Notice of Disqualification - Shane Tenthy - 8 May 2026

Overview

The Superannuation Industry (Supervision) Act 1993 (SISA) was enacted to establish a regulatory framework for the supervision and regulation of the superannuation industry in Australia, aiming to ensure the protection of superannuation funds and beneficiaries. This Act addresses the need for a comprehensive regulatory structure to manage the complexities and risks associated with superannuation entities, ensuring compliance and maintaining the integrity of the industry. The SISA was introduced by the Parliament of Australia, with a policy objective to safeguard the interests of superannuation fund members by regulating the conduct of trustees, investment managers, and custodians. The Act provides the Commissioner of Taxation with the authority to disqualify individuals who have been responsible officers of corporate trustees that have contravened the SISA, as a means to uphold the standards and compliance within the superannuation sector.

Scope and Application

The Superannuation Industry (Supervision) Act 1993 (SISA) applies to individuals and entities involved in the administration and management of superannuation entities within Australia. Specifically, the Act imposes obligations on trustees, investment managers, and custodians of superannuation entities, ensuring that these entities are managed in compliance with relevant legislative requirements. The Act extends its reach across the Commonwealth, impacting all states and territories within Australia. The notice of disqualification under the Act applies to responsible officers of corporate trustees who have been found to have contravened the Act, leading to a disqualification that restricts their involvement in the administration of superannuation entities. The disqualification is immediate upon the issuance of the notice, and the disqualified individual may face criminal penalties if they continue to act in their restricted capacity. The Act also provides for the revocation of the disqualification under certain conditions and allows for reconsideration of the decision by the Commissioner if the affected party is dissatisfied with the outcome.

Key Provisions

The main operative sections of the notice of disqualification are subsection 126A(2) and subsection 126A(6) of the Superannuation Industry (Supervision) Act 1993 (SISA). These sections empower the delegate of the Commissioner of Taxation to disqualify a responsible officer of a corporate trustee of a superannuation entity if there have been contraventions of the SISA. The disqualification notice in question, dated 8 May 2026, informs Shane Tenthy that he has been disqualified from acting as a responsible officer, trustee, or investment manager of a superannuation entity because he was a responsible officer at the time when the corporate trustee contravened the SISA. The obligations imposed by the SISA on the parties or entities it governs include ensuring compliance with the Act. In this case, Shane Tenthy, as a responsible officer, had an obligation to ensure the corporate trustee adhered to the SISA. Failure to meet these obligations, as evidenced by the contraventions, results in the disqualification process being initiated. The disqualification is immediate and takes effect on the day the notice is issued. The Act imposes serious consequences for breaches. Under section 126K of the SISA, it is an offence for a disqualified person to continue acting as a trustee, investment manager, or custodian of a superannuation entity, or to be a responsible officer of such a person. The maximum penalty for committing this offence is two years imprisonment, underscoring the seriousness of the contraventions. Additionally, the notice informs that the details of the disqualification will be published as a notifiable instrument in the Federal Register of Legislation, thereby making the disqualification public. This serves as both a deterrent and a means of informing relevant stakeholders of the disqualification. Under subsection 126A(5) of the SISA, the disqualification may be revoked either on the initiative of the Commissioner's delegate or upon a written application by the disqualified person. However, if Shane Tenthy is dissatisfied with the decision, he can request the Commissioner to reconsider it under section 344 of the SISA. This request must be made in writing within 21 days of receiving notice of the decision and must outline the reasons for believing the decision is incorrect. This process provides a formal avenue for appeal and ensures that the decision-making process is fair and transparent.