Notice of Disqualification – Maree Ann Lewis - 15 April 2026

Overview

The Superannuation Industry (Supervision) Act 1993 was enacted to establish a regulatory framework for the supervision of the superannuation industry in Australia, addressing the need for consistent and effective oversight to protect the interests of superannuation fund members. The Act was introduced by the Commonwealth Parliament to create a comprehensive regulatory environment that ensures the integrity, efficiency, and effectiveness of the superannuation industry. The policy objective of the Act is to safeguard the financial well-being of superannuation fund members by ensuring that trustees, investment managers, and custodians comply with regulatory standards. This legislative measure was critical in establishing the necessary structures and authorities to monitor and enforce compliance within the superannuation sector, thereby maintaining public confidence in retirement savings schemes.

Scope and Application

The Superannuation Industry (Supervision) Act 1993 applies to individuals and entities involved in the administration and management of superannuation funds in Australia, including trustees, investment managers, custodians, and responsible officers of superannuation entities. The Act has a national reach, applying across all states and territories within the Commonwealth of Australia. The Act includes specific provisions for disqualifying individuals from participating in the superannuation industry if they have contravened the Act, with the seriousness and frequency of the contraventions determining the grounds for disqualification. The disqualification process is initiated by a delegate of the Commissioner of Taxation and is subject to certain procedural requirements, including the issuance of a formal notice and the opportunity for the disqualified person to request reconsideration of the decision within 21 days. The Act also mandates the publication of details of the disqualification as a Notifiable Instrument in the Federal Register of Legislation. Additionally, the Act specifies that it is an offence for a disqualified person to continue acting in a relevant capacity, with penalties including up to two years imprisonment. The disqualification can be revoked either by the delegate or upon application by the disqualified person.

Key Provisions

The Superannuation Industry (Supervision) Act 1993 (SISA) provides specific mechanisms for disqualifying individuals from participating in superannuation activities. Under subsection 126A(1) of the Act, a person may be disqualified if they have contravened the Act on one or more occasions and the number and seriousness of the contraventions warrant such a disqualification. The notice of disqualification, as per subsection 126A(6), must be delivered to the individual concerned and takes effect immediately upon issuance. In this case, Maree Ann Lewis of Chatsworth, Queensland, has been disqualified by Ben Kelly, a delegate of the Commissioner of Taxation. The Act imposes specific obligations on disqualified individuals, prohibiting them from acting as trustees, investment managers, custodians, or responsible officers of superannuation entities. This prohibition is outlined in section 126K of the SISA and serves to ensure that individuals who have demonstrated misconduct or incompetence in the superannuation industry do not continue to hold positions of responsibility within it. The obligations extend to any body corporate that the disqualified individual may be associated with, further ensuring that the individual's actions do not indirectly influence or control superannuation activities. Failure to comply with the disqualification provisions can result in serious legal consequences. According to section 126K, it is an offence for a disqualified person to act in any of the prohibited capacities, with the maximum penalty being two years imprisonment. This stringent penalty underscores the importance of adhering to the disqualification provisions and highlights the seriousness with which the law treats breaches of these obligations. Additionally, the disqualification may be revoked under subsection 126A(5) either on the initiative of the Commissioner or upon a written application by the disqualified person. For those who believe their disqualification is unjust, section 344 provides a mechanism for requesting a reconsideration of the decision by the Commissioner, though such a request must be made in writing within 21 days of receiving the notice.