Notice of Disqualification - Theodore Dharmasaputra - 27 May 2026

Overview

The Superannuation Industry (Supervision) Act 1993 (SISA) was enacted to address the need for regulation and oversight within the superannuation industry to protect the interests of superannuation fund members. The Act was introduced by the Australian Parliament to establish a robust framework for the supervision of superannuation entities, ensuring compliance with financial obligations and safeguarding the retirement savings of individuals. One of the key policy objectives of the SISA is to maintain the integrity and efficiency of the superannuation system by imposing disqualifications on responsible officers found to have contravened the provisions of the Act. This legislative measure aims to deter non-compliance and promote accountability within the industry, thereby fostering trust and confidence among superannuation fund participants. The Act empowers the Commissioner of Taxation to disqualify individuals who are responsible officers of corporate trustees that have contravened the SISA. The disqualification process, as evidenced by the notice issued to Theodore Dharmasaputra on 27 May 2026, is intended to prevent those found to have acted in a manner that warrants disqualification from continuing to serve in a responsible capacity within the superannuation sector. This not only serves as a punitive measure but also as a deterrent against future misconduct. The SISA thus plays a crucial role in upholding the standards and ethical conduct expected within the superannuation industry.

Scope and Application

The Superannuation Industry (Supervision) Act 1993 (SISA) applies to individuals and entities involved in the administration and oversight of superannuation entities, including trustees, investment managers, and custodians. The Act has a broad jurisdictional reach, applying across the Commonwealth of Australia and impacting both corporate and individual officers. Specifically, the Act targets responsible officers of corporate trustees who have contravened its provisions, providing grounds for disqualification if the contraventions are serious. The disqualification takes immediate effect upon notice, as seen in the case of Theodore Dharmasaputra, and it is mandated that such disqualifications be published as Notifiable Instruments in the Federal Register of Legislation. Additionally, the Act criminalises the act of a disqualified person continuing to function in any capacity related to superannuation entities, with a maximum penalty of two years imprisonment. The Act also provides avenues for reconsideration and potential revocation of disqualifications.

Key Provisions

The notice issued to Theodore Dharmasaputra, dated 27 May 2026, under subsection 126A(6) of the Superannuation Industry (Supervision) Act 1993 (SISA), informs him of his disqualification as a responsible officer of a corporate trustee due to the trustee's contravention of the SISA (subsection 126A(2)). This disqualification is effective from the date of the notice. The notice is issued by Ben Kelly, a delegate of the Commissioner of Taxation, who is satisfied that the seriousness of the contraventions warrants the disqualification. The obligations and requirements imposed on parties governed by the SISA are stringent, particularly for responsible officers of corporate trustees. The Act mandates that responsible officers must ensure compliance with all relevant provisions of the SISA. Failure to do so can result in disqualification, as seen in this case. Responsible officers must be vigilant in overseeing the operations of superannuation entities to prevent any contraventions of the Act. The SISA also imposes significant consequences for breaches. Under section 126K, it is an offence for a disqualified person to act as a trustee, investment manager, or custodian of a superannuation entity, or to be a responsible officer or part of a body corporate that holds such positions. This offence carries a maximum penalty of two years imprisonment. Additionally, the details of this disqualification are to be published as a Notifiable Instrument in the Federal Register of Legislation (subsection 126A(7)). Furthermore, the disqualification may be subject to revocation under subsection 126A(5) of the SISA. This can occur either on the initiative of the Commissioner of Taxation or upon the written application of the disqualified person. For those who are dissatisfied with the disqualification decision, section 344 provides an avenue for reconsideration by the Commissioner. Any request for reconsideration must be made in writing within 21 days of receiving the notice of the decision and should include the reasons why the decision is believed to be incorrect.