Notice of Disqualification – Rafet Saleh – 20 January 2026

Overview

The Superannuation Industry (Supervision) Act 1993 (SISA) was enacted to address the need for robust regulation and oversight of the superannuation industry in Australia. The Act aims to protect the interests of superannuation fund members by ensuring that those who manage and invest their funds do so with integrity and in accordance with established standards. The SISA was introduced by the Parliament of Australia, reflecting a policy objective to safeguard the retirement savings of Australians by preventing misconduct and mismanagement within the superannuation industry. The legislation empowers the Commissioner of Taxation to disqualify individuals from managing superannuation entities if they have contravened the Act's provisions, thereby ensuring that only those who adhere to the highest standards of conduct are entrusted with managing these critical financial assets.

Scope and Application

The Superannuation Industry (Supervision) Act 1993 (SISA) applies to individuals and entities involved in the administration, management, and governance of superannuation funds, including trustees, investment managers, custodians, and responsible officers. The Act's jurisdiction extends nationally across Australia, encompassing all states and territories, as it is a Commonwealth Act. The SISA provides the Commissioner of Taxation with the authority to disqualify individuals who have contravened the Act, with the disqualification barring them from acting in certain capacities within the superannuation industry. This legislative measure ensures compliance and maintains the integrity of the superannuation system by preventing individuals who have breached the Act from continuing to manage or influence superannuation funds. Additionally, the Act allows for the revocation of disqualifications under certain conditions, providing a mechanism for rectification if deemed appropriate.

Key Provisions

The Superannuation Industry (Supervision) Act 1993 (SISA) outlines the procedures and provisions for disqualifying individuals who contravene the Act. In this instance, under subsection 126A(2) of the SISA, Rafet Saleh has been disqualified by Ben Kelly, a delegate of the Commissioner of Taxation, as it has been determined that Mr. Saleh contravened the SISA on multiple occasions, warranting this disqualification. The disqualification takes immediate effect as per subsection 126A(6) of the SISA, and a notice of this disqualification is communicated to Mr. Saleh in writing. The Act imposes several obligations on individuals and entities it governs. These obligations include adherence to the provisions of the SISA, which govern the conduct of trustees, investment managers, custodians, and responsible officers of superannuation entities. For example, trustees must manage superannuation funds prudently, while custodians must safeguard assets and ensure proper accounting. Any breach of these obligations can lead to disqualification under the Act. In the event of a breach, the SISA imposes significant penalties. Specifically, under section 126K, it is an offence for a disqualified person to continue acting as a trustee, investment manager, or custodian of a superannuation entity. Such an offence carries a maximum penalty of two years imprisonment, highlighting the seriousness with which the Act treats non-compliance. Additionally, the disqualification notice will be published as a Notifiable Instrument in the Federal Register of Legislation, as mandated by subsection 126A(7) of the SISA, ensuring transparency and public accountability. For individuals who feel their disqualification is unjust, the SISA provides a recourse mechanism. Under section 344, an affected party can request the Commissioner to reconsider the decision within 21 days of receiving notice of the disqualification. This request must be made in writing and must detail the reasons why the decision is believed to be incorrect. Furthermore, the disqualification may be revoked either on the initiative of the delegate or upon a written application by the disqualified person, as per subsection 126A(5) of the SISA, offering a potential pathway to reinstatement under certain conditions.