Notice of Disqualification - Khesavan Poinen - 19 May 2026

Overview

The Superannuation Industry (Supervision) Act 1993 (SISA) was enacted to provide a framework for the regulation and supervision of the superannuation industry, aiming to protect the interests of superannuation fund members. This legislation was introduced to address the need for oversight and governance within the superannuation sector to prevent misconduct and ensure the integrity of superannuation funds. The SISA is administered by the Australian Parliament and its policy objective is to maintain the trust and confidence of the public in the superannuation system by ensuring that trustees, investment managers, and custodians comply with legal and regulatory requirements. The Act includes provisions for the disqualification of individuals who have contravened its provisions, as demonstrated in the notice issued to Khesavan Poinen, which highlights the seriousness of such contraventions and the potential consequences, including imprisonment, for those who continue to act in a disqualified capacity.

Scope and Application

The Superannuation Industry (Supervision) Act 1993 (SISA) applies to individuals and corporate trustees involved in the management and operation of superannuation entities within Australia. The Act primarily targets responsible officers of corporate trustees who are implicated in contraventions of the SISA, as demonstrated in the case of Khesavan Poinén, who has been disqualified due to the corporate trustee's breaches while he was a responsible officer. The disqualification extends to preventing the disqualified person from acting as a trustee, investment manager, or custodian of a superannuation entity, or being a responsible officer of such entities. This Act operates on a national level, applying throughout the Commonwealth of Australia, and its provisions can be extended or clarified through subordinate instruments. There are specific exclusions and exemptions that may apply, but the primary focus remains on the integrity and supervision of superannuation entities to ensure compliance with the regulatory framework.

Key Provisions

The Superannuation Industry (Supervision) Act 1993 (SISA) includes provisions that enable the disqualification of individuals who have been responsible officers of corporate trustees of superannuation entities and have been involved in serious breaches of the Act. Specifically, under subsection 126A(2) of the SISA, a person can be disqualified if the corporate trustee has contravened the Act and the individual was a responsible officer at the time of the contraventions. This disqualification is communicated to the individual via a notice, such as the one issued to Khesavan Poinen on 19 May 2026, by a delegate of the Commissioner of Taxation, as seen in the notice addressed to Khesavan Poinen. The notice specifies that the disqualification is effective from the date it is issued, as outlined in subsection 126A(6) of the SISA. The Act imposes several obligations on the parties it governs, including the requirement for responsible officers to ensure compliance with the SISA. If a responsible officer is found to be involved in serious breaches, they may be disqualified, as demonstrated in the notice to Khesavan Poinen. Additionally, under section 126K of the SISA, 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 such a body corporate. This offence carries a maximum penalty of two years imprisonment, underscoring the seriousness with which the Act treats non-compliance. Any breach of the disqualification provisions under the SISA can lead to significant consequences. As noted in Note 2, a disqualified person who knowingly acts in contravention of their disqualification commits an offence. This is a serious matter, with the potential for a two-year jail term as the maximum penalty, as stipulated in section 126K of the SISA. Furthermore, the disqualification can be revoked either on the initiative of the Commissioner of Taxation or upon the written application of the disqualified individual, as provided under subsection 126A(5) of the SISA. Individuals who are dissatisfied with the disqualification decision have the right to request a reconsideration by the Commissioner within 21 days of receiving the notice, as outlined in section 344 of the SISA.