Notice of Disqualification – Hien Tang - 30 July 2025

Overview

The Superannuation Industry (Supervision) Act 1993 was enacted to regulate the operation of superannuation funds in Australia, ensuring they adhere to high standards of governance and financial management. This legislation was introduced to address the need for robust oversight of the superannuation industry, which is crucial for protecting the retirement savings of millions of Australians. The Act empowers the Australian Taxation Office to supervise and regulate the industry, including the authority to disqualify individuals from participating in the administration of superannuation entities if they are found to have engaged in misconduct or serious contraventions of the Act. The Superannuation Industry (Supervision) Act 1993 was enacted by the Parliament of Australia, with the policy objective of safeguarding the integrity and stability of the superannuation system by enforcing stringent compliance and governance standards.

Scope and Application

The Superannuation Industry (Supervision) Act 1993 (SISA) applies to individuals and entities involved in the administration and management of superannuation entities, including trustees, investment managers, and custodians. The Act has a national reach, as it is a Commonwealth statute, and it extends to any person or entity who acts as or is involved in the operation of a superannuation fund, regardless of the state or territory in which the entity is located. The disqualification provisions under subsection 126A(2) of the SISA apply to individuals who have contravened the Act, with the seriousness of the contraventions serving as grounds for disqualification. Once a person is disqualified, they are prohibited from acting as a trustee, investment manager, or custodian of a superannuation entity, with a maximum penalty of two years imprisonment for contravening this prohibition. The disqualification process includes the publication of details as a Notifiable Instrument in the Federal Register of Legislation and can be revoked at the initiative of the Commissioner or upon application by the disqualified person. Furthermore, the Act provides for reconsideration of disqualification decisions by the Commissioner within 21 days of notification of the decision.

Key Provisions

The Superannuation Industry (Supervision) Act 1993 (SISA) includes provisions that allow for the disqualification of individuals who contravene its regulations. Section 126A(2) permits the Commissioner of Taxation to disqualify a person from participating in the administration of a superannuation fund, while subsection 126A(6) mandates that such a notice of disqualification be given to the affected person. The notice must include specific details such as the grounds for the disqualification and the effective date of the disqualification. In this case, Hien Tang has been disqualified under these provisions due to repeated contraventions of the SISA, with the notice taking effect from the date it is issued. The disqualification under section 126A imposes significant obligations on the affected person, Hien Tang, prohibiting them from acting as a trustee, investment manager, or custodian of a superannuation entity, or being a responsible officer or a body corporate involved in such roles. This prohibition extends to any involvement in the administration or management of superannuation entities, ensuring that the disqualified individual cannot influence or control such entities. Additionally, the disqualification notice mandates that details of this decision will be published in the Federal Register of Legislation, as outlined in subsection 126A(7). Failing to comply with the disqualification provisions can result in serious consequences. Section 126K of the SISA imposes an offence on any disqualified person who knowingly acts in the prohibited roles, with a maximum penalty of two years imprisonment. This severe penalty underscores the importance of adhering to the disqualification requirements and highlights the potential criminal consequences of non-compliance. Furthermore, section 344 of the SISA allows the Commissioner to reconsider the disqualification decision if the affected person submits a written request within 21 days of receiving the notice, providing an opportunity for the individual to contest the decision if they believe it to be unjust.