Notice of Disqualification - Michael Hava - 29 January 2026

Overview

The Superannuation Industry (Supervision) Act 1993 was enacted to address the need for effective regulation and supervision of the superannuation industry in Australia, aiming to protect the interests of superannuation fund members and ensuring the industry's integrity. The Act is administered by the Australian Taxation Office (ATO) on behalf of the Commissioner of Taxation, with the overarching policy objective of maintaining high standards of conduct and compliance within the superannuation sector. In accordance with the Act, individuals found to have contravened its provisions can be disqualified from participating in the management of superannuation entities, with the disqualification being a significant deterrent against misconduct. The legislative framework provides mechanisms for disqualification notices to be issued and details to be published, ensuring transparency and accountability within the industry.

Scope and Application

The Superannuation Industry (Supervision) Act 1993 applies to individuals and entities involved in the superannuation industry, including trustees, investment managers, and custodians of superannuation entities. It extends its jurisdiction across the Commonwealth of Australia, affecting those who manage or act in roles related to superannuation funds. The Act imposes disqualification on individuals who contravene its provisions, prohibiting them from acting as trustees, investment managers, custodians, or responsible officers of superannuation entities. This disqualification is enforceable under subsection 126A(2) of the Act and is communicated through a notifiable instrument, as per subsection 126A(7), which mandates publication in the Federal Register of Legislation. The Act provides for the potential revocation of disqualifications under subsection 126A(5), either by the authority or upon application by the disqualified person. Furthermore, it offers recourse for those dissatisfied with the disqualification decision, allowing a request for reconsideration within 21 days as stipulated in section 344 of the Act.

Key Provisions

The main operative sections of the Superannuation Industry (Supervision) Act 1993 (SISA) in this notice pertain to the disqualification of individuals from managing superannuation entities. Specifically, subsection 126A(2) allows for the disqualification of individuals who have contravened the SISA on one or more occasions, with the number of contraventions providing grounds for such action. Subsection 126A(6) mandates the issuance of a notice to the disqualified individual, stating that the disqualification takes effect immediately upon issuance. In this instance, Michael Hava has been disqualified by Ben Kelly, a delegate of the Commissioner of Taxation, based on his satisfaction that Michael has contravened the SISA on multiple occasions. The obligations and requirements imposed by the SISA on Michael Hava and potentially other individuals governed by this Act include compliance with all provisions of the SISA. As a disqualified person, Michael Hava is prohibited from acting as a trustee, investment manager, or custodian of a superannuation entity, or as a responsible officer or a body corporate in such roles. This restriction is detailed under section 126K of the SISA, which explicitly lists the prohibited activities for disqualified individuals. The SISA also outlines the consequences of breaching these provisions. Under section 126K, it is an offence for a disqualified person to engage in any of the prohibited activities. The maximum penalty for committing this offence is imprisonment for up to two years, as stipulated in the Act. Additionally, subsection 126A(5) provides that the disqualification may be revoked either by the authority's own initiative or upon a written application by the disqualified individual. Furthermore, section 344 of the SISA allows for reconsideration of the disqualification decision by the Commissioner if the affected party is dissatisfied with the decision, provided the request is made in writing within 21 days of receiving notice of the decision and includes the reasons for the dissatisfaction.