Notice of Disqualification – Amanda Steyn – 15 May 2025

Overview

The Superannuation Industry (Supervision) Act 1993 (SISA) was enacted to address the need for effective regulation and supervision of the superannuation industry in Australia, ensuring that superannuation funds are managed in the best interests of members. This Act provides the legislative framework to monitor and enforce compliance with the superannuation laws, aiming to protect the interests of superannuation fund members. The SISA was enacted by the Commonwealth Parliament, with the overarching policy objective of maintaining the integrity and stability of the superannuation system. In a specific instance, the Act was applied to disqualify Amanda Steyn from acting as a responsible officer of a corporate trustee of one or more superannuation entities. The disqualification was issued by Emma Rosenzweig, a delegate of the Commissioner of Taxation, under the authority granted by the SISA. The disqualification was based on the contravention of the SISA by the corporate trustee, with the nature of these contraventions providing sufficient grounds for the disqualification. This action underscores the enforcement mechanisms within the SISA to maintain compliance and protect the interests of superannuation fund members.

Scope and Application

The Superannuation Industry (Supervision) Act 1993 (SISA) applies to entities involved in the supervision of superannuation funds in Australia, including trustees, investment managers, and custodians of superannuation entities. This Act is of Commonwealth jurisdiction and governs the conduct of responsible officers within these entities to ensure compliance with superannuation laws. It specifically targets individuals who hold positions of responsibility and influence over superannuation entities. The notice of disqualification issued under this Act applies to individuals such as Amanda Steyn, who, as a responsible officer of a corporate trustee, contravened the Act, leading to their disqualification. The geographic reach of the Act is national, extending to all states and territories of Australia, as it is a Commonwealth Act. The Act does not specify any exclusions or exemptions, applying broadly to any person found to have contravened the provisions related to superannuation management. Additionally, the application of the Act can be extended or restricted through subordinate instruments, allowing for further regulations and guidelines to be issued under its authority.

Key Provisions

The Superannuation Industry (Supervision) Act 1993 (SISA) includes specific provisions for disqualifying individuals from participating in the management of superannuation entities. Section 126A(2) allows for the disqualification of responsible officers if the corporate trustee of a superannuation entity contravenes the SISA, and the nature of the contraventions provides grounds for disqualification. In this case, Amanda Steyn has been disqualified by Emma Rosenzweig, a delegate of the Commissioner of Taxation, based on her position as a responsible officer during the contraventions by the corporate trustee. This disqualification takes effect immediately upon issuance, as stated in the notice dated 15 May 2025. The Act imposes certain obligations on the parties it governs, particularly those in managerial or responsible positions within superannuation entities. These obligations include ensuring compliance with the SISA to avoid potential disqualification. Section 126K of the SISA further outlines that 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 of a body corporate that holds such positions. This is intended to maintain the integrity and proper management of superannuation funds. For breaches of these provisions, the SISA provides for both civil and criminal consequences. Section 126K specifies that knowingly acting in a prohibited capacity after being disqualified is an offence, with a maximum penalty of two years imprisonment. This underscores the seriousness with which the Act treats violations of its provisions. Additionally, the disqualification itself can be reviewed and potentially revoked under subsection 126A(5) either by the delegate on their own initiative or upon a written application from the disqualified person. If Amanda Steyn wishes to challenge the disqualification, she has the option to request reconsideration by the Commissioner within 21 days of receiving the notice, as stipulated in section 344 of the SISA.