Notice of Disqualification – Mark Taber - 28 May 2026

Overview

The Superannuation Industry (Supervision) Act 1993 (SISA) was enacted by the Australian Parliament to address significant regulatory gaps in the supervision and governance of superannuation entities. The Act was introduced to ensure the proper management and administration of superannuation funds, protecting the interests of superannuation fund members and promoting confidence in the superannuation system. The SISA provides the framework for the regulation of trustees, investment managers, and custodians of superannuation entities, establishing standards for their operation and conduct. The Act also empowers the Commissioner of Taxation to disqualify individuals from managing superannuation entities if they are found to have contravened the Act, as illustrated in the notice of disqualification to Mark Taber. This legislative measure aims to maintain the integrity of the superannuation industry by preventing unfit individuals from managing funds that are crucial for the financial security of many Australians in their retirement.

Scope and Application

The Superannuation Industry (Supervision) Act 1993 (SISA) applies to individuals and entities involved in the administration and management of superannuation entities in Australia, including trustees, investment managers, and custodians. The Act has a national reach and applies to all superannuation entities operating within Australia, regardless of the state or territory in which they are located. The SISA sets out various requirements and standards that must be met by those involved in the superannuation industry, including requirements related to the governance, management, and financial administration of superannuation entities. The Act also includes provisions for the disqualification of individuals who have contravened the Act, as seen in the notice of disqualification for Mark Taber. This disqualification is a serious consequence and restricts the individual's ability to act as a trustee, investment manager, or custodian of a superannuation entity, with potential criminal penalties for non-compliance. The SISA may extend or restrict its application through subordinate instruments, such as regulations or codes of practice, which provide further detail on specific aspects of the Act.

Key Provisions

The Superannuation Industry (Supervision) Act 1993 (SISA) contains specific provisions for disqualifying individuals from managing superannuation entities. Section 126A(1) empowers the delegate of the Commissioner of Taxation to disqualify a person if they are satisfied that the individual has contravened the SISA and the seriousness of the contraventions justifies such action. This disqualification is effective from the day it is issued, as noted in subsection 126A(6). Furthermore, the details of this disqualification are mandated to be published as a Notifiable Instrument in the Federal Register of Legislation, as per subsection 126A(7). The Act imposes significant obligations on the disqualified individual, such as Mark Taber in this case. Specifically, section 126K of the SISA criminalises the act of a disqualified person knowingly being or acting as a trustee, investment manager, or custodian of a superannuation entity, or as a responsible officer of such an entity. This prohibition extends to any body corporate that assumes such roles. The serious nature of these obligations is underscored by the severe penalties for breach, including a potential maximum penalty of two years imprisonment. In terms of consequences for breach, section 126K of the SISA stipulates that knowingly acting in a prohibited capacity while disqualified is an offence. The maximum penalty for this offence is two years imprisonment, reflecting the gravity with which the law treats such violations. Additionally, subsection 126A(5) of the SISA provides a mechanism for the disqualification to be revoked either on the initiative of the Commissioner or upon a written application by the disqualified person. This provision offers a pathway for relief, although it is contingent on meeting the criteria set by the Act. Lastly, section 344 of the SISA offers a recourse for individuals who are dissatisfied with the disqualification decision. An affected person has the right to request a reconsideration of the decision in writing within 21 days of receiving the notice. This reconsideration must detail the reasons why the person believes the decision is incorrect. This provision ensures that there is a formal avenue for challenging the decision, providing a measure of fairness and due process to the affected individual.