Notice of Disqualification - Jeremy Thomasse - 23 March 2026

Overview

The Superannuation Industry (Supervision) Act 1993 (SISA) was enacted to address the need for stringent oversight and regulation of the superannuation industry, aiming to protect the interests of superannuation fund members and ensure the integrity and proper functioning of the industry. This legislation empowers the Australian Taxation Office to enforce compliance and take action against individuals or entities that fail to adhere to the regulatory standards. The SISA was established by the Parliament of Australia to create a framework that ensures the responsible management and administration of superannuation funds. One of the key policy objectives of the SISA is to maintain public confidence in the superannuation system by preventing and penalising misconduct and mismanagement within the industry. The Act provides mechanisms for disqualifying individuals who have engaged in serious contraventions of the law, thereby safeguarding the interests of superannuation fund members.

Scope and Application

The Superannuation Industry (Supervision) Act 1993 (SISA) applies to individuals and entities involved in the superannuation industry, including trustees, investment managers, custodians, and responsible officers of superannuation entities. The Act has a Commonwealth jurisdiction, meaning it applies nationally across Australia. The scope of the Act includes the regulation of the conduct and transactions within the superannuation industry to ensure the protection of superannuation funds and beneficiaries. The Act also extends its application through subordinate instruments, such as the issuance of guidelines and regulations, to further detail the standards and practices required of industry participants. The Act does not specify particular exclusions, exemptions, or thresholds, but it does provide for the disqualification of individuals who contravene its provisions, as evidenced by the notice of disqualification issued to Jeremy Thomasse. Any disqualified person found acting in a capacity they are prohibited from, such as being a trustee or investment manager of a superannuation entity, is subject to criminal penalties, including up to two years imprisonment.

Key Provisions

The Superannuation Industry (Supervision) Act 1993 (SISA) provides mechanisms to protect the integrity of the superannuation industry, and one of the key provisions involves the disqualification of individuals found to have contravened the Act's provisions (sections 126A and 126K). Under section 126A(6), the Commissioner of Taxation can issue a notice of disqualification to a person who has contravened the Act, and in this case, Jeremy Thomasse has been disqualified as of 23 March 2026, pursuant to section 126A(1) of the Act. The disqualification is effective from the date of notice. The notice, signed by Ben Kelly, a delegate of the Commissioner of Taxation, informs Jeremy Thomasse that he has been disqualified due to serious contraventions of the SISA. The Act imposes several obligations and requirements on individuals who are subject to its provisions. Firstly, under section 126K, 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 or a body corporate that holds these roles. This requirement ensures that individuals with a history of contravening the SISA do not continue to influence or manage superannuation funds. Furthermore, the Act mandates that any details of such disqualification notices must be published as a Notifiable Instrument in the Federal Register of Legislation (subsection 126A(7)), thereby maintaining transparency and accountability within the superannuation industry. Failure to comply with the disqualification provisions can result in significant legal consequences. Section 126K stipulates that it is an offence for a disqualified person to act in any of the specified capacities, and the maximum penalty for committing this offence is two years in jail. This stringent penalty underscores the seriousness with which the Act treats breaches of its provisions. Additionally, under subsection 126A(5), the disqualification can be revoked either on the initiative of the Commissioner of Taxation or upon a written application by the disqualified person. This provision allows for some flexibility and the possibility of reinstatement under certain conditions. For those affected by a disqualification decision and dissatisfied with it, section 344 of the SISA provides a recourse. Individuals can request the Commissioner to reconsider the decision in writing within 21 days of receiving notice of the decision. This reconsideration request must outline the reasons why the individual believes the decision is incorrect, providing an opportunity for a review and potential rectification of the disqualification. This ensures that the process is fair and allows for the possibility of rectifying any perceived injustices.