NOTICE OF DISQUALIFICATION – TUPUMUA OFATI – 21 AUGUST 2025
Superannuation Industry (Supervision) Act 1993
To:
TUPUMUA OFATI
WYNNUM WEST QLD 4178
I, Emma Rosenzweig, a delegate of the Commissioner of Taxation, give you notice as required by subsection 126A(6) of the Superannuation Industry (Supervision) Act 1993 (SISA), that I have disqualified you under subsection 126A(1) of the SISA.
I’ve disqualified you as I’m satisfied that you’ve contravened the SISA on one or more occasions and the number of the contraventions provides grounds for disqualifying you.
The disqualification takes effect on the day on which it is made.
Dated: 21 August 2025
Emma Rosenzweig
Deputy Commissioner of Taxation
Per Karen A Taylor
Note 1:
Under subsection 126A(7) of the SISA, details of this disqualification notice will be published as a Notifiable Instrument in the Federal Register of Legislation.
Note 2:
Under section 126K of the SISA, it is an offence for a disqualified person, who knows that he or she is a disqualified person, to be, or act as a:
› trustee, investment manager or custodian of a superannuation entity
› responsible officer or a body corporate that is a trustee, investment manager or custodian, of a superannuation entity
The maximum penalty for committing this offence is two years jail.
Note 3:
Under subsection 126A(5) of the SISA, we may revoke this disqualification on our own initiative or on your written application.
Note 4:
Under section 344 of the SISA, if you are affected by this decision and are not satisfied with it, you can ask the Commissioner to reconsider the decision. This request must be made in writing within 21 days of receiving notice of this decision and must give the reasons you think the decision is wrong.
Overview
The Superannuation Industry (Supervision) Act 1993 was enacted to regulate the superannuation industry in Australia, ensuring that trustees, investment managers, and custodians of superannuation entities operate with integrity and in the best interest of members. The Act was introduced to address the need for stringent oversight and regulation of superannuation funds to protect the retirement savings of Australians. Enacted by the Australian Parliament, the policy objective of the Act is to maintain high standards of conduct and accountability within the superannuation industry, thereby safeguarding the financial security of superannuation fund members. The Act includes provisions for the disqualification of individuals who contravene its requirements, which serves as a deterrent to misconduct and promotes a culture of compliance within the industry.
Scope and Application
The Superannuation Industry (Supervision) Act 1993 (SISA) applies to individuals and entities involved in the administration and management of superannuation funds in Australia, encompassing trustees, investment managers, custodians, and responsible officers of superannuation entities. The Act's jurisdiction is national, applying across all states and territories in Australia. It imposes obligations and restrictions on conduct and transactions within the superannuation industry to ensure the proper management and protection of superannuation funds. The Act’s disqualification provisions apply to individuals who have contravened the SISA, leading to potential disqualification from performing certain roles within superannuation entities. The disqualification takes immediate effect upon notification and may be subject to revocation under specific conditions. Additionally, the Act includes criminal penalties for disqualified individuals who continue to act in prohibited roles. The disqualification notices are published as Notifiable Instruments in the Federal Register of Legislation, making the details publicly accessible.
Key Provisions
The Superannuation Industry (Supervision) Act 1993 (SISA) includes several key provisions that govern the disqualification of individuals from managing superannuation entities. Section 126A(1) allows for the disqualification of a person who has contravened the SISA in a manner that warrants such action. This provision is crucial as it provides the basis for disqualification when there are repeated or significant breaches of the Act. Section 126A(6) mandates that a notice of disqualification must be given to the affected person, detailing the reasons for the disqualification and the effective date, as seen in the notice to Tupumua Ofati.
The obligations imposed by the SISA on individuals and entities include compliance with all provisions of the Act. Specifically, section 126K sets out the prohibitions on disqualified individuals acting as trustees, investment managers, or custodians of superannuation entities, or as responsible officers or body corporates in such capacities. These roles require a high level of trust and responsibility, and the SISA aims to protect the interests of superannuation fund members by ensuring only fit and proper persons manage these funds.
Failure to adhere to the disqualification provisions can result in serious consequences. Section 126K makes it an offence for a disqualified person to act in any of the prohibited capacities, with the maximum penalty being two years imprisonment. This stringent penalty reflects the importance of maintaining the integrity of the superannuation system and protecting the financial interests of superannuation fund members. Additionally, section 344 provides a mechanism for the affected person to request reconsideration of the disqualification decision by the Commissioner within 21 days of receiving the notice, allowing for potential rectification if the disqualification was made in error or under unjust circumstances.