Notice of Disqualification - Scott James Averay - 20 January 2026

Overview

The Superannuation Industry (Supervision) Act 1993 (SISA) was enacted by the Parliament of Australia to establish a regulatory framework for the supervision of the superannuation industry. It was introduced to address the need for stringent oversight and governance within the superannuation sector to protect the interests of superannuation fund members. The Act aims to ensure that superannuation entities are managed efficiently, transparently, and in the best interests of members. This is achieved through the regulation of trustees, responsible officers, and other entities involved in the administration of superannuation funds. One of the key mechanisms under the SISA is the ability to disqualify individuals from acting as trustees or responsible officers if they are deemed unfit, which serves as a deterrent against misconduct and promotes accountability within the industry. The Act provides a robust framework to maintain the integrity and stability of the superannuation system, thereby safeguarding the retirement savings of millions of Australians.

Scope and Application

The Superannuation Industry (Supervision) Act 1993 (SISA) applies to individuals and entities involved in the administration of superannuation entities, specifically targeting responsible officers of corporate trustees. The Act operates at the national level, enforcing standards and regulations across Australia to ensure the integrity and proper management of superannuation funds. The disqualification under the SISA applies to Scott James Averay, a resident of Bondi, New South Wales, following his role as a responsible officer during periods of regulatory non-compliance by the corporate trustee. The Act explicitly states that it is an offence for a disqualified person to act as a trustee, investment manager, custodian, or responsible officer of a superannuation entity, with penalties including up to two years imprisonment. The disqualification can be subject to revocation under specific conditions, and affected parties have the right to request reconsideration of the decision within 21 days of receiving notice. This legislative framework aims to uphold the standards necessary for the responsible administration of superannuation funds across the country.

Key Provisions

The Superannuation Industry (Supervision) Act 1993 (SISA) includes specific provisions that allow for the disqualification of individuals from acting as trustees or responsible officers of superannuation entities. Section 126A(6) mandates that a delegate of the Commissioner of Taxation must provide written notice to the disqualified individual. This notice, as evidenced in the document, must detail the reasons for the disqualification, which can include contraventions of the SISA by the corporate trustee and the individual's status as a responsible officer at the time of these contraventions (subsections 126A(2) and 126A(3)). The notice also specifies that the disqualified person is deemed unfit and improper to hold such positions in the future (subsection 126A(6)). The disqualification becomes effective on the date of the notice. Under the SISA, the obligations imposed on the disqualified individual are significant. The primary obligation is the immediate cessation of any activities related to being a trustee or a responsible officer of a superannuation entity. This includes refraining from managing, investing, or otherwise administering any superannuation funds. Failure to adhere to this disqualification can lead to severe consequences, as outlined in the legislation. Moreover, the notice specifies that the details of the disqualification will be published in the Federal Register of Legislation as a Notifiable Instrument (subsection 126A(7)). The legislation also establishes serious legal consequences for breaches of the disqualification order. Section 126K of the SISA criminalises the act of a disqualified person knowingly engaging in any capacity as a trustee, investment manager, or custodian of a superannuation entity, or acting as a responsible officer for such entities. The maximum penalty for this offence is a two-year imprisonment term. This stringent penalty underscores the importance of compliance with the disqualification provisions. Additionally, the SISA provides mechanisms for potential revocation of the disqualification. Subsection 126A(5) allows for the disqualification to be revoked either on the initiative of the Commissioner or upon a written application by the disqualified individual. This offers a pathway for individuals to seek reinstatement, subject to meeting the criteria set by the Commissioner. Furthermore, section 344 of the SISA allows for a reconsideration of the decision by the Commissioner if the disqualified individual believes the decision is erroneous, provided that a written request is submitted within 21 days of receiving the notice, detailing the grounds for reconsideration.