NOTICE OF DISQUALIFICATION – Angel Marie Montague
Superannuation Industry (Supervision) Act 1993
To:
Angel Marie Montague
ASHMONT NSW 2650
I, Emma Rosenzweig, 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: 20 September 2022
Emma Rosenzweig
Deputy Commissioner of Taxation
Per Jaq McDougall
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 was enacted by the Parliament of Australia to establish a framework for the supervision and regulation of the superannuation industry, addressing issues related to the management and administration of superannuation funds. This legislation was introduced to ensure the integrity and stability of the superannuation system by imposing obligations on trustees, investment managers, and custodians, and providing mechanisms for the regulation and enforcement of these obligations. One significant aspect of the Act is the power to disqualify individuals who have been responsible officers of corporate trustees that have contravened the Act, as seen in the case of Angel Marie Montague, who has been disqualified under subsection 126A(2). The policy objective of the Act, as reflected in this provision, is to maintain high standards of conduct and compliance within the superannuation industry to protect the interests of superannuation fund members.
Scope and Application
The Superannuation Industry (Supervision) Act 1993 (SISA) applies to individuals and corporate trustees who are responsible officers of superannuation entities, ensuring compliance with regulatory standards within the superannuation industry. The Act’s jurisdiction is Commonwealth-wide, affecting entities and persons engaged in the management and administration of superannuation funds across Australia. In this instance, the Act is specifically invoked to disqualify Angel Marie Montague as a responsible officer due to the corporate trustee’s contraventions of the SISA. The disqualification takes immediate effect and prohibits Montague from acting as a trustee, investment manager, or custodian of any superannuation entity, with significant legal penalties for non-compliance. The Act provides mechanisms for both the disqualification and potential revocation of such disqualifications, offering a pathway for reconsideration of decisions within a specified timeframe.
Key Provisions
The Superannuation Industry (Supervision) Act 1993 (SISA) contains various sections that govern the disqualification of individuals from holding certain roles within the superannuation industry. Under subsection 126A(2), an individual can be disqualified if it is determined that the corporate trustee of one or more superannuation entities has contravened the Act on one or more occasions, and the disqualified individual was a responsible officer at the time of the contraventions. The seriousness of the contraventions must provide grounds for the disqualification. This disqualification is notified under subsection 126A(6) and becomes effective on the day it is made, as seen in the notice issued to Angel Marie Montague on 20 September 2022.
The SISA imposes several obligations on the parties it governs. Primarily, responsible officers of corporate trustees must ensure compliance with all provisions of the Act. This includes maintaining proper records, adhering to investment standards, and acting in the best interests of the superannuation fund members. Failure to comply with these obligations can lead to the contraventions that may result in disqualification. The Act also mandates that the corporate trustee itself must adhere to strict regulatory standards, ensuring the protection of superannuation funds and the financial security of members.
The SISA provides for various offences and penalties for breach. Notably, under section 126K, it is an offence for a disqualified person to act as, or be, a trustee, investment manager, or custodian of a superannuation entity, or to be a responsible officer of a body corporate that holds such roles. The maximum penalty for committing this offence is a two-year jail term. Additionally, subsection 126A(5) allows for the revocation of the disqualification either on the initiative of the delegate or upon a written application by the disqualified person. If a disqualified person wishes to contest the decision, section 344 allows for a written request for reconsideration to be made to the Commissioner within 21 days of receiving the notice of disqualification.