Notice of Disqualification – Mrs Nicole Morrow Woods – 25 March 2026

Overview

The Superannuation Industry (Supervision) Act 1993 (SISA) was enacted to address issues of mismanagement and non-compliance within the superannuation industry in Australia. This legislation aims to safeguard the interests of superannuation fund members by ensuring that responsible officers and trustees adhere to strict regulatory standards. The SISA provides the Commissioner of Taxation with the authority to disqualify individuals who have been associated with corporate trustees that have contravened the Act, as a means of maintaining the integrity and proper functioning of the superannuation system. The policy objective is to prevent and deter misconduct by ensuring that only fit and proper persons are involved in the administration of superannuation funds. This legislative framework was established by the Parliament of Australia to address a significant gap in the regulation of superannuation trustees and their officers. The introduction of disqualification provisions, as seen in the notice to Mrs Nicole Morrow Woods, serves as a deterrent against serious breaches of the Act and protects the financial security of superannuation fund members. The Act's mechanisms for disqualification and potential criminal penalties underscore the seriousness with which it treats non-compliance and misconduct within the superannuation industry.

Scope and Application

The Superannuation Industry (Supervision) Act 1993 (SISA) applies to individuals and entities involved in the superannuation industry, with a specific focus on trustees, investment managers, custodians, and responsible officers of superannuation entities. The Act has a national jurisdictional reach, operating across Australia, and aims to ensure the integrity and stability of the superannuation system. The Act's application extends to those who manage or are responsible for the administration of superannuation entities, irrespective of where they are located within the country. The Act provides for the disqualification of responsible officers who have contravened its provisions, as evidenced by the disqualification of Mrs Nicole Morrow Woods. The disqualification is a serious measure that restricts the disqualified individual from participating in the management of superannuation entities. The Act also includes provisions for the revocation of disqualifications and allows for appeals against decisions by the Commissioner. Notably, the Act does not specify exclusions or exemptions but operates broadly within the superannuation sector. The application and scope of the Act may be further refined through subordinate instruments, which are not detailed in the provided extract.

Key Provisions

The notice provided to Mrs Nicole Morrow Woods under subsection 126A(6) of the Superannuation Industry (Supervision) Act 1993 (SISA) informs her that she has been disqualified from acting as a responsible officer of a corporate trustee of one or more superannuation entities. This disqualification arises because the corporate trustee has contravened the SISA on multiple occasions, and Mrs Woods was a responsible officer at the time of these contraventions. The disqualification takes immediate effect upon the issuance of the notice. The notice also indicates that details of this disqualification will be published as a notifiable instrument in the Federal Register of Legislation, as per subsection 126A(7) of the SISA. Additionally, the notice mentions that the disqualification may be revoked either by the Commissioner of Taxation on their own initiative or upon Mrs Woods’ written application under subsection 126A(5) of the SISA. The SISA imposes specific obligations on individuals like Mrs Woods who are responsible officers of corporate trustees. These obligations include ensuring compliance with the SISA to avoid any contraventions that could lead to personal disqualification. Furthermore, Mrs Woods must refrain from acting or being involved in roles such as trustee, investment manager, or custodian of a superannuation entity if she is aware of her disqualified status, as outlined in section 126K of the SISA. The Act also mandates that any dissatisfaction with the disqualification decision must be communicated to the Commissioner within 21 days of receiving the notice, as stipulated in section 344 of the SISA. Breach of the provisions outlined in the SISA can lead to serious consequences. Specifically, 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 involved with a responsible officer or body corporate that holds such roles. The maximum penalty for committing this offence is two years imprisonment. This stringent penalty underscores the importance of adhering to the Act’s requirements and the severe repercussions of non-compliance.