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

Overview

The Superannuation Industry (Supervision) Act 1993 was enacted to provide for the supervision and regulation of the superannuation industry in Australia, aiming to protect the interests of superannuation fund members. The problem this legislation was introduced to address was the need for robust regulatory oversight to ensure that superannuation funds were managed responsibly and that trustees acted in the best interests of their members. The Superannuation Industry (Supervision) Act 1993 was enacted by the Parliament of Australia and its policy objective is to safeguard the financial well-being of superannuation fund members through effective regulation and supervision of the industry. This legislative framework empowers the Australian Taxation Office to oversee the conduct of trustees and other responsible officers to prevent misconduct and ensure compliance with the law.

Scope and Application

The Superannuation Industry (Supervision) Act 1993 (SISA) applies to responsible officers of corporate trustees of superannuation entities, encompassing individuals who hold significant roles within entities that manage superannuation funds. The legislation's jurisdictional reach is national, as it is a Commonwealth Act, thereby applying uniformly across Australia. The Act specifically targets conduct that contravenes its provisions, particularly focusing on the management and oversight of superannuation entities. The application extends to any person who was a responsible officer at the time of the contraventions. Additionally, the Act includes provisions for the publication of disqualification notices in the Federal Register of Legislation, ensuring transparency and public accountability. There are no stated exclusions or exemptions within the text provided, and the Act's application can be further extended or restricted through subordinate instruments.

Key Provisions

The main operative sections of the Superannuation Industry (Supervision) Act 1993 (SISA) relevant to this notice of confirmation of disqualification include subsections 344(4) and 344(6). Under subsection 344(4), the disqualification of a responsible officer occurs if it is determined that they were part of a corporate trustee of a superannuation entity that contravened the SISA and the seriousness of the contraventions warrants disqualification. Subsection 344(6) requires the delegate of the Commissioner of Taxation to provide written notice of the disqualification to the affected individual, which in this case is Ratna Kunapo. The notice confirms the disqualification and specifies that it is effective from the date of the notice. The SISA imposes several obligations and requirements on the parties it governs. Specifically, responsible officers of corporate trustees are expected to ensure compliance with the SISA to avoid disqualification. The Act mandates that any contravention of the SISA by a corporate trustee while the responsible officer was in office can lead to their disqualification. Additionally, section 126k of the SISA requires that a disqualified person must not act as a trustee, investment manager, or custodian of a superannuation entity, or be a responsible officer of such a body corporate. These obligations underscore the importance of adherence to the SISA in maintaining the integrity of the superannuation industry. Failure to comply with the provisions of the SISA can result in serious consequences. Under section 126k, it is an offence for a disqualified person to act in a capacity that they are prohibited from under the SISA. The maximum penalty for committing this offence is two years imprisonment. This penalty serves as a deterrent against non-compliance and reinforces the seriousness with which the Act treats breaches of its provisions. Additionally, the notice informs the affected individual that they have the right to apply to the Administrative Appeals Tribunal to review the decision within 28 days of receiving the notification. The notice also indicates that details of the disqualification will be published as a Notifiable Instrument in the Federal Register of Legislation, as per subsection 126(7) of the SISA. This transparency ensures that the public is informed of such disqualifications, which helps maintain accountability within the superannuation industry. Furthermore, the notice provides information on the possibility of seeking a review of the decision by the Administrative Appeals Tribunal, highlighting the procedural safeguards available to those affected by disqualification decisions.