Notice of Disqualification – Therese Mifsud - 18 November 2025

Overview

The Superannuation Industry (Supervision) Act 1993 (SISA) was enacted to address the need for effective regulation and supervision of the superannuation industry in Australia, aiming to protect the interests of superannuation fund members. This legislation was introduced by the Commonwealth Parliament to ensure that superannuation entities are managed in a manner that safeguards the retirement savings of Australians. The policy objective of the SISA is to maintain and improve the integrity and efficiency of the superannuation industry, ensuring that trustees and responsible officers adhere to high standards of conduct and compliance. In cases where there are significant contraventions of the SISA by corporate trustees, the Act provides mechanisms for disqualifying individuals from acting in certain capacities within the superannuation sector, as a means of enforcing accountability and deterring non-compliance.

Scope and Application

The Superannuation Industry (Supervision) Act 1993 (SISA) applies to responsible officers of corporate trustees managing superannuation entities, including individuals and corporate entities involved in the administration of superannuation funds. This Act has a Commonwealth jurisdiction, thereby extending its reach across all states and territories within Australia. The Act targets serious contraventions of superannuation laws, aiming to protect the integrity and financial security of superannuation funds. It excludes minor or inadvertent breaches that do not warrant disqualification. The SISA provides for the disqualification of individuals from acting as responsible officers if the corporate trustee they are associated with has contravened the Act, especially if the contraventions are serious. This disqualification can be initiated by a delegate of the Commissioner of Taxation and is communicated through a formal notice, which is also published as a Notifiable Instrument in the Federal Register of Legislation. Furthermore, the Act stipulates that it is an offence for a disqualified person to act in any capacity that involves the management of superannuation funds, with significant penalties, including up to two years in jail, for non-compliance. The Act also provides mechanisms for the revocation of disqualification and the reconsideration of decisions by the Commissioner.

Key Provisions

The Superannuation Industry (Supervision) Act 1993 (SISA) sets out various provisions concerning the supervision and regulation of superannuation entities. Section 126A(2) and (6) of the SISA allow for the disqualification of individuals from being involved in the management of superannuation entities. In this case, Therese Mifsud has been disqualified by Ben Kelly, a delegate of the Commissioner of Taxation, because the corporate trustee of one or more superannuation entities has contravened the SISA on multiple occasions, and Therese was a responsible officer at the time of these contraventions. The disqualification takes immediate effect upon issuance of the notice. Therese Mifsud, as a disqualified person, is now subject to specific obligations and restrictions under the SISA. These include a prohibition from being or acting as a trustee, investment manager, or custodian of a superannuation entity, or serving as a responsible officer or a body corporate that is a trustee, investment manager, or custodian of such entities. This restriction is designed to prevent disqualified individuals from influencing or managing superannuation funds in any capacity. The SISA also imposes significant penalties for breaches of these disqualifications. Section 126K of the Act stipulates that it is an offence for a disqualified person who is aware of their disqualification to contravene the provisions mentioned above. The maximum penalty for this offence is two years imprisonment, underscoring the seriousness with which the law treats such breaches. There are avenues for appeal and potential revocation of the disqualification. Section 126A(5) of the SISA provides for the possibility of revoking the disqualification either on the initiative of the Commissioner or upon a written application by the disqualified person. Furthermore, Section 344 allows Therese Mifsud to request a reconsideration of the decision by the Commissioner if she is dissatisfied with the outcome, provided this request is made in writing within 21 days of receiving the notice and includes the reasons for her dissatisfaction.