Notice of Disqualification – Daniel Pereira - 24 September 2025

Overview

The Superannuation Industry (Supervision) Act 1993 (SISA) was enacted to address significant governance and regulatory issues within Australia's superannuation industry. This Act was designed to ensure the proper management and oversight of superannuation funds, providing a robust framework to protect the interests of fund members. The enactment of SISA was driven by the need to prevent mismanagement and fraud within superannuation funds, thereby safeguarding the financial security of millions of Australians who rely on these funds for their retirement. The legislation is administered by the Parliament of Australia, with the policy objective of maintaining the integrity and stability of the superannuation industry. The notice of disqualification for Daniel Pereira, issued under the authority of the SISA, exemplifies the Act's role in enforcing compliance and penalising misconduct within the superannuation sector. By disqualifying individuals who have contravened the Act's provisions, the legislation aims to deter potential breaches and uphold the high standards required for those involved in the management of superannuation entities. The notice clearly states the grounds for the disqualification and outlines the severe consequences of acting in a disqualified capacity, reflecting the Act’s commitment to rigorous enforcement and public accountability.

Scope and Application

The Superannuation Industry (Supervision) Act 1993 (SISA) applies to individuals and entities involved in the administration and management of superannuation funds in Australia. This includes trustees, investment managers, custodians, and responsible officers of superannuation entities. The Act has a Commonwealth reach, governing the entire nation and ensuring that superannuation funds are managed according to stringent standards. The legislation allows for the disqualification of individuals who have contravened the Act, with such disqualifications being publicly notified as Notifiable Instruments in the Federal Register of Legislation. Specifically, if an individual is disqualified, they are prohibited from acting as a trustee, investment manager, or custodian of a superannuation entity, with serious penalties, including up to two years in jail, for non-compliance. Additionally, the Act provides mechanisms for revocation of disqualification and for reconsideration of disqualification decisions by the Commissioner.

Key Provisions

The Superannuation Industry (Supervision) Act 1993 (SISA) contains provisions that enable the disqualification of individuals who have contravened the Act. Under subsection 126A(1) of the SISA, the Commissioner of Taxation, or a delegate such as Ben Kelly, can disqualify a person from performing certain roles related to superannuation entities if there are grounds to believe that the person has contravened the Act. The operative section in this notice, subsection 126A(6), requires that notice of such disqualification must be given to the person affected. This notice is given by Ben Kelly to Daniel Pereira, informing him that he has been disqualified due to contraventions of the SISA that warrant such action. The disqualification takes immediate effect on the day it is issued. The obligations imposed by the Act on parties governed by it include adherence to the legislative requirements and standards set forth to ensure the integrity and proper management of superannuation entities. Daniel Pereira, as a party affected by the notice, has the obligation to refrain from acting as a trustee, investment manager, custodian, or responsible officer of a superannuation entity if he is disqualified. This obligation is reinforced by section 126K of the SISA, which makes it an offence for a disqualified person to engage in such roles, with a maximum penalty of two years in jail for each offence. The Superannuation Industry (Supervision) Act 1993 also delineates consequences for breaches of its provisions. Section 126K specifies that it is an offence for a disqualified person to act in any capacity related to a superannuation entity, and this offence carries a significant penalty of up to two years in jail. The seriousness of the contraventions leading to Daniel Pereira's disqualification underscores the potential severity of these consequences. Additionally, under subsection 126A(5), the disqualification may be subject to revocation either by the Commissioner's own initiative or upon a written application by the disqualified person. This flexibility allows for the possibility of reinstatement under certain conditions. Furthermore, section 344 of the SISA provides a mechanism for individuals who are dissatisfied with the disqualification decision. Daniel Pereira has the right to request a reconsideration of the decision by the Commissioner within 21 days of receiving the notice. This request must be in writing and must outline the reasons why the decision is believed to be incorrect. This provision ensures that there is a formal process for appeal or review, providing an avenue for legal recourse and potential rectification of any perceived injustices in the disqualification process.