Notice of Disqualification – Martin Odisho - 14 July 2026

Overview

The Superannuation Industry (Supervision) Act 1993 (SISA) was enacted by the Australian Parliament to address the need for robust oversight and regulation of the superannuation industry, aiming to protect the interests of superannuation fund members and beneficiaries. The Act establishes a comprehensive framework for the supervision of superannuation entities, including trustees, investment managers, and custodians, to ensure compliance with regulatory standards and the prudent management of superannuation funds. The SISA empowers the Commissioner of Taxation to disqualify individuals from participating in the management of superannuation entities if they are found to have contravened the Act in a manner that justifies such a sanction. The Act includes provisions for the Commissioner to notify disqualified individuals, such as Martin Odisho in this case, of the disqualification and its effects, as well as mechanisms for the revocation of disqualifications and avenues for reconsideration of decisions. The policy objective of the SISA is to maintain the integrity and stability of the superannuation system by preventing and addressing misconduct and non-compliance within the industry.

Scope and Application

The Superannuation Industry (Supervision) Act 1993 (SISA) applies to individuals and entities involved in the management and administration of superannuation entities in Australia. This includes trustees, investment managers, custodians, and responsible officers of superannuation entities. The geographic reach of the Act is nationwide, as it applies across the Commonwealth of Australia. The Act provides for the disqualification of individuals who have contravened its provisions, which includes actions that could compromise the integrity or financial stability of superannuation entities. The disqualification notice, as seen in the case of Martin Odisho, is issued under subsection 126A(6) of the SISA and becomes effective on the day it is made. It is a statutory requirement that details of such disqualifications are published as Notifiable Instruments in the Federal Register of Legislation, ensuring transparency and accountability. Furthermore, section 126K of the SISA criminalises the act of a disqualified person continuing to act in their former capacity, with potential penalties including up to two years in jail. The disqualification can be subject to revocation, either on the initiative of the delegate or upon a written application by the disqualified individual. Additionally, under section 344 of the SISA, a person who is dissatisfied with the disqualification decision can request the Commissioner to reconsider it, provided the request is made in writing within 21 days of receiving notice of the decision.

Key Provisions

The primary operative sections of the Superannuation Industry (Supervision) Act 1993 (SISA) relevant to this disqualification notice include subsection 126A(1), which allows the delegate of the Commissioner of Taxation to disqualify a person from participating in the superannuation industry if they believe the person has contravened the SISA on one or more occasions, and the seriousness of the contraventions warrants such a disqualification. Subsection 126A(6) requires the delegate to provide written notice to the disqualified person, which is illustrated in this case with the notice given to Martin Odisho. The notice specifies the reasons for the disqualification and the effective date of the disqualification. The Act imposes significant obligations on the parties it governs, particularly those who are or wish to be involved in the superannuation industry. It mandates compliance with the various provisions of the SISA, which cover a wide range of activities, including the management and investment of superannuation funds. Those involved must ensure that they adhere to the regulatory requirements set out in the Act to avoid potential disqualification. Additionally, under section 126K, it is an offence for a disqualified person to act as a trustee, investment manager, custodian, responsible officer, or body corporate of a superannuation entity if they know they are disqualified. Breaching the Act can result in severe consequences. As stated in section 126K, any disqualified person who knowingly acts in a prohibited capacity is guilty of an offence and may face a maximum penalty of two years imprisonment. This underscores the seriousness with which the Act treats non-compliance. Furthermore, the disqualification can be revoked either on the initiative of the delegate or upon the written application of the disqualified person, as provided under subsection 126A(5). In cases where a person believes the disqualification decision is unjust, they have the right to request a reconsideration by the Commissioner within 21 days of receiving the notice, as outlined in section 344. This ensures that there is a formal process available for those who believe they have been wrongly disqualified.