Notice of Disqualification – Myra Montarde - 16 December 2025

Overview

The Superannuation Industry (Supervision) Act 1993 (SISA) was enacted by the Parliament of Australia to address issues of governance and financial oversight within the superannuation industry. The legislation aims to ensure that superannuation funds are managed responsibly and in the best interests of members. The Act provides for the regulation of trustees, investment managers, and custodians of superannuation entities, establishing a framework for their accountability and professional standards. This Act was introduced to mitigate risks and protect the financial well-being of superannuation fund members, ensuring that those managing these funds adhere to strict compliance and ethical standards. The Act includes provisions for the disqualification of individuals who fail to meet these standards, as exemplified by the notice of disqualification to Myra Montarde, reflecting the serious nature of breaches 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 funds in Australia, including trustees, investment managers, and custodians. This act operates on a national level, impacting all jurisdictions within Australia. The legislation aims to ensure the proper management of superannuation funds, protecting the interests of superannuation fund members. The act’s provisions include disqualifying individuals who have contravened its requirements, as evidenced by the notice of disqualification issued to Myra Montarde. The disqualification prohibits the disqualified individual from acting in specified roles within a superannuation entity, with severe penalties for non-compliance. Additionally, the act allows for the revocation of disqualification under certain conditions and provides avenues for reconsideration of decisions by the Commissioner. The scope of the act is extended through subordinate instruments, which may further define the conduct and transactions subject to its provisions.

Key Provisions

The Superannuation Industry (Supervision) Act 1993 (SISA) provides for the disqualification of individuals who contravene the Act in a serious manner. Under subsection 126A(6) of the SISA, a delegate of the Commissioner of Taxation, in this case Ben Kelly, can issue a notice of disqualification. This notice, as given to Myra Montarde on 16 December 2025, informs the individual that they have been disqualified from acting in certain capacities within the superannuation industry due to serious contraventions of the Act. The disqualification is effective immediately upon issuance of the notice, as per subsection 126A(6). Details of this disqualification will be published in the Federal Register of Legislation as a Notifiable Instrument under subsection 126A(7) of the SISA. The Act imposes specific obligations on disqualified individuals, such as Myra Montarde. Section 126K of the SISA 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 a body corporate that performs these roles. This prohibition extends to any actions taken in these capacities, thereby preventing disqualified individuals from continuing to influence or manage superannuation funds directly or indirectly. Such individuals must avoid any engagement in activities that would involve them in the management or oversight of superannuation entities. Failure to comply with the disqualification imposed by the SISA can result in serious consequences. Section 126K stipulates that knowingly acting in the prohibited capacities as a disqualified person constitutes an offence. The maximum penalty for this offence, as outlined in the Act, is two years imprisonment, reflecting the seriousness of the contraventions and the need to deter such actions. Additionally, under subsection 126A(5) of the SISA, the disqualification may be revoked either by the authority that imposed it or upon a written application by the disqualified individual. However, the decision to revoke the disqualification remains at the discretion of the Commissioner of Taxation. If Myra Montarde or any other affected individual is dissatisfied with the disqualification decision, they have the right to request a reconsideration by the Commissioner. This request must be made in writing within 21 days of receiving the notice of disqualification, as specified in section 344 of the SISA. The reconsideration request should detail the reasons why the individual believes the decision is incorrect, providing an opportunity for the Commissioner to review the case and potentially overturn the disqualification if deemed appropriate.