NOTICE OF DISQUALIFICATION
Superannuation Industry (Supervision) Act 1993
To:
Andrew Burnett Grice
SUNSHINE PLAZA QLD 4558
I, Alison Lendon, 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(3) of the SISA.
I have disqualified you as I am satisfied that you are not a fit and proper person to be a trustee, or a responsible officer of a body corporate that is a trustee, of a superannuation entity for the purposes of the SISA.
The disqualification takes effect on the day on which it is made.
Dated: 13 August 2015
Alison Lendon
Deputy Commissioner of Taxation
Per Michael Grivell
Note 1:
In accordance with subsection 126A(7) of the SISA, particulars of this disqualification notice will be published in the Commonwealth Government Notices Gazette.
Note 2:
In accordance with subsection 126A(5) of the SISA, we may revoke this disqualification on our own initiative or on written application made by you.
Note 3:
In accordance with section 344 of the SISA, if you are a person who is affected by this decision and you are dissatisfied with it, you may ask the Commissioner to reconsider this decision. Such a request must be made in writing within 21 days after the day on which you received notice of the decision and must also give the reasons for making the request.
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, aiming to ensure the protection of superannuation fund members. The Act was introduced by the Commonwealth Parliament, with the overarching policy objective being to maintain the integrity and stability of the superannuation system by ensuring that those involved in managing superannuation entities are fit and proper persons. This legislative framework was developed to mitigate risks associated with the mismanagement or improper administration of superannuation funds, thereby safeguarding the financial interests and retirement security of superannuation fund members. The Act provides mechanisms for the disqualification of individuals deemed unsuitable to manage superannuation entities, ensuring that the highest standards of conduct and competence are upheld within the industry.
Scope and Application
The Superannuation Industry (Supervision) Act 1993 (SISA) is central to the regulation of superannuation trustees and their officers, ensuring that only fit and proper persons manage superannuation entities. This Act applies to individuals and corporate bodies that serve as trustees or responsible officers within the superannuation industry across Australia. The reach of the Act is national, extending its provisions uniformly across all states and territories. The Act imposes stringent criteria for determining the fitness and propriety of individuals and entities involved in managing superannuation funds, with the aim of protecting the interests of superannuation fund members. The Act's application may be extended or restricted through subordinate instruments, allowing for the detailed regulation of specific aspects of superannuation management. The Act does not explicitly outline exclusions, exemptions, or thresholds within the primary text, but the regulations and guidelines issued under the Act may specify certain conditions or exceptions. The notice of disqualification, as demonstrated in the provided Gazette, serves to enforce the Act's provisions by barring disqualified individuals from holding positions of trust or responsibility within the superannuation sector.
Key Provisions
The main sections of the Superannuation Industry (Supervision) Act 1993 (SISA) relevant to this disqualification notice pertain to the authority of the Commissioner of Taxation to disqualify individuals from serving as trustees or responsible officers of superannuation entities. Specifically, subsection 126A(3) empowers the Commissioner to disqualify a person deemed unfit and improper to hold such positions, and subsection 126A(6) mandates that the Commissioner must provide written notice of such a disqualification. The notice, as evidenced in the document, includes the basis for the disqualification and informs the recipient of their immediate disqualification.
The Act imposes obligations on trustees and responsible officers to ensure they maintain the standards of fitness and propriety required for their roles. The Commissioner of Taxation has the responsibility to assess whether individuals meet these standards. If a person is found not to be a fit and proper person, the Commissioner is authorised to disqualify them from managing superannuation entities, as occurred in this case with Andrew Burnett Grice.
Breaching the conditions of disqualification can lead to significant legal consequences. The Act does not explicitly state the penalties for continued involvement in superannuation management post-disqualification; however, such actions would likely be considered a criminal offence. The penalties for breaches of the SISA can include substantial fines and imprisonment. Under the Corporations Act 2001 (Cth), for example, individuals found guilty of acting as a director while disqualified can face penalties of up to five years imprisonment or substantial fines. These penalties reflect the serious nature of ensuring the integrity and proper management of superannuation funds.