Notice of Disqualification – Ramiz Boulos - 3 February 2026

Overview

The Superannuation Industry (Supervision) Act 1993 was enacted to provide a regulatory framework for the supervision of the superannuation industry in Australia. This legislation was introduced to address the need for oversight and regulation of the superannuation sector, ensuring that trustees and other responsible officers manage superannuation funds in the best interests of the members. The Act is overseen by the Australian Parliament and aims to protect the superannuation savings of Australians by imposing obligations on trustees and other responsible officers, including those who are disqualified from performing certain roles. The Act empowers the Commissioner of Taxation to disqualify individuals who have been involved in serious contraventions of the Act, as evidenced by the notice of disqualification issued to Ramiz Boulos, who has been disqualified due to his role as a responsible officer during multiple contraventions by the corporate trustee. This disqualification is intended to maintain the integrity of the superannuation system and safeguard the interests of superannuation fund members.

Scope and Application

The Superannuation Industry (Supervision) Act 1993 (SISA) applies to individuals and corporate trustees involved in the administration of superannuation funds, targeting entities and persons whose conduct or transactions are within the scope of superannuation fund operations. This legislation has a national jurisdictional reach as it is a Commonwealth Act, impacting the entire Australian territory. The Act's primary application is to the trustees, responsible officers, and other relevant personnel of superannuation entities. The disqualifying provisions under the Act are triggered when a responsible officer of a corporate trustee contravenes the Act's provisions, and the nature of these contraventions is deemed serious enough to warrant disqualification. The Act allows for the extension or restriction of its application through subordinate instruments, which can further define the specific conditions under which disqualification may be applied. Notably, the Act includes explicit exclusions and exemptions where relevant, ensuring that certain conduct or entities may not fall under its purview depending on the circumstances.

Key Provisions

The notice of disqualification under subsection 126A(6) of the Superannuation Industry (Supervision) Act 1993 (SISA) informs Ramiz Boulos that he has been disqualified from being a responsible officer of a corporate trustee of a superannuation entity due to multiple contraventions of the SISA by the corporate trustee, of which he was a responsible officer at the time. The disqualification becomes effective immediately upon issuance of the notice. This legal instrument is crucial as it directly impacts Ramiz Boulos's professional capacity and obligations within the superannuation industry. Under the SISA, the disqualification of a responsible officer such as Ramiz Boulos imposes specific obligations and requirements. Most importantly, it prevents him from acting in any capacity as a trustee, investment manager, or custodian of a superannuation entity. Additionally, it prohibits him from being a responsible officer or part of a body corporate that assumes any of these roles in the management of superannuation entities. This restriction is designed to ensure compliance with SISA regulations and to maintain the integrity and proper functioning of the superannuation industry. Failure to adhere to the disqualification can lead to severe consequences. According to section 126K of the SISA, it is an offence for a disqualified person to act in any capacity prohibited by the disqualification. Such an offence carries a maximum penalty of two years imprisonment, highlighting the seriousness with which the legislation treats breaches of the disqualification. This provision underscores the importance of compliance with the terms of the disqualification notice. Furthermore, the SISA provides mechanisms for potential revocation of the disqualification. Under subsection 126A(5) of the Act, the disqualification may be revoked either by the authority on their own initiative or upon a written application by the disqualified person. This offers a pathway for Ramiz Boulos to seek reinstatement, contingent upon meeting any conditions set by the authority. Additionally, section 344 of the SISA allows for a reconsideration of the decision by the Commissioner if Ramiz Boulos believes the disqualification is unjust. This reconsideration must be requested in writing within 21 days of receiving the notice, providing a formal process for challenging the decision.