Notice of Disqualification – Jason Refaat - 5 May 2026

Overview

The Superannuation Industry (Supervision) Act 1993 (SISA) was enacted to address the need for effective regulation of the superannuation industry in Australia, aiming to protect the interests of superannuation fund members by ensuring that trustees, investment managers and custodians adhere to strict standards. The Act was introduced by the Commonwealth Parliament, with the overarching policy objective of maintaining the integrity and stability of the superannuation system, thus safeguarding the financial well-being of participants. The Act provides the Commissioner of Taxation with the authority to disqualify individuals who have acted in a manner that warrants such action, ensuring that those responsible for managing superannuation funds maintain high standards of conduct and compliance.

Scope and Application

The Superannuation Industry (Supervision) Act 1993 (SISA) applies to responsible officers of corporate trustees of superannuation entities, ensuring the proper administration and supervision of superannuation funds in Australia. This Act operates under a Commonwealth framework, affecting individuals and entities involved in the management and investment of superannuation funds across the nation. The Act’s reach is extensive, as it governs the conduct of responsible officers and the compliance of corporate trustees with superannuation regulations. Notably, the Act provides for the disqualification of individuals found to have contravened its provisions, as evidenced by the notice of disqualification issued to Jason Refaat. This disqualification can be revoked under certain conditions, and the decision can be subject to reconsideration by the Commissioner. The Act also includes provisions for the publication of disqualification notices as notifiable instruments, enhancing transparency and accountability within the superannuation industry.

Key Provisions

The Superannuation Industry (Supervision) Act 1993 (SISA) includes provisions that allow for the disqualification of individuals who have acted as responsible officers of a corporate trustee of a superannuation entity that has contravened the Act. Specifically, subsection 126A(2) of the SISA empowers the Commissioner of Taxation to disqualify such individuals if they are satisfied that the contraventions were serious enough to warrant such action. In this case, the notice issued to Jason Refaat under subsection 126A(6) of the SISA confirms his disqualification due to his role as a responsible officer at the time of the contraventions by the corporate trustee. This disqualification imposes significant obligations and requirements on Jason Refaat. It explicitly bars him from acting as a trustee, investment manager, or custodian of a superannuation entity, or from being a responsible officer of any entity that serves in these capacities. This restriction is in place to ensure that individuals who have been part of the misconduct are not permitted to continue in roles that could potentially lead to further breaches of the SISA. Additionally, the disqualification means that Jason Refaat cannot be involved in any capacity with entities that manage superannuation funds, thereby reducing the risk of further contraventions. Failing to comply with the disqualification can lead to serious legal consequences. Section 126K of the SISA stipulates that it is an offence for a disqualified person to act in any of the restricted capacities mentioned above. The maximum penalty for committing this offence is a two-year jail term, highlighting the seriousness of the contraventions and the importance of adhering to the disqualification. This legal deterrent is designed to enforce compliance and maintain the integrity of the superannuation industry. While the disqualification is in effect, there are avenues for reconsideration and potential revocation. Subsection 126A(5) of the SISA allows for the disqualification to be revoked either by the Commissioner of Taxation on their own initiative or upon a written application by the disqualified person. Additionally, section 344 of the SISA provides a mechanism for the Commissioner to reconsider the decision if Jason Refaat believes the decision is unjust. This reconsideration request must be made in writing within 21 days of receiving the notice and must detail the reasons for dissatisfaction with the decision. This ensures that there is a formal process in place for disputing the disqualification if there are grounds to do so.