Notice of Disqualification – Megan Moore - 20 February 2026

Overview

The Superannuation Industry (Supervision) Act 1993 (SISA) was enacted to ensure the effective regulation and supervision of the superannuation industry in Australia, thereby protecting the interests of superannuation fund members. One of the critical provisions of this Act is its ability to disqualify individuals who have engaged in serious breaches of the law, thereby safeguarding the integrity and stability of the superannuation system. The Act empowers the Commissioner of Taxation to disqualify individuals who have acted as trustees, investment managers, or custodians of superannuation entities and have contravened the Act. This disqualification is intended to prevent those who have demonstrated unsuitability from continuing to manage superannuation funds. The Parliament of Australia established this legislative framework to address the identified need for stringent measures to maintain trust and confidence in the superannuation sector. The overarching policy objective is to deter misconduct and ensure that only individuals of good standing manage superannuation entities.

Scope and Application

The Superannuation Industry (Supervision) Act 1993 (SISA) applies to trustees, investment managers, and custodians of superannuation entities in Australia, as well as to entities that manage or oversee superannuation funds. This Act has a nationwide jurisdictional reach, as it is a Commonwealth Act, meaning it applies across all states and territories of Australia. The Act includes provisions that allow for the disqualification of individuals who have contravened the SISA in a manner that warrants such action. This is particularly relevant to trustees who are found to have breached the Act while in their position, leading to their disqualification from future involvement with superannuation entities. The geographic scope is thus national, impacting all superannuation trustees and entities across Australia. The Act does not specify exclusions or exemptions, meaning it broadly applies to all relevant persons and entities unless otherwise specified by subordinate instruments. Subordinate instruments may extend or restrict the application of the Act, but the primary legislation itself sets out the foundational rules and penalties.

Key Provisions

The main operative sections of the Superannuation Industry (Supervision) Act 1993 (SISA) relevant to the disqualification notice served to Megan Moore include subsection 126A(1) and subsection 126A(6). Subsection 126A(1) provides the authority for the Commissioner of Taxation to disqualify a person from being a trustee, investment manager, or custodian of a superannuation entity if they are satisfied that the trustee has contravened the Act and the seriousness of the contraventions warrants such a disqualification. Subsection 126A(6) mandates that the Commissioner must give the disqualified person written notice of the disqualification, which includes the reasons for the decision and the date from which the disqualification takes effect. The Act imposes several obligations and requirements on the parties and entities it governs. Trustees of superannuation entities are required to comply with the provisions of the SISA, including maintaining the financial health and integrity of the superannuation fund. They must ensure that the funds are used for the intended purpose and that all regulatory requirements are met. Additionally, trustees must report any contraventions of the Act to the relevant authorities. The Act also requires that trustees act in the best interests of the members of the superannuation fund, exercising care, diligence, and skill in their role. Failure to comply with the provisions of the SISA can result in severe consequences. Section 126K of the Act specifies that it is an offence for a disqualified person to act as a trustee, investment manager, or custodian of a superannuation entity if they know they are disqualified. The maximum penalty for this offence is two years imprisonment. This strict penalty underscores the importance of adhering to the regulations set forth in the Act. Furthermore, the disqualification notice will be published as a Notifiable Instrument in the Federal Register of Legislation, as required by subsection 126A(7) of the SISA. This ensures transparency and public awareness of the disqualification. The Act also provides a mechanism for the Commissioner to reconsider a disqualification decision under section 344 if the affected person is not satisfied with the decision. Such a request must be made in writing within 21 days of receiving the notice of the decision, outlining the reasons for dissatisfaction. The Commissioner may also revoke the disqualification on their own initiative or in response to a written application by the disqualified person, as per subsection 126A(5).