Notice of Disqualification - Mr Petar Govedarica - 8 May 2026

Overview

The Superannuation Industry (Supervision) Act 1993 was enacted to address the need for effective oversight and regulation of the superannuation industry in Australia, ensuring the protection of superannuation benefits for members. The Act was introduced by the Commonwealth Parliament to establish a robust supervisory framework that would safeguard the interests of superannuation fund members and maintain confidence in the industry. The primary policy objective of the Act is to promote the proper management and administration of superannuation entities by ensuring that trustees and responsible officers are fit and proper persons. This is achieved through the implementation of stringent standards and the imposition of significant penalties for non-compliance. The Act provides the Commissioner of Taxation with the authority to disqualify individuals who are found to be unfit to manage superannuation entities, as demonstrated in the case of Mr. Petar Govedarica, who has been disqualified due to his involvement in repeated contraventions of the Act while serving as a responsible officer.

Scope and Application

The Superannuation Industry (Supervision) Act 1993 (SISA) applies to responsible officers of corporate trustees in the superannuation industry, with a specific focus on their conduct and compliance with the legislation. The act targets individuals who hold significant roles in entities managing superannuation funds, and its provisions extend to both the Commonwealth and state levels, ensuring a cohesive regulatory framework across Australia. The act includes provisions for disqualifying individuals who are deemed unfit to serve as trustees or responsible officers due to repeated or serious breaches of the law. Such disqualifications are imposed by delegates of the Commissioner of Taxation and are subject to publication as notifiable instruments in the Federal Register of Legislation. The disqualification not only bars the individual from acting in their former capacities but also criminalises any continued involvement in related roles, with significant penalties for non-compliance. The act allows for the revocation of disqualifications under certain conditions, and provides avenues for reconsideration of decisions by affected parties within a specified timeframe.

Key Provisions

The key provisions of the notice of disqualification under the Superannuation Industry (Supervision) Act 1993 (SISA) include subsections 126A(2), 126A(3), and 126A(6). According to subsection 126A(2), the Commissioner of Taxation or a delegate may disqualify a person from being a trustee or responsible officer of a superannuation entity if they believe the person is not a fit and proper person for the role due to certain misconduct or serious breaches of the SISA. Subsection 126A(3) allows for disqualification if the corporate trustee of one or more superannuation entities has contravened the SISA on multiple occasions while the person was a responsible officer, and the nature and seriousness of these contraventions warrant disqualification. Subsection 126A(6) mandates the issuance of a written notice of disqualification to the affected individual, detailing the reasons and the effective date of the disqualification. The obligations imposed on Mr. Petar Govedarica, as a result of this disqualification, include refraining from acting as a trustee, investment manager, or custodian of a superannuation entity, or being a responsible officer of a body corporate that holds such roles. The notice clearly states that he is not permitted to engage in any activities that would require him to hold such positions within the superannuation industry, as per the SISA. Breaches of this disqualification are subject to legal consequences. Section 126K of the SISA outlines that it is an offence for a disqualified person who is aware of their disqualification status to act or be involved in any capacity as a trustee, investment manager, or custodian of a superannuation entity, or as a responsible officer of a body corporate holding such positions. The maximum penalty for this offence is two years imprisonment, underscoring the seriousness of ignoring the disqualification order. Additionally, the notice mentions the possibility of revocation of the disqualification under subsection 126A(5) of the SISA, either on the initiative of the Commissioner or upon written application by Mr. Govedarica. Furthermore, section 344 of the SISA provides a recourse for individuals dissatisfied with the disqualification decision, allowing them to request a reconsideration by the Commissioner within 21 days of receiving the notice, provided the request is made in writing and includes the reasons for dissatisfaction with the decision.