Notice of Disqualification – Steven Durrant - 30 October 2025

Overview

The Superannuation Industry (Supervision) Act 1993 (SISA) was enacted to address the need for comprehensive oversight and regulation of the superannuation industry in Australia. The Act aims to protect the interests of superannuation fund members by ensuring that trustees, investment managers, and custodians comply with rigorous standards and by providing mechanisms for enforcement and accountability. This includes the ability to disqualify individuals who have acted in a manner that warrants such action due to serious contraventions of the Act. The SISA was enacted by the Parliament of Australia, reflecting a policy objective to safeguard the financial well-being of superannuation fund members and maintain the integrity of the superannuation system. The Act empowers the Commissioner of Taxation to delegate certain powers, such as disqualification, to ensure effective and timely administration of the legislation.

Scope and Application

The Superannuation Industry (Supervision) Act 1993 (SISA) applies to individuals and entities involved in the administration of superannuation funds within Australia. Specifically, it targets responsible officers of corporate trustees who manage superannuation entities. The Act's jurisdictional reach extends across the Commonwealth, ensuring a consistent regulatory framework is applied nationwide. This legislative instrument imposes a disqualification on individuals found to have contravened the SISA, with the disqualification taking immediate effect. The disqualification prohibits the individual from acting as a trustee, investment manager, or custodian of a superannuation entity, or from being a responsible officer of such a body corporate. The severity of the contraventions, coupled with the individual's role at the time of the breach, determines the applicability of the disqualification. Furthermore, any person who knowingly contravenes this disqualification commits an offence, which carries a maximum penalty of two years imprisonment. The Act also allows for the potential revocation of the disqualification either on the initiative of the delegate or through a written application by the disqualified person. Additionally, dissatisfied parties have the right to request a reconsideration of the decision within 21 days of receiving the notice, as per section 344 of the SISA.

Key Provisions

The primary sections relevant to this notice are subsections 126A(2) and 126A(6) of the Superannuation Industry (Supervision) Act 1993 (SISA). Subsection 126A(2) outlines the conditions under which a person can be disqualified, while subsection 126A(6) requires the Commissioner of Taxation or their delegate to provide a written notice of the disqualification. In this instance, Steven Durrant has been disqualified under subsection 126A(2) due to the contravention of the SISA by the corporate trustee of one or more superannuation entities, with Durrant being a responsible officer at the time of the contraventions. Under the SISA, Steven Durrant now faces certain obligations and requirements as a result of his disqualification. Notably, section 126K stipulates that it is an offence for a disqualified person, who knows they are disqualified, to act as a trustee, investment manager, or custodian of a superannuation entity, or to be a responsible officer or a body corporate that holds such positions. This means that Durrant cannot participate in any capacity in the administration or management of superannuation entities. Failure to comply with these requirements can lead to significant consequences. According to section 126K of the SISA, the maximum penalty for knowingly acting in contravention of the disqualification is two years imprisonment. This underscores the seriousness of the disqualification and the importance of adhering to the terms set forth by the legislation. Additionally, under subsection 126A(5), the disqualification can be revoked either by the Commissioner of Taxation or upon Durrant’s written application. Finally, should Steven Durrant feel that the decision to disqualify him is unjust, he has the right to request a reconsideration of the decision. This request must be made in writing to the Commissioner within 21 days of receiving the notice of the disqualification, and must provide the reasons why he believes the decision is wrong. This provision ensures that there is a formal process in place for addressing any grievances related to the disqualification.