Notice of Disqualification – Stephanie Hill - 10 July 2026

Overview

The Superannuation Industry (Supervision) Act 1993 (SISA) was enacted to address the need for stringent oversight and regulation of the superannuation industry in Australia. This Act was introduced to ensure the proper administration and management of superannuation funds, protecting the interests of fund members. The SISA was enacted by the Commonwealth Parliament, reflecting the federal government's commitment to maintaining the integrity and stability of the superannuation system. The policy objective of the SISA is to safeguard the financial well-being of superannuation fund members by imposing regulatory requirements on trustees, investment managers, and custodians of superannuation entities. The Act aims to prevent misconduct and ensure that those involved in the management of superannuation funds adhere to high standards of conduct and accountability.

Scope and Application

The Superannuation Industry (Supervision) Act 1993 (SISA) applies to individuals and entities involved in the management and operation of superannuation funds within Australia. Specifically, it targets trustees, investment managers, custodians, and responsible officers of superannuation entities, ensuring they adhere to stringent regulatory standards to safeguard the interests of fund members. The act has a national reach, governing conduct and transactions across all states and territories of Australia, as it is a Commonwealth Act. A notable exclusion under the act is that it does not apply to self-managed superannuation funds (SMSFs) unless they have more than four members. The application of the act may be extended or restricted through subordinate instruments, such as regulations or guidelines issued by the Commissioner of Taxation. Disqualifications under the act are severe, prohibiting disqualified individuals from engaging in any capacity with superannuation entities, with potential criminal penalties for non-compliance. This notice of disqualification for Stephanie Hill, issued under the authority of a delegate of the Commissioner of Taxation, reflects the seriousness with which the act treats breaches of its provisions.

Key Provisions

The main provisions of the Superannuation Industry (Supervision) Act 1993 (SISA) that are pertinent to this notice of disqualification (subsection 126A(6)) revolve around the disqualification of individuals who have contravened the Act. Specifically, subsection 126A(1) allows for the disqualification of individuals from being involved in the management or operation of superannuation entities if they have contravened the SISA in a manner that warrants such action. Stephanie Hill has been disqualified under these provisions because it has been determined that she has contravened the SISA and the seriousness of her actions justifies her disqualification. The disqualification becomes effective on the date the notice is issued. The Act imposes several obligations and requirements on individuals and entities it governs. For instance, section 126K of the SISA stipulates that it is an offence for a disqualified person, who is aware of their disqualification, to act as a trustee, investment manager, or custodian of a superannuation entity, or to be a responsible officer of a body corporate that serves in any of these roles. This prohibition is designed to prevent disqualified individuals from influencing the management or operations of superannuation entities, thereby protecting the interests of superannuation fund members. In terms of consequences, the Act delineates severe penalties for breaches of the disqualification provisions. According to section 126K, knowingly acting in any capacity listed in the disqualification notice is a criminal offence. The maximum penalty for this offence is two years imprisonment, underscoring the seriousness with which the Act treats such contraventions. Furthermore, the disqualification itself serves as a deterrent, barring the individual from participating in the superannuation industry. Additionally, the Act provides mechanisms for potential relief from disqualification. Under subsection 126A(5), the disqualification can be revoked either on the initiative of the relevant authorities or upon a written application by the disqualified person. This provision allows for a degree of flexibility and offers a potential path for reinstatement under certain conditions. Moreover, section 344 of the SISA provides an avenue for reconsideration of the decision if the affected party believes it to be unjust. Any request for reconsideration must be made in writing within 21 days of receiving the notice and should detail the reasons for the dissatisfaction with the decision.