Notice of Disqualification – Michelle Moreira - 2 March 2026

Overview

The Superannuation Industry (Supervision) Act 1993 (SISA) was enacted to address significant governance and compliance issues within Australia's superannuation industry, aiming to protect the interests of superannuation fund members by ensuring that trustees and other responsible officers act in their best interests. The SISA provides the Commissioner of Taxation with the authority to disqualify individuals who have contravened the provisions of the Act, particularly when their actions have caused serious harm or posed a significant risk to the financial well-being of superannuation fund members. This legislative measure was introduced by the Australian Parliament to provide a robust framework for the oversight and regulation of the superannuation industry, ensuring that trustees and responsible officers adhere to high standards of conduct and accountability. The disqualification notice issued to Michelle Moreira under the SISA highlights the enforcement mechanisms available to the Commissioner to address serious contraventions of the Act. The notice, issued by Ben Kelly as a delegate of the Commissioner, explicitly states that Michelle has been disqualified due to her role as a responsible officer in a corporate trustee that contravened the SISA. The disqualification is effective immediately upon issuance and includes the requirement to publish the details in the Federal Register of Legislation. The SISA also imposes severe penalties, including a potential two-year jail term, for disqualified persons who continue to act in prohibited roles. This notice serves as a clear deterrent and enforcement tool to uphold the integrity and stability of the superannuation industry.

Scope and Application

The Superannuation Industry (Supervision) Act 1993 (SISA) applies to individuals and corporate trustees who are involved in the administration of superannuation entities within Australia. This Act specifically targets those who act as trustees, investment managers, custodians, or responsible officers of superannuation entities. The jurisdiction of the SISA is Commonwealth-wide, thus it applies across all states and territories of Australia. It is pertinent to note that the Act includes provisions for disqualifying individuals and corporate trustees who contravene its stipulations, as evidenced by the disqualification notice issued to Michelle Moreira. This notice was issued under the authority of a delegate of the Commissioner of Taxation, indicating the reach and enforcement capacity of the Act. Furthermore, the Act allows for the publication of such disqualifications, reinforcing its transparency and public accountability measures. The Act also provides for potential revocation of disqualifications under certain conditions, as well as avenues for reconsideration of decisions by the Commissioner if the affected party is dissatisfied with the outcome.

Key Provisions

The Superannuation Industry (Supervision) Act 1993 (SISA) includes specific provisions regarding the disqualification of individuals involved with superannuation entities. Section 126A(6) allows a delegate of the Commissioner of Taxation to issue a notice of disqualification, as seen in the notice given to Michelle Moreira. This section requires the delegate to provide the disqualified individual with the reasons for the disqualification, which in Michelle's case were based on her contravention of the SISA and her role as a responsible officer of a corporate trustee during the contraventions (subsections 126A(2) and 126A(6)). The Act imposes several obligations on the parties it governs. For example, responsible officers and trustees of superannuation entities must adhere to the provisions of the SISA to avoid disqualification. Specifically, they must ensure compliance with all regulatory requirements and avoid any actions that could be deemed a contravention of the Act. Failure to do so can result in disqualification, as evidenced in Michelle's case. The SISA also sets out severe penalties for breaches of the disqualification provisions. Section 126K of the Act makes it an offence for a disqualified person to act as a trustee, investment manager, or custodian of a superannuation entity, or to be a responsible officer of such a body. The maximum penalty for this offence is two years imprisonment, underscoring the seriousness with which the Act treats such contraventions. Additionally, there are provisions for the revocation of disqualification under subsection 126A(5) of the SISA, which allows for the disqualification to be lifted either on the initiative of the Commissioner or upon a written application by the disqualified person. This provides a potential avenue for redress for those who believe their disqualification was unjust. Furthermore, section 344 of the SISA allows for a request to reconsider the disqualification decision within 21 days of receiving the notice, provided that the request is in writing and outlines the reasons for dissatisfaction with the decision.