Notice of Disqualification – Gihan De Silva - 24 April 2026

Overview

The Superannuation Industry (Supervision) Act 1993 (SISA) was enacted by the Parliament of Australia to provide a regulatory framework for the superannuation industry, ensuring the protection of superannuation benefits. This Act was introduced to address the need for comprehensive supervision and regulation of entities involved in the management and administration of superannuation funds, aiming to safeguard the financial interests of superannuation members. One of the key provisions of the Act is the power to disqualify individuals who have acted in a manner that contravenes the provisions of the Act, thereby ensuring that those responsible for the administration of superannuation funds maintain high standards of conduct and compliance. This disqualification mechanism serves as a deterrent against misconduct and reinforces the integrity of the superannuation system.

Scope and Application

The Superannuation Industry (Supervision) Act 1993 (SISA) applies to responsible officers of corporate trustees of superannuation entities and is administered at the Commonwealth level. The Act aims to ensure the proper management and supervision of superannuation entities, thus protecting the interests of superannuation fund members. The notice of disqualification issued under this Act pertains to Gihan De Silva, a responsible officer of a corporate trustee found to have contravened the SISA, thereby warranting his disqualification. The disqualification takes immediate effect, and Gihan De Silva is prohibited from acting as a trustee, investment manager, or custodian of a superannuation entity or being a responsible officer of such entities. Additionally, it is an offence for a disqualified person to engage in these roles knowingly, with the potential penalty of up to two years in jail. The disqualification can be subject to revocation either by the authority or at the written request of the disqualified person. If aggrieved by the decision, the individual has the right to request a reconsideration by the Commissioner within 21 days of receiving the notice.

Key Provisions

The Superannuation Industry (Supervision) Act 1993 (SISA) includes provisions that allow for the disqualification of responsible officers in cases where the corporate trustee of a superannuation entity has contravened the Act. Section 126A(2) of the SISA allows a delegate of the Commissioner of Taxation to disqualify a responsible officer if they are satisfied that the officer was involved at the time of the contraventions and the seriousness of these actions warrants such a disqualification. This disqualification is effective from the day it is issued, as stated in subsection 126A(6). In this case, Gihan De Silva has been disqualified by Ben Kelly, a delegate of the Commissioner of Taxation, due to his role as a responsible officer during the contraventions committed by the corporate trustee. The SISA imposes specific obligations on the parties it governs, including responsible officers of corporate trustees. These obligations require adherence to the provisions of the Act to ensure the proper management and supervision of superannuation entities. Subsection 126A(7) mandates that the details of such disqualification notices are to be published as Notifiable Instruments in the Federal Register of Legislation, ensuring transparency and public notification of the disqualification. Moreover, section 126K of the SISA outlines that 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 a body corporate that holds such roles. This offence carries a maximum penalty of two years imprisonment, underscoring the seriousness with which the Act treats breaches of these obligations. The SISA also delineates potential consequences for breaches of its provisions. As noted in Note 2, acting as a trustee, investment manager, or custodian while being a disqualified person is an offence that can lead to criminal penalties, specifically up to two years in jail. Note 3 further explains that the disqualification can be revoked by the Commissioner on their own initiative or upon the written application of the disqualified person. This provision offers a pathway for reconsideration and potential reinstatement. Additionally, section 344 of the SISA provides a mechanism for review by the Commissioner if the affected person is dissatisfied with the disqualification decision. Any request for reconsideration must be made in writing within 21 days of receiving the notice and should detail the reasons why the decision is believed to be incorrect.