Notice of Disqualification – Tori Power - 25 September 2025

Overview

The Superannuation Industry (Supervision) Act 1993 (SISA) was enacted to address the need for robust supervision and regulation of the superannuation industry in Australia. This Act empowers the Commissioner of Taxation to oversee the activities of superannuation entities, ensuring they comply with established regulations to protect the interests of superannuation fund members. The policy objective of the Act is to maintain the integrity and stability of the superannuation system, safeguarding the financial security of Australians in their retirement. The SISA provides a framework for the disqualification of responsible officers who fail to adhere to the legislative requirements, thus preventing misconduct and maintaining public trust in the superannuation system. In the context of this legislation, the enactment of the SISA by the Australian Parliament addresses a critical gap in the regulation of the superannuation industry. The Act specifically targets instances where responsible officers of corporate trustees contravene the law, leading to their disqualification. This notice serves as a formal declaration by a delegate of the Commissioner of Taxation, under subsection 126A(6) of the SISA, that Tori Power has been disqualified due to the serious nature of the contraventions committed by the corporate trustee of which they were a responsible officer. This disqualification aims to uphold the integrity of the superannuation system and deter future non-compliance.

Scope and Application

The Superannuation Industry (Supervision) Act 1993 (SISA) applies to the trustees, investment managers, and custodians of superannuation entities, as well as responsible officers of corporate trustees, across Australia. The legislation operates on a Commonwealth level, establishing a uniform framework for the supervision of the superannuation industry. The act specifically targets individuals who have been involved in serious contraventions of the legislation while holding a position of responsibility within a superannuation entity. The disqualification provisions under subsection 126A(2) of the SISA serve as a regulatory measure to maintain the integrity and proper functioning of the superannuation system. Additionally, the act includes provisions for the publication of disqualification notices as notifiable instruments, enhancing transparency and public accountability. The scope of the SISA is further extended through subordinate instruments, which can provide more detailed rules and guidelines for the implementation and enforcement of the act. The jurisdictional reach of the SISA is nationwide, applying uniformly across all states and territories in Australia. There are, however, mechanisms within the act for the revocation of disqualification orders and the reconsideration of decisions by the Commissioner, offering avenues for review and potential reinstatement for disqualified individuals. The act does not specify particular exclusions or thresholds but focuses on the severity of the contraventions and the position of responsibility held by the individual at the time of the contraventions.

Key Provisions

The Superannuation Industry (Supervision) Act 1993 (SISA) provides specific powers to the Commissioner of Taxation, including the ability to disqualify individuals from participating in superannuation entities if certain conditions are met. Under subsection 126A(2), the Commissioner can disqualify a person if they are satisfied that the corporate trustee of one or more superannuation entities has contravened the SISA and that the individual was a responsible officer at the time of the contraventions, which were serious enough to warrant disqualification. In this case, Tori Power has been disqualified under this subsection (subsection 126A(6)). The disqualification imposes significant obligations on Tori Power. As a result of the disqualification, she is prohibited from being or acting as a trustee, investment manager, or custodian of a superannuation entity, or from being a responsible officer of any body corporate that serves in these capacities (section 126K). This prohibition applies regardless of whether she is knowingly or unknowingly involved in the activities that would breach these terms. The disqualification is effective immediately upon issuance (subsection 126A(7)). There are serious consequences for breaching the terms of this disqualification. If Tori Power, knowing she is disqualified, engages in any of the prohibited activities, she commits an offence under the SISA. The maximum penalty for such an offence is two years imprisonment (section 126K). This underscores the seriousness of the disqualification and the importance of complying with the terms of the notice. Additionally, the notice outlines potential avenues for Tori Power to seek recourse if she believes the disqualification is unjust. Under section 344 of the SISA, she can request the Commissioner to reconsider the decision within 21 days of receiving the notice. This reconsideration must be made in writing and should include the reasons she believes the decision is incorrect. There is also a possibility for the disqualification to be revoked, either on the initiative of the Commissioner or following a written application by Tori Power (subsection 126A(5)).