Notice of Disqualification - Mr Michael L Benjamin - 21 May 2026

Overview

The Superannuation Industry (Supervision) Act 1993 (SISA) was enacted to regulate the superannuation industry in Australia, ensuring the protection of superannuation fund members by maintaining high standards of conduct and financial management. This legislation was introduced to address the need for stringent oversight and regulation in the superannuation industry, particularly to prevent misconduct and ensure the security of retirement savings. The SISA is administered by the Australian Parliament, with the overarching policy objective of safeguarding the interests of superannuation fund members through rigorous supervision and enforcement mechanisms. In cases where responsible officers of corporate trustees are found to have contravened the provisions of the Act, disqualifications may be imposed to prevent such individuals from participating in the management of superannuation entities in the future.

Scope and Application

The Superannuation Industry (Supervision) Act 1993 (SISA) applies to individuals and entities involved in the administration and management of superannuation funds within Australia. Specifically, it targets responsible officers of corporate trustees, investment managers, and custodians of superannuation entities, imposing stringent obligations to ensure the integrity and proper management of these funds. The Act has a national reach, as it is a Commonwealth legislation, thus extending its jurisdiction across all states and territories in Australia. It excludes from its purview only those entities and individuals not directly involved in the supervision and management of superannuation funds. The Act's application can be extended or restricted through subordinate instruments, enabling the government to adapt to evolving industry practices and compliance requirements. The disqualification provisions, as exemplified in the notice to Mr Michael L Benjamin, underscore the serious consequences of non-compliance, including potential criminal penalties for those who act in contravention of the Act despite being aware of their disqualification status.

Key Provisions

The primary operative sections in this context are subsections 126A(2) and 126A(6) of the Superannuation Industry (Supervision) Act 1993 (SISA). Subsection 126A(2) empowers a delegate of the Commissioner of Taxation to disqualify a person if they are satisfied that the corporate trustee of one or more superannuation entities has contravened the Act and the individual was a responsible officer at the time of the contraventions. This disqualification is made under subsection 126A(6) and becomes effective from the date of the notice. The legislation also provides for the publication of the disqualification as a notifiable instrument in the Federal Register of Legislation under subsection 126A(7). The obligations and requirements imposed by the Act include ensuring that responsible officers of corporate trustees are aware of the compliance standards under the SISA. Specifically, responsible officers must ensure that the corporate trustees adhere to the legislative requirements and avoid any actions that could lead to contraventions of the Act. Failure to meet these obligations can result in disqualification as per the provisions of subsection 126A(2). Furthermore, the Act mandates that any disqualification notice must be communicated to the affected individual, as seen in the notice given to Mr. Michael L Benjamin. In terms of consequences, the Act provides for both civil and criminal penalties. 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 or part of a body corporate that holds such roles. The maximum penalty for this offence is two years imprisonment. Additionally, under subsection 126A(5), the disqualification may be revoked either on the initiative of the Commissioner or upon a written application by the disqualified person. If Mr. Benjamin is dissatisfied with the disqualification, he has the right to request the Commissioner to reconsider the decision within 21 days of receiving the notice, as outlined in section 344 of the SISA.