Sam Dastyari hit with ban by ATO over super fund management

The tax office has banned former NSW Labor senator Sam Dastyari from running a super fund after being found to have breached the Superannuation Act.

Sam Dastyari. Picture: Liam Driver

Former Labor senator Sam Dastyari has been banned from running a superannuation fund, after the tax office slapped the NSW powerbroker with orders on October 24.

In a notice posted by the Australian Taxation Office, Mr Dastyari was served notice he would be disqualified as trustee from one or more superannuation entities after they contravened the Superannuation Industry Act.

The ATO notice warned the funds overseen by Mr Dastyari had breached subsection 2 of the Act, which orders a trustee be banned when funds they operate are found to have breached the Act.

In a public notice ATO deputy commissioner Emma Rosenzweig told Mr Dastyari she was “satisfied that the corporate trustee of one or more superannuation entities has contravened the SISA on one or more occasions”.

Ms Rosenzweig told Mr Dastyari “at the time of the contraventions you were a responsible officer of the corporate trustee and the seriousness of the contraventions provides grounds for disqualifying you”.

The ATO warned Mr Dastyari he risked jail time if he continued to act as trustee or investment manager or custodian of a superannuation fund after his banning. If found to be running the fund or acting as a responsible officer after the ban he risks two years in jail.

However, the ATO’s notice allows Mr Dastyari 21 days to appeal, ordering he “give the reasons you think the decision is wrong”.

Corporate records show Mr Dastyari, who served as general secretary of the NSW Labor branch alongside a key role at the party’s national executive from 2010 to 2013, registered Dastyari Super in January 2021. Records show he continues to be registered as its sole director and shareholder.

Senators Sam Dastyari and Chris Ketter in front of the bus touring the country.

ASIC records show registrations for the Dastyari Managed Super Fund, which was active from July 2023, along with a registration for the Dastyari Superannuation Fund, which was registered in January 2021.

The Iranian-born politician was a NSW Labor senator from 2016-18 but dramatically quit after his links with Chinese communist businessman Huang Xiangmo were revealed.

Former immigration minister, now Liberal leader, Peter Dutton called Mr Dastyari a “double agent”.

The move by the ATO to ban Mr Dastyari comes almost two months after accounting firm Presido Partners told ASIC it was immediately withdrawing “consent to act as the registered office” for Mr Dastyari’s superannuation fund.

Since leaving politics Mr Dastyari has appeared in the media, but he has also pursued a business career, joining the board of the National Home Doctors Service as well as stepping up as director of private financier Lending Capital Ventures.

Mr Dastyari serves as director of the lending business alongside businessman James Ravens, with $181,052 in paid up capital.

Mr Ravens, who also runs a drinks company and held a senior position on the Tasmanian Bridestowe Levendar Estate, notes on his LinkedIn profile that Lending Capital Ventures is a privately held lending company offering loans to “under-serviced categories in the financial services space”.

This included funding fertility lending provider Ovessa, which offers loans of up to 10 years to fund IVF.

Contacted by The Australian, Mr Dastyari asked “what’s up, mate?” but failed to respond when questioned on the reason for his banning.

Originally published as Sam Dastyari hit with ban by ATO over super fund management