Notice of Disqualification – Zoran Vidakovic – 22 September 2025

Overview

The Superannuation Industry (Supervision) Act 1993 was enacted by the Parliament of Australia to address issues of governance and compliance within the superannuation industry. The legislation provides a regulatory framework designed to ensure that superannuation entities operate in a manner that is consistent with the interests of members, thereby addressing gaps in the oversight of these entities. The policy objective of the Act is to safeguard the superannuation system by enhancing the regulation and supervision of trustees, investment managers, and custodians within the industry. A notable provision of the Act is the authority it grants to the Commissioner of Taxation to disqualify individuals who have breached the Act, ensuring that those who do not adhere to the standards set forth are prevented from participating in the management of superannuation entities. This disqualification mechanism is intended to maintain the integrity and reliability of the superannuation system by barring non-compliant individuals from roles where they could potentially cause harm to members.

Scope and Application

The Superannuation Industry (Supervision) Act 1993 (SISA) is a Commonwealth Act that applies to individuals and entities involved in the superannuation industry, including trustees, investment managers, custodians, and responsible officers of superannuation entities. The Act’s jurisdiction extends across Australia, imposing regulatory oversight on the conduct and transactions within the superannuation sector. The Act includes provisions for disqualifying individuals from certain roles if they contravene the Act, as demonstrated in the notice served to Zoran Vidakovic. The disqualification prohibits him from acting as a trustee, investment manager, custodian, or responsible officer of a superannuation entity. Notably, the Act also criminalises the act of a disqualified person continuing in these roles, with potential penalties including up to two years of imprisonment. Additionally, the Act allows for the disqualification to be revoked either by the Commissioner of Taxation or at the written application of the disqualified person. Furthermore, individuals affected by such decisions have the right to request a reconsideration by the Commissioner within 21 days of receiving the notice, as outlined in section 344 of the SISA.

Key Provisions

The Superannuation Industry (Supervision) Act 1993 (SISA) provides several key provisions that regulate the superannuation industry in Australia. Under subsection 126A(6) of the SISA, a delegate of the Commissioner of Taxation, such as Emma Rosenzweig in this case, can disqualify a person from participating in the superannuation industry if there is evidence of repeated contraventions of the Act. The disqualification, as notified in the document, takes effect on the day it is issued, as stated in subsection 126A(2) of the SISA. This means that Zoran Vidakovic is immediately barred from any role related to the management or administration of superannuation entities. The obligations imposed by the Act on individuals like Zoran Vidakovic include adherence to the standards and requirements set forth in the SISA. These obligations are intended to ensure the proper management and safeguarding of superannuation funds. By contravening the SISA, Zoran has failed to meet these obligations, leading to his disqualification. Additionally, under section 126K of the SISA, it is an offence for a disqualified person to act as a trustee, investment manager, or custodian of a superannuation entity, or to be a responsible officer or body corporate in such roles. This prohibition is crucial to maintain the integrity of the superannuation system. The consequences for breaching the SISA are significant. As outlined in Note 2, if a disqualified person knowingly continues to act in any of the prohibited roles, they commit an offence that carries a maximum penalty of two years in jail. This underscores the seriousness with which the Act regards such violations. Furthermore, under subsection 126A(5) of the SISA, the disqualification can be revoked, either by the delegate’s own initiative or upon a written application by the disqualified person. This provides a pathway for reconsideration and potential reinstatement, contingent on demonstrating compliance and rehabilitation. In the event that Zoran is dissatisfied with the decision, he has the option to request a reconsideration under section 344 of the SISA, provided he submits his request in writing within 21 days of receiving the notice of disqualification and clearly states the reasons for his dissatisfaction.