Notice of Disqualification – Paul Maguire – 2 October 2025

Overview

The Superannuation Industry (Supervision) Act 1993 (SISA) was enacted by the Australian Parliament to address the need for stringent oversight and regulation within the superannuation industry, aiming to protect the interests of superannuation fund members. The SISA provides a framework to ensure that superannuation funds are managed efficiently, ethically, and transparently. One significant aspect of the SISA is the power it grants to disqualify individuals who have contravened its provisions, thereby maintaining the integrity and trust of the superannuation system. The Act aims to safeguard the financial well-being of superannuation members by preventing unfit persons from holding key positions within superannuation entities. In the case of Paul Maguire, a notice of disqualification was issued by Emma Rosenzweig, a delegate of the Commissioner of Taxation, indicating that Mr. Maguire has contravened the SISA on multiple occasions, leading to his disqualification from acting as a trustee, investment manager, or custodian of a superannuation entity. This disqualification is intended to uphold the standards and compliance required within the superannuation 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, including trustees, investment managers, custodians, and responsible officers. The Act’s jurisdiction extends across the Commonwealth of Australia, with a primary focus on ensuring the integrity and proper functioning of the superannuation industry. The Act prohibits disqualified individuals from acting in roles such as trustees, investment managers, or custodians of superannuation entities, and it is an offence for such individuals to do so knowingly. This prohibition is enforceable under section 126K of the SISA, which carries a maximum penalty of two years imprisonment. The disqualification process under the SISA can be initiated by the Commissioner of Taxation and is communicated through a Notifiable Instrument published in the Federal Register of Legislation, as mandated by subsection 126A(7). Additionally, the disqualification can be revoked either at the initiative of the Commissioner or upon application by the disqualified person, as per subsection 126A(5). For those affected by a disqualification decision, section 344 of the SISA provides a mechanism for requesting a reconsideration of the decision within 21 days of receiving notice.

Key Provisions

The Superannuation Industry (Supervision) Act 1993 (SISA) contains several key provisions relevant to the disqualification of individuals involved in the supervision of superannuation funds. Specifically, subsection 126A(2) allows for the disqualification of individuals found to have contravened the Act on multiple occasions, with the number of contraventions being a significant factor in the decision. This disqualification is communicated through a formal notice, as per subsection 126A(6), and becomes effective on the day it is issued. The notice, provided in this instance by Emma Rosenzweig, a delegate of the Commissioner of Taxation, informs the disqualified individual, in this case Paul Maguire, of the disqualification and the reasons behind it. Furthermore, subsection 126A(7) mandates that details of such disqualifications are to be published as a Notifiable Instrument in the Federal Register of Legislation, ensuring transparency and public awareness. The SISA imposes stringent obligations on individuals and entities involved in the superannuation industry. Those disqualified under the Act, such as Paul Maguire, are explicitly prohibited from acting as trustees, investment managers, or custodians of superannuation entities, as well as from being responsible officers or body corporates that perform these roles. This prohibition is outlined in section 126K of the SISA, which imposes severe penalties for violations, including a potential maximum penalty of two years in jail. The intent behind these provisions is to safeguard the integrity and proper management of superannuation funds by preventing individuals with a history of non-compliance from participating in the industry. In the event of a breach of the disqualification provisions, the SISA provides for both criminal and civil consequences. Under section 126K, knowingly acting in a prohibited capacity while disqualified is an offence, with the potential for significant jail time as a penalty. Additionally, subsection 126A(5) of the SISA allows for the revocation of a disqualification either on the initiative of the Commissioner of Taxation or upon a written application by the disqualified individual. This flexibility ensures that disqualifications can be reviewed and potentially lifted if circumstances change or if the disqualified individual demonstrates a capacity to comply with the law in the future. Furthermore, section 344 of the SISA provides a mechanism for appeal, allowing individuals affected by the disqualification to request a reconsideration of the decision within 21 days of receiving notice, provided the request is made in writing and includes the reasons for dissatisfaction with the decision.