NOTICE OF DISQUALIFICATION - NAOMI BAILEY - 24 July 2025
Superannuation Industry (Supervision) Act 1993
To:
NAOMI BAILEY
MOUNT DUNEED VIC 3217
I, Emma Rosenzweig, a delegate of the Commissioner of Taxation, give you notice as required by subsection 126A(6) of the Superannuation Industry (Supervision) Act 1993 (SISA), that I have disqualified you under subsection 126A(1) of the SISA.
I’ve disqualified you as I’m satisfied that you’ve contravened the SISA on one or more occasions and the seriousness of the contraventions provides grounds for disqualifying you.
The disqualification takes effect on the day on which it is made.
Dated: 24 July 2025
Emma Rosenzweig
Deputy Commissioner of Taxation
Per Debbi Smith
Note 1:
Under subsection 126A(7) of the SISA, details of this disqualification notice will be published as a Notifiable Instrument in the Federal Register of Legislation.
Note 2:
Under section 126K of the SISA, it is an offence for a disqualified person, who knows that he or she is a disqualified person, to be, or act as a:
› trustee, investment manager or custodian of a superannuation entity
› responsible officer or a body corporate that is a trustee, investment manager or custodian, of a superannuation entity
The maximum penalty for committing this offence is two years jail.
Note 3:
Under subsection 126A(5) of the SISA, we may revoke this disqualification on our own initiative or on your written application.
Note 4:
Under section 344 of the SISA, if you are affected by this decision and are not satisfied with it, you can ask the Commissioner to reconsider the decision. This request must be made in writing within 21 days of receiving notice of this decision and must give the reasons you think the decision is wrong.
Overview
The Superannuation Industry (Supervision) Act 1993 (SISA) was enacted to provide a regulatory framework for the supervision of the superannuation industry in Australia, addressing the need for stringent oversight to protect the interests of superannuation fund members. The Act was introduced by the Commonwealth Parliament to ensure the integrity and proper management of superannuation funds, thereby safeguarding the financial welfare of individuals relying on these funds for their retirement. The primary policy objective of the SISA is to maintain and enhance the financial stability and proper functioning of the superannuation industry, ensuring that trustees, investment managers, and custodians operate within a regulatory environment designed to prevent misconduct and protect fund beneficiaries. The Act empowers the Commissioner of Taxation to disqualify individuals from participating in the management of superannuation entities if there is evidence of serious contraventions of the Act, as demonstrated in the case of Naomi Bailey, who has been disqualified under the provisions of the SISA for contravening the Act on one or more occasions.
Scope and Application
The Superannuation Industry (Supervision) Act 1993 (SISA) governs the conduct and supervision of the superannuation industry in Australia, providing mechanisms for the regulation and oversight of trustees, investment managers, and custodians of superannuation entities. This Act applies to individuals and entities involved in the management and administration of superannuation funds, including trustees, investment managers, and custodians. The geographic and jurisdictional reach of the SISA is national, as it is a Commonwealth Act, and therefore applicable across all states and territories of Australia. The Act includes provisions for disqualification of individuals found to have contravened its provisions, with the disqualification being a powerful tool to ensure compliance and maintain the integrity of the superannuation system. Exclusions and exemptions from the Act are limited, ensuring broad application to the superannuation industry. The application and enforcement of the Act are also supported by subordinate instruments, which may further define and extend the scope of the Act’s provisions.
Key Provisions
The notice provided to Naomi Bailey under subsection 126A(6) of the Superannuation Industry (Supervision) Act 1993 (SISA) informs her that she has been disqualified from acting in certain capacities related to superannuation entities. The disqualification is based on subsection 126A(1) of the SISA, which applies when there is sufficient evidence that Naomi has contravened the SISA on one or more occasions and the seriousness of the contraventions justifies her disqualification. This disqualification becomes effective on the day the notice is issued.
The Act imposes several obligations on Naomi, primarily prohibiting her from acting as a trustee, investment manager, or custodian of a superannuation entity, or from being a responsible officer or a body corporate that holds such roles. These restrictions are detailed under section 126K of the SISA, which makes it an offence for a disqualified person to engage in these activities knowingly. The maximum penalty for such an offence is two years imprisonment. The notice also provides that the details of this disqualification will be published as a Notifiable Instrument in the Federal Register of Legislation under subsection 126A(7) of the SISA.
If Naomi wishes to have the disqualification revoked, she may do so by applying in writing, either on her own initiative or through the delegate's initiative as per subsection 126A(5) of the SISA. Additionally, if she is dissatisfied with the decision to disqualify her, she has the right to request the Commissioner to reconsider the decision under section 344 of the SISA. This request must be made in writing within 21 days of receiving the notice of the decision and must include the reasons for her dissatisfaction.