Notice of Disqualification - Mark Boyland - 23 March 2026

Overview

The Superannuation Industry (Supervision) Act 1993 was enacted to address the need for effective supervision and regulation of the superannuation industry in Australia, aiming to protect the interests of superannuation fund members. The act was introduced by the Australian Parliament to ensure that the management and administration of superannuation funds are conducted in a manner that safeguards the financial well-being of fund members. The policy objective behind the act is to maintain high standards of conduct and compliance within the superannuation industry, thereby preventing misconduct and ensuring the integrity of the superannuation system. The act provides the Commissioner of Taxation with the authority to disqualify individuals who have contravened its provisions, as exemplified in the notice of disqualification issued to Mark Boyland.

Scope and Application

The Superannuation Industry (Supervision) Act 1993 (SISA) applies to individuals and entities involved in the management and administration of superannuation funds, including trustees, investment managers, custodians, and responsible officers. The Act covers conduct and transactions related to superannuation entities, ensuring compliance with standards designed to protect the interests of superannuation fund members. Its jurisdictional reach is national, as it is a Commonwealth Act, thus applying uniformly across Australia. The Act provides mechanisms for disqualifying individuals who have contravened its provisions, as evidenced by the notice of disqualification issued to Mark Boyland. The disqualification prohibits the disqualified individual from acting in certain capacities within the superannuation industry, with potential criminal penalties for non-compliance. Additionally, the Act allows for the revocation of disqualification under certain conditions and provides a process for reconsideration of the disqualification decision by the Commissioner. The Act’s application is further extended through subordinate instruments that may provide additional details or conditions for enforcement.

Key Provisions

The key provisions of the document include the disqualification of Mark Boyland under subsection 126A(1) of the Superannuation Industry (Supervision) Act 1993 (SISA). This decision was made by Ben Kelly, a delegate of the Commissioner of Taxation, who has determined that Mark Boyland has contravened the SISA on one or more occasions, justifying the disqualification. The disqualification takes effect immediately upon issuance of the notice on 23 March 2026. Additionally, under subsection 126A(7) of the SISA, the details of this disqualification will be published as a Notifiable Instrument in the Federal Register of Legislation. The Act imposes specific obligations on Mark Boyland, prohibiting him from acting as a trustee, investment manager, or custodian of a superannuation entity, or as a responsible officer or a body corporate that is a trustee, investment manager, or custodian of a superannuation entity, if he knows he is disqualified. Any breach of these prohibitions is an offence under section 126K of the SISA, carrying a maximum penalty of two years imprisonment. This underscores the seriousness with which the Act treats the contravention of its provisions. Furthermore, the document outlines potential avenues for Mark Boyland to seek reconsideration of the disqualification. Under section 344 of the SISA, he can request the Commissioner to reconsider the decision if he is dissatisfied with it. Such a request must be made in writing within 21 days of receiving notice of the decision and must include the reasons for believing the decision is wrong. This provision ensures that Mark Boyland has a formal mechanism to challenge the decision if he believes it to be unjust. Additionally, the document notes that the disqualification may be revoked either on the initiative of the delegate or upon Mark Boyland’s written application under subsection 126A(5) of the SISA. This flexibility allows for potential reinstatement of Mark Boyland’s eligibility to act in the specified capacities, contingent upon meeting certain conditions or demonstrating a change in circumstances warranting revocation of the disqualification.