Notice of Disqualification – Thomas Marsh - 29 June 2026

Overview

The Superannuation Industry (Supervision) Act 1993 was enacted by the Parliament of Australia to establish a regulatory framework for the supervision of the superannuation industry. This legislation aimed to address the need for effective oversight and regulation to ensure the proper management and security of superannuation funds. The Act provides for the regulation of trustees, investment managers, custodians, and responsible officers within the superannuation industry to protect the interests of fund members. The Superannuation Industry (Supervision) Act 1993 allows for the disqualification of individuals who are deemed unfit to manage superannuation funds, with the objective of maintaining the integrity and stability of the superannuation system. This legislative measure ensures that those involved in the administration of superannuation funds adhere to high standards of conduct and accountability. The Act includes provisions for the imposition of penalties, including potential imprisonment, for individuals who continue to act in a disqualified capacity, thereby reinforcing the importance of compliance with regulatory requirements.

Scope and Application

The Superannuation Industry (Supervision) Act 1993 applies to trustees, investment managers, custodians, responsible officers, and body corporates within the superannuation industry, ensuring compliance and protection of superannuation funds. The Act, enacted at the Commonwealth level, extends its jurisdictional reach across Australia, thereby impacting entities and individuals engaged in the management of superannuation funds. The Act imposes disqualifications on individuals who have contravened its provisions, prohibiting them from acting in specified roles within superannuation entities. The disqualification under subsection 126A(1) of the Act takes immediate effect upon issuance and is an administrative measure to safeguard the integrity of the superannuation system. While the Act broadly applies to the superannuation industry, there may be exclusions or exemptions specified in subordinate instruments, but these are not elaborated upon in the provided text. Furthermore, the Act allows for the revocation of disqualifications either by the authority on its own initiative or upon a written application by the disqualified person.

Key Provisions

The Superannuation Industry (Supervision) Act 1993 (SISA) contains various provisions concerning the supervision of the superannuation industry in Australia. Section 126A(1) of the SISA empowers the Commissioner of Taxation to disqualify individuals from certain roles within the superannuation industry, a decision that is communicated to the affected person via a Notice of Disqualification, as seen in the document dated 29 June 2026 for Thomas Marsh. This disqualification can take immediate effect upon issuance, as highlighted in the notice, which informs Thomas that his disqualification is effective from the day it is made. The Act imposes specific obligations on disqualified individuals such as Thomas Marsh. Under section 126K of the SISA, it is an offence for a disqualified person to act or be involved as a trustee, investment manager, or custodian of a superannuation entity, or to be a responsible officer or a body corporate that holds these roles. This prohibition is intended to prevent disqualified individuals from continuing to manage or influence superannuation funds, thereby protecting the interests of fund members. The obligations are clear: disqualified individuals must refrain from any involvement in these capacities to avoid potential legal repercussions. Failure to comply with the provisions of the SISA can result in significant penalties. Under section 126K, any disqualified person who knowingly engages in prohibited activities faces criminal charges. The maximum penalty for this offence is a two-year jail term, indicating the seriousness with which the Act regards breaches of these restrictions. Additionally, the disqualification itself is a significant consequence, barring the individual from participating in the management of superannuation entities, which can have long-term professional and financial impacts. The Act also provides mechanisms for review and potential revocation of disqualifications. Section 126A(5) of the SISA allows for the revocation of a disqualification either on the initiative of the Commissioner or upon a written application by the disqualified individual. This provision offers a pathway for individuals to potentially restore their professional standing if they can demonstrate that the grounds for their disqualification no longer apply. Furthermore, section 344 of the SISA allows for reconsideration of the decision by the Commissioner if the affected party is dissatisfied with the outcome. This reconsideration request must be made in writing within 21 days of receiving the notice of disqualification and must detail the reasons for dissatisfaction with the decision.