulations, which provide detailed operational guidelines and additional penalties for non-compliance.

Key Provisions

The main operative sections of the Superannuation Industry (Supervision) Act 1993 (SISA) relevant to this notice include subsections 126A(2) and 126A(6). Under subsection 126A(2), the Commissioner of Taxation can disqualify an individual from performing certain roles within the superannuation industry if they are satisfied that the individual has contravened the SISA on one or more occasions. This decision is communicated via a notice, such as the one issued to Kim Geddes, as per subsection 126A(6). The notice informs the individual that they have been disqualified and specifies the grounds for this decision. The Act imposes several obligations on individuals like Kim Geddes. Primarily, it mandates that they comply with the provisions of the SISA. If an individual is found to have contravened the Act, they may be subject to disqualification. Moreover, if disqualified, they are prohibited from acting as a trustee, investment manager, or custodian of a superannuation entity, or from being a responsible officer or a body corporate that performs these roles, as outlined in section 126K. The Act further stipulates that any details of such disqualification will be published in the Federal Register of Legislation, ensuring transparency and public accountability. Any breach of the Act's provisions can lead to significant consequences. Specifically, under section 126K, it is an offence for a disqualified person to continue to act in any capacity within a superannuation entity. The maximum penalty for this offence is two years imprisonment, highlighting the seriousness with which the Act treats non-compliance. Additionally, the disqualification can be revoked either by the Commissioner's initiative or upon a written application by the disqualified individual, as per subsection 126A(5). Furthermore, if the disqualified person is unsatisfied with the decision, they have the right to request a reconsideration from the Commissioner within 21 days of receiving the notice, as provided for in section 344.