Notice of Disqualification – Tara Ware - 3 June 2026

Overview

The Superannuation Industry (Supervision) Act 1993 (SISA) was enacted to address the need for robust regulation and supervision of the superannuation industry in Australia. This legislation was introduced to ensure that superannuation entities are managed with integrity and that the interests of superannuation fund members are protected. The Act was passed by the Australian Parliament, with the policy objective of enhancing the accountability and efficiency of the superannuation industry, thereby fostering public confidence in superannuation as a reliable long-term savings mechanism. The Act provides the Commissioner of Taxation with the authority to disqualify individuals who are responsible officers of corporate trustees of superannuation entities if they are found to have contravened the provisions of the Act. The disqualification aims to deter misconduct and maintain high standards within the industry.

Scope and Application

The Superannuation Industry (Supervision) Act 1993 (SISA) governs the operation of superannuation entities in Australia, ensuring that these entities are managed in accordance with specific standards and regulations. The Act applies to entities such as trustees, investment managers, and custodians that are involved in the management of superannuation funds. It also applies to responsible officers of these entities, who are held to account for ensuring compliance with the Act. The jurisdiction of the Act is national, as it is a Commonwealth Act, meaning it applies across all states and territories in Australia. However, the Act does not provide explicit exclusions or exemptions, thereby encompassing a broad range of conduct and transactions related to superannuation entities. The application of the Act can be extended or restricted through subordinate instruments, which allow for detailed regulations and standards to be established. In the case of Tara Ware, the disqualification notice issued under the Act highlights the serious consequences of contravening the Act's provisions, including potential criminal penalties for acting as a trustee, investment manager, or custodian while disqualified.

Key Provisions

The Superannuation Industry (Supervision) Act 1993 (SISA) includes specific provisions for disqualifying individuals from certain roles within superannuation entities. Section 126A(2) allows for the disqualification of a responsible officer if they were part of a corporate trustee that contravened the SISA, and the seriousness of the contraventions justifies their disqualification. Under section 126A(6), a delegate of the Commissioner of Taxation must notify the individual in writing of the disqualification, as demonstrated in the notice sent to Tara Ware. This disqualification takes immediate effect upon its issuance, as stipulated in the notice. The obligations imposed by the Act on the parties it governs include ensuring compliance with all provisions of the SISA, particularly those concerning the roles of trustees, investment managers, and custodians of superannuation entities. Responsible officers must be vigilant in their duties to prevent any contraventions of the Act by the corporate trustees they represent. Failure to adhere to these obligations can result in serious consequences, including disqualification. Breaching the provisions of the Act can lead to significant consequences. Section 126K makes it an offence for a disqualified person to act as, or be, a trustee, investment manager, or custodian of a superannuation entity. This offence carries a maximum penalty of two years in jail. Additionally, the disqualification can be revoked either on the initiative of the Commissioner or upon a written application by the disqualified person, as outlined in section 126A(5). If Tara Ware, or any other affected individual, is dissatisfied with the decision, they can request a reconsideration within 21 days of receiving notice, as provided for in section 344.