Notice of Disqualification – Lisa Gaye Moller - 27 July 2026

Overview

The Superannuation Industry (Supervision) Act 1993 (SISA) was enacted to address the need for robust oversight and regulation of the superannuation industry in Australia, aiming to protect the interests of superannuation fund members. This legislation was introduced by the Australian Parliament to fill a critical gap in the regulation of superannuation trustees, aiming to ensure the integrity and proper management of superannuation funds. The policy objective of the Act is to safeguard the financial interests and retirement security of superannuation members by imposing strict compliance and governance requirements on trustees and other responsible officers. The Act empowers the Commissioner of Taxation to disqualify individuals from acting as responsible officers if they are found to have contravened the provisions of the Act, thereby preventing potentially harmful practices within the industry. The notice of disqualification to Lisa Gaye Moller under subsection 126A(6) of the SISA highlights the enforcement mechanisms available to the Commissioner to maintain compliance and deter misconduct. This action was taken because it was determined that the corporate trustee of one or more superannuation entities had contravened the SISA, with Moller being a responsible officer at the time of these contraventions. The disqualification aims to uphold the integrity of the superannuation industry by barring individuals involved in serious contraventions from future involvement with superannuation entities. The notice also outlines the legal consequences of acting in contravention of the disqualification, with potential penalties including imprisonment. Furthermore, it provides avenues for Moller to seek reconsideration of the decision or for the disqualification to be revoked under certain conditions.

Scope and Application

The Superannuation Industry (Supervision) Act 1993 (SISA) applies to individuals and entities involved in the administration of superannuation entities, such as trustees, investment managers, and custodians. The Act specifically targets responsible officers who are found to have contravened the provisions of the SISA, potentially leading to disqualification from managing superannuation funds. This Act operates at the Commonwealth level, regulating superannuation industry conduct across Australia. Notably, the Act does not specify particular exclusions, but it does outline exemptions and thresholds for when disqualification may apply based on the seriousness of the contravention. The application of the Act can be extended or restricted through subordinate instruments, allowing for tailored regulation of specific aspects of superannuation management. For instance, the disqualification of a responsible officer under the Act becomes effective immediately upon notice, underscoring the stringent measures in place to uphold compliance within the superannuation industry.

Key Provisions

The main operative sections of the Superannuation Industry (Supervision) Act 1993 (SISA) involved here are sections 126A and 126K. Section 126A(2) allows for the disqualification of a person if they were a responsible officer of a corporate trustee of a superannuation entity at the time of the contraventions of the SISA. Section 126A(6) mandates that notice of this disqualification must be given to the person in question. Section 126K imposes an offence on any disqualified person who, knowing they are disqualified, acts as or is a trustee, investment manager, or custodian of a superannuation entity, or a responsible officer or body corporate that is a trustee, investment manager, or custodian of a superannuation entity. Under the SISA, the obligations imposed on the parties or entities it governs are primarily related to compliance with the Act. For instance, responsible officers of corporate trustees must ensure that all activities are conducted in accordance with the provisions of the SISA. This includes adhering to the standards set for the management and administration of superannuation entities. Failure to comply can lead to personal disqualification as illustrated in this case. The legislation also outlines specific consequences for breach. Under section 126K, it is an offence for a disqualified person to act in any capacity related to a superannuation entity. The maximum penalty for committing this offence is imprisonment for up to two years. Additionally, the disqualification itself is a significant consequence, barring the person from involvement in the management of superannuation entities. Finally, the Act provides mechanisms for reviewing disqualification decisions. Under section 344, a person who is dissatisfied with a disqualification decision can request the Commissioner to reconsider it. This request must be made in writing within 21 days of receiving notice of the decision and must detail the reasons for believing the decision is incorrect. Furthermore, under subsection 126A(5) of the SISA, the disqualification can be revoked either on the initiative of the delegate of the Commissioner or following a written application by the disqualified person.