Notice of Disqualification – Kashif Sunnivora - 15 October 2025

Overview

The Superannuation Industry (Supervision) Act 1993 (SISA) was enacted to provide a robust framework for the supervision and regulation of the superannuation industry in Australia. This Act was introduced to address the need for stringent oversight to protect the interests of superannuation fund members and to ensure compliance with the law. The SISA is enacted by the Parliament of Australia and its policy objective is to safeguard the financial integrity and responsible management of superannuation funds. One of the key provisions of the Act includes the ability to disqualify individuals who have acted in a manner that warrants such action, as evidenced by the disqualification notice issued to Kashif Sunnivora under subsection 126A(1) of the Act. This notice, issued by a delegate of the Commissioner of Taxation, indicates that Mr. Sunnivora has been disqualified from acting as a trustee due to serious contraventions of the Act. The disqualification aims to prevent individuals with a history of non-compliance from continuing to manage superannuation entities, thereby protecting fund members and maintaining the integrity of the superannuation system.

Scope and Application

The Superannuation Industry (Supervision) Act 1993 applies to trustees, investment managers, custodians, and responsible officers of superannuation entities, as well as to the entities themselves. This Act operates on a national level, affecting superannuation trustees, investment managers, and custodians throughout Australia. The Act's scope includes prohibiting disqualified individuals from acting in the aforementioned capacities and from being involved in the management of superannuation funds, with significant penalties for non-compliance. The Act extends its application through subordinate instruments, allowing for the detailed regulation of superannuation entities and the disqualification of individuals who breach its provisions. Exclusions and exemptions within the Act are limited, focusing primarily on those who are disqualified from participating in superannuation management due to serious contraventions of the Act. The jurisdictional reach of this legislation ensures consistent enforcement across all states and territories in Australia, maintaining uniform standards in the supervision of superannuation entities.

Key Provisions

The Superannuation Industry (Supervision) Act 1993 (SISA) includes specific provisions that enable the disqualification of individuals from participating in superannuation entities. Section 126A(1) of the SISA allows for the disqualification of a person if the trustee of one or more superannuation entities has contravened the Act, and the individual was a trustee at the time of the contravention. Section 126A(6) mandates that a delegate of the Commissioner of Taxation must provide written notice of the disqualification to the affected individual, which was done in this case with Kashif Sunnivora on 15 October 2025. Section 126A(7) requires that such disqualification notices be published as a Notifiable Instrument in the Federal Register of Legislation. Under the SISA, the disqualification of an individual carries significant obligations and requirements. Section 126K imposes a strict prohibition on a disqualified person from being or acting as a trustee, investment manager, or custodian of a superannuation entity, or being a responsible officer or body corporate of such entities. Failure to adhere to these obligations can result in serious legal repercussions. The disqualification is effective from the date it is issued, barring the individual from any involvement in the management of superannuation entities. The SISA outlines severe consequences for breaches of the disqualification provisions. Section 126K makes it an offence for a disqualified person who is aware of their disqualification status to contravene the prohibitions mentioned earlier. The maximum penalty for committing this offence is two years of imprisonment, underscoring the seriousness of the legislation's intent to protect the integrity of superannuation entities. The disqualification may be revoked under subsection 126A(5) either on the initiative of the authorities or following a written application by the disqualified individual. If dissatisfied with the disqualification decision, the affected party has the right to request a reconsideration by the Commissioner under section 344, provided that the request is made in writing within 21 days of receiving the notice of the decision.