Notice of Disqualification – Farzad Ebrahimzadeh - 19 January 2026

Overview

The Superannuation Industry (Supervision) Act 1993 (SISA) was enacted by the Parliament of Australia to provide a comprehensive regulatory framework for the supervision of the superannuation industry, aiming to protect the interests of superannuation fund members and beneficiaries. The Act addresses the problem of inadequate oversight and governance in superannuation entities, ensuring that trustees and responsible officers adhere to stringent regulatory standards. The Act empowers the Commissioner of Taxation to disqualify individuals from acting as trustees, investment managers, or custodians of superannuation entities if they have been involved in serious or repeated contraventions of the Act, as demonstrated in the case of Farzad Ebrahimzadeh. The policy objective of the SISA is to maintain the integrity and stability of the superannuation system, safeguarding the financial security of superannuation members.

Scope and Application

The Superannuation Industry (Supervision) Act 1993 (SISA) applies to individuals and corporate entities involved in the management and oversight of superannuation entities in Australia. Specifically, the Act imposes obligations and restrictions on trustees, investment managers, custodians, and responsible officers of these entities. The legislation’s jurisdictional reach is national, as it is a Commonwealth Act, thereby extending its application across all states and territories of Australia. The Act disqualifies individuals from acting as trustees, investment managers, custodians, or responsible officers of superannuation entities if they have contravened the provisions of the SISA in a manner that justifies such disqualification. This disqualification is enforced through the issuance of a notice, as demonstrated in the case of Farzad Ebrahimzadeh, and includes a publication of the disqualification as a Notifiable Instrument in the Federal Register of Legislation. Additionally, the Act imposes criminal penalties for disqualified persons who continue to act in the restricted capacities, with a maximum penalty of two years imprisonment. The Act also provides avenues for reconsideration and potential revocation of the disqualification.

Key Provisions

The Superannuation Industry (Supervision) Act 1993 (SISA) contains provisions for disqualifying individuals from being involved in the management of superannuation entities. Under subsection 126A(2) of the SISA, a person can be disqualified if they were a responsible officer of a corporate trustee and there were contraventions of the SISA that they were associated with. This was the basis for the disqualification of Farzad Ebrahimzadeh, as communicated to him by Ben Kelly, a delegate of the Commissioner of Taxation. The disqualification took immediate effect upon issuance of the notice, as stated in the document dated 19 January 2026. The obligations imposed by the SISA on the parties it governs include maintaining compliance with all provisions of the Act, particularly for those in responsible positions within corporate trustees of superannuation entities. Such individuals must ensure that the entities they manage do not contravene the SISA. The Act places a particular emphasis on the seriousness and frequency of any breaches, as these are key factors in determining whether disqualification is warranted. Failure to comply with the SISA, especially for disqualified persons, can lead to significant legal consequences. Section 126K of the SISA establishes that it is an offence for a disqualified person to act as, or be, a trustee, investment manager, or custodian of a superannuation entity, or to be a responsible officer of a body corporate that serves in these roles. The maximum penalty for committing this offence is two years in jail, highlighting the serious nature of these breaches. Furthermore, under subsection 126A(5), the disqualification can be revoked either by the authority on their own initiative or through a written application by the disqualified person. Additionally, the SISA provides avenues for recourse in the event that a person believes they have been unfairly disqualified. Section 344 allows an affected person to request the Commissioner to reconsider the decision within 21 days of receiving the notice of the disqualification. This request must be in writing and provide reasons why the person believes the decision is incorrect. This provision ensures that there is a formal process for challenging decisions and seeking redress if necessary.