Notice of Disqualification – Tereza Mifsud – 12 March 2026

Overview

The Superannuation Industry (Supervision) Act 1993 was enacted to address the need for rigorous oversight and regulation of the superannuation industry in Australia, aiming to protect the interests of superannuation fund members and beneficiaries. The Act was introduced by the Australian Parliament to provide a comprehensive framework for the supervision of superannuation funds, trustees, and other entities involved in the administration of superannuation benefits. The policy objective behind the Act is to ensure the integrity, efficiency, and transparency of the superannuation industry, thereby safeguarding the financial security of Australians in their retirement. One significant aspect of the Act is its provision for disqualifying individuals who have contravened its provisions, which is intended to deter misconduct and maintain high standards within the industry.

Scope and Application

The Superannuation Industry (Supervision) Act 1993 (SISA) applies to individuals and entities involved in the supervision and management of superannuation entities within Australia. Specifically, it targets trustees, investment managers, custodians, and responsible officers or bodies corporate that act in these capacities for superannuation entities. The act's jurisdictional reach is national, applying across all states and territories of Australia. Its primary aim is to ensure the proper management and oversight of superannuation funds to protect the interests of fund members. The act provides certain exclusions and exemptions, particularly in relation to specific types of entities or activities that may be regulated under different legislative frameworks. The SISA also extends its application through subordinate instruments, which may provide further detail on the enforcement and compliance requirements for those subject to its provisions. The act clearly outlines the consequences of contravening its provisions, including the potential for disqualification and criminal penalties for continuing to act in a prohibited capacity after being disqualified.

Key Provisions

The notice issued to Tereza Mifsud under subsection 126A(6) of the Superannuation Industry (Supervision) Act 1993 (SISA) informs her that she has been disqualified by Ben Kelly, a delegate of the Commissioner of Taxation. The disqualification was enacted because Tereza has contravened the SISA on multiple occasions, which the delegate has determined is sufficient to warrant this action. The disqualification becomes effective immediately upon issuance of the notice. Under the SISA, the disqualification has significant implications for Tereza. Specifically, under section 126K, it is an offence for a disqualified person who is aware of their disqualification status to act as a trustee, investment manager, or custodian of a superannuation entity, or to serve as a responsible officer or a body corporate in these roles for a superannuation entity. This prohibition aims to prevent disqualified individuals from continuing to influence or manage superannuation funds, thereby protecting the interests of superannuation fund members. The penalties for contravening these provisions are severe. Under section 126K, the maximum penalty for such an offence is two years imprisonment. This underscores the seriousness with which the law treats breaches of the SISA and the disqualification order. Additionally, subsection 126A(5) allows for the possibility of revoking the disqualification either on the initiative of the delegate or upon Tereza's written application. For Tereza, if she is dissatisfied with the decision to disqualify her, section 344 of the SISA provides a recourse. She can request the Commissioner to reconsider the decision within 21 days of receiving the notice. This request must be made in writing and should include the reasons why she believes the decision is incorrect. This provision ensures that Tereza has a formal avenue to contest the disqualification if she feels it was unjust or erroneous.