Notice of Variation of Disqualification – Kym Geddes – 3 December 2025

Overview

The Superannuation Industry (Supervision) Act 1993 (SISA) was enacted to ensure the proper management and regulation of superannuation funds in Australia, aiming to protect the interests of fund members. The Act addresses the problem of ensuring that individuals who are responsible for managing superannuation entities are fit and proper persons, thereby maintaining the integrity and stability of the superannuation industry. The policy objective is to safeguard superannuation funds by disqualifying individuals who have demonstrated unsuitability through serious contraventions of the Act. This legislative framework is administered by the Parliament of Australia and provides mechanisms for the disqualification of individuals who have acted contrary to the standards expected of those involved in the supervision and management of superannuation funds. The SISA also includes provisions for the revocation of disqualifications and mechanisms for reconsideration of decisions, ensuring a fair process for those affected by such disqualifications.

Scope and Application

The Superannuation Industry (Supervision) Act 1993 applies to entities and individuals involved in the administration of superannuation funds, specifically targeting trustees, investment managers, custodians, and responsible officers of corporate trustees. The Act has a national jurisdictional reach across Australia, ensuring consistent oversight and regulation of superannuation entities. The notice of disqualification under subsection 126A(6) of the Act is issued to individuals who have acted as responsible officers when their corporate trustees contravened the provisions of the Act, particularly in cases where the contraventions are serious enough to warrant such a measure. This disqualification is intended to prevent individuals from continuing their roles within the superannuation industry if they have been part of entities that have breached the Act. The disqualification is effective from the date of issuance, as outlined in the notice given to the affected person, Kym Geddes in this instance. Notably, the Act allows for the revocation of such disqualifications, either by the authorities on their own initiative or upon a written application by the disqualified person. Additionally, the Act includes provisions for judicial review, offering a recourse for those who feel aggrieved by the decision to disqualify them from participating in the superannuation industry.

Key Provisions

The main provisions of the Superannuation Industry (Supervision) Act 1993 (SISA) relevant to this notice of disqualification are subsections 126A(2), 126A(6), and 126A(7). Under subsection 126A(2), the Commissioner of Taxation is empowered to disqualify a person if they are satisfied that the corporate trustee of a superannuation entity has contravened the SISA and the person was a responsible officer at the time of the contravention. Subsection 126A(6) requires the Commissioner to give the disqualified person written notice of the decision, as illustrated in this notice to Kym Geddes. Additionally, subsection 126A(7) mandates that details of this disqualification must be published as a Notifiable Instrument in the Federal Register of Legislation. The Act imposes several obligations and requirements on the parties it governs. Firstly, it requires the Commissioner of Taxation to ensure that a disqualified person is notified in writing of the decision and the reasons for it, as demonstrated in the notice to Kym Geddes. Additionally, the Commissioner must publish the disqualification details as a Notifiable Instrument, making this information publicly accessible. The Act also obligates the disqualified person, in this case Kym Geddes, to refrain from acting as a trustee, investment manager, or custodian of a superannuation entity, or being a responsible officer of a body corporate that holds these roles. Breaching the provisions of the SISA can result in serious consequences. Section 126K of the SISA outlines that it is an offence for a disqualified person to be, or act as, a trustee, investment manager, or custodian of a superannuation entity, or to be a responsible officer of a body corporate that holds these roles. The maximum penalty for committing this offence is two years in jail. Furthermore, the Act provides mechanisms for the revocation of disqualification either on the initiative of the Commissioner or upon a written application by the disqualified person, as stipulated in subsection 126A(5). In the case of dissatisfaction with the decision, section 344 of the SISA allows for a request to the Commissioner to reconsider the decision within 21 days of receiving the notice, provided that the request is made in writing and includes reasons for the perceived error in the decision.