Notice of Confirmation of Disqualification – Joshphar Kunapo - 3 June 2026

Overview

The Superannuation Industry (Supervision) Act 1993 (SISA) was enacted to address the need for robust oversight and regulation of the superannuation industry, ensuring that trustees, investment managers, and custodians act in the best interests of superannuation fund members. The Act provides the legislative framework for the Australian Prudential Regulation Authority (APRA) to supervise and regulate the prudential aspects of the superannuation industry. The policy objective of the Act is to maintain confidence in the superannuation system by ensuring that entities involved in the management of superannuation funds adhere to high standards of governance, transparency, and accountability. The Act empowers the Commissioner of Taxation to disqualify individuals from performing certain roles within the superannuation industry if they are found to have contravened the Act, thereby protecting the interests of superannuation fund members. This legislative instrument confirms the disqualification of an individual who has contravened the Act while serving as a responsible officer of a corporate trustee.

Scope and Application

The Superannuation Industry (Supervision) Act 1993 (SISA) applies to individuals and entities involved in the management and oversight of superannuation entities, including trustees, investment managers, custodians, and responsible officers of corporate trustees. The scope of the Act extends across the Commonwealth of Australia, regulating the conduct and operations of entities within the superannuation industry to ensure compliance with established standards and protections for superannuation funds. The Act explicitly targets serious contraventions that warrant disqualification of responsible officers, with the specific application in this case concerning Joshphar Kunapo, who was a responsible officer during the contraventions. The notice of disqualification is applicable nationwide, reflecting the Act's comprehensive reach across state and territory boundaries. The Act does not provide specific exclusions or exemptions, but the severity and nature of the contraventions determine eligibility for disqualification. The application and enforcement of the Act may be further detailed through subordinate instruments, which can provide additional regulations and clarifications to ensure proper implementation and oversight of the superannuation industry.

Key Provisions

The main operative sections of the notice (subsection 344(6)) inform Joshphar Kunapo that his disqualification has been confirmed as a responsible officer of a corporate trustee that contravened the Superannuation Industry (Supervision) Act 1993 (SISA). The notice is delivered in accordance with the requirements of the Act, indicating that the Commissioner of Taxation's delegate is satisfied with the seriousness of the contraventions and that the disqualification is effective from the date of the notice. This confirms that Kunapo is no longer eligible to act in any capacity involving the management of superannuation entities. The Act imposes specific obligations on parties such as responsible officers of corporate trustees. These individuals must ensure compliance with the SISA to avoid personal disqualification. The notice emphasizes that the seriousness of the contraventions and the role of the responsible officer at the time of the breach are critical factors in the disqualification decision. The notice also highlights that the details of this disqualification will be published in the Federal Register of Legislation, ensuring transparency and accountability within the superannuation industry. There are significant consequences for breaches of the Act. According to section 126k, 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 of such a body. The maximum penalty for this offence is two years imprisonment, underscoring the seriousness with which the law regards these contraventions. Additionally, section 126(7) mandates the publication of such disqualifications, adding a layer of public accountability. If Kunapo is not satisfied with the disqualification decision, he has the right to apply to the Administrative Appeals Tribunal within 28 days of receiving notification. This provision ensures that there is a formal review process available to challenge the decision, providing a safeguard against potential errors or injustices in the disqualification process.