NOTICE OF CONFIRMATION OF DISQUALIFICATION - Roberto Maietta - 18 February 2025
Superannuation Industry (Supervision) Act 1993
To:
Roberto Maietta
BEACON HILL NSW 2100
I, Andrew Orme, a delegate of the Commissioner of Taxation, give you notice as required by subsection 344(6) of the Superannuation Industry (Supervision) Act 1993 (SISA), that I have confirmed your disqualification under subsection 344(4) of the SISA.
I have confirmed your disqualification as I am satisfied that the corporate trustee of one or more superannuation entities has contravened the SISA on one or more occasions, and 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 confirmation of disqualification takes effect on the day on which it is made.
Dated: 18 February 2025
Andrew Orme
Deputy Commissioner of Taxation
Per Brenden Morley
Note 1:
Under subsection 126(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 44(8) of the SISA, if you are affected by this decision and are not satisfied with it, you can apply to the Administrative Appeals Tribunal to review the decision within 28 days of the Commissioner giving notification of this decision.
Overview
The Superannuation Industry (Supervision) Act 1993 (SISA) was enacted to address the need for robust oversight and regulation of the superannuation industry in Australia. The legislation was introduced to ensure that superannuation entities are managed responsibly, and to protect the interests of superannuation members by enforcing compliance with relevant regulations. The policy objective of the SISA is to safeguard the financial well-being of Australians by ensuring that superannuation trustees and other responsible officers adhere to strict standards of conduct and governance. The Act empowers the Commissioner of Taxation to disqualify individuals from performing certain roles within the superannuation industry if they are found to have engaged in serious misconduct. The enacting body for the SISA is the Commonwealth Parliament, reflecting the national scope and importance of the legislation in maintaining the integrity of the superannuation system. The SISA includes mechanisms for the review of disqualification decisions, ensuring that affected parties have recourse to appeal such decisions within a specified timeframe.
Scope and Application
The Superannuation Industry (Supervision) Act 1993 (SISA) applies to responsible officers of corporate trustees of superannuation entities, ensuring they adhere to stringent compliance standards. The Act's jurisdiction extends across the Commonwealth of Australia, imposing obligations on trustees, investment managers, custodians, and other relevant parties within the superannuation industry. This includes disqualifying individuals who have acted in a responsible capacity and have contravened the Act, as evidenced by the notice of confirmation of disqualification for Roberto Maietta. The legislation's reach is further extended through subordinate instruments, which may detail specific conditions and enforcement mechanisms. However, certain exclusions or exemptions may apply, particularly in relation to particular types of superannuation entities or specific circumstances, although these are not detailed in the provided text. The Act also imposes significant penalties, including potential jail time, for disqualified individuals who continue to act in prohibited capacities.
Key Provisions
The Superannuation Industry (Supervision) Act 1993 (SISA) contains various provisions related to the supervision of the superannuation industry. In this instance, subsection 344(4) of the SISA empowers a delegate of the Commissioner of Taxation to disqualify a person from being a responsible officer of a corporate trustee if they are satisfied that the corporate trustee has contravened the SISA and the seriousness of the contraventions warrants disqualification. The delegate has confirmed this disqualification in the notice provided to Roberto Maietta, which takes effect on the day it is issued.
This disqualification imposes strict obligations on Roberto Maietta. Under the SISA, it is an offence for a disqualified person to act as, or be, a trustee, investment manager, or custodian of a superannuation entity, or a responsible officer of a body corporate that is a trustee, investment manager, or custodian of a superannuation entity, if they are aware of their disqualification status. These obligations are designed to ensure that individuals who have been found to have acted in a manner warranting disqualification do not continue to hold positions of responsibility within the superannuation industry.
The SISA provides severe penalties for breaches of the disqualification provisions. According to section 126k, the maximum penalty for a disqualified person who knowingly acts in a prohibited capacity is two years imprisonment. This stringent penalty underscores the importance of adhering to the disqualification provisions and the seriousness with which the law treats breaches of these obligations.
Should Roberto Maietta wish to contest the disqualification decision, he has the right to seek a review from the Administrative Appeals Tribunal under subsection 44(8) of the SISA. This review must be initiated within 28 days of receiving notification of the decision, providing Maietta with a formal mechanism to challenge the decision and potentially overturn or modify the disqualification if he can demonstrate grounds for doing so.