NOTICE OF DISQUALIFICATION
Superannuation Industry (Supervision) Act 1993
To:
Andrew Cole
BONDI BEACH NSW 2026
I, John Ford, 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(2) of the SISA.
I have disqualified you 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 disqualification takes effect on the day on which it is made.
Dated: 23 April 2020
John Ford
Deputy Commissioner of Taxation
Per Pam Vincent
Note 1:
Under subsection 126A(7) of the SISA, details of this disqualification notice will be published in the Commonwealth Government Notices Gazette.
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 (SISA) was enacted to address the need for the regulation and supervision of the superannuation industry in Australia. This legislation was introduced by the Australian Parliament to ensure the proper management and security of superannuation funds, protecting the interests of superannuation fund members. The SISA aims to maintain high standards of conduct and accountability within the superannuation industry, ensuring that trustees, investment managers, and custodians act in the best interests of the fund members. The Act includes provisions for the disqualification of individuals who fail to meet these standards, as evidenced by the disqualification notice issued under subsection 126A(6) of the SISA. The policy objective of the Act is to safeguard the superannuation system, ensuring it operates efficiently and with integrity.
Scope and Application
The Superannuation Industry (Supervision) Act 1993 (SISA) applies to individuals and entities within the superannuation industry in Australia, including trustees, investment managers, custodians, and responsible officers of corporate trustees. This Act has a Commonwealth reach, governing entities across the entire nation. The Act imposes disqualifications on individuals who, as responsible officers of a corporate trustee, are found to have facilitated contraventions of the SISA. The scope of the Act extends to prohibiting disqualified individuals from acting in roles that involve the management or oversight of superannuation entities. The Act may be further extended or detailed through subordinate instruments, which can provide specific guidelines or conditions under which the Act is applied. Exclusions or exemptions are not explicitly detailed in the provided text, but it is clear that the Act aims to maintain high standards of supervision and compliance within the superannuation industry to protect the interests of superannuation fund members.
Key Provisions
The notice of disqualification provided under subsection 126A(6) of the Superannuation Industry (Supervision) Act 1993 (SISA) informs Andrew Cole that he has been disqualified from acting as a responsible officer of a corporate trustee of a superannuation entity. The decision to disqualify was made because it is believed that the corporate trustee has contravened the SISA, and Andrew was a responsible officer at the time. The disqualification takes effect immediately upon its issuance, which in this case is on 23 April 2020.
The SISA imposes several obligations on parties involved in the superannuation industry. Responsible officers, like Andrew, must ensure that the corporate trustee adheres to all legal and regulatory requirements, including those set out in the SISA. Failure to do so can result in personal disqualification. Trustees, investment managers, and custodians are also required to maintain the highest standards of governance and compliance, as their actions directly impact the interests of superannuation fund members.
Breaching the provisions of the SISA can lead to severe consequences. Under section 126K, it is an offence for a disqualified person to continue acting in a capacity related to the management of superannuation entities. This includes being a trustee, investment manager, custodian, or responsible officer. The maximum penalty for such an offence is a two-year jail term, highlighting the seriousness with which the law treats non-compliance.
Furthermore, the disqualification can be revoked either by the delegate of the Commissioner of Taxation on their own initiative or based on a written application from Andrew. This offers a potential pathway for Andrew to regain his eligibility, provided he meets the necessary criteria and demonstrates compliance with the law. Additionally, section 344 of the SISA allows Andrew to request a reconsideration of the disqualification decision if he believes it to be incorrect. This request must be made in writing within 21 days of receiving the notice and should include the reasons for contesting the decision.