NOTICE OF DISQUALIFICATION – Angela Collins - 10 January 2025
Superannuation Industry (Supervision) Act 1993
To:
Angela Collins
YATALA QLD 4207
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’ve disqualified you as I’m 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: 10 January 2025
Emma Rosenzweig
Deputy Commissioner of Taxation
Per Susan Russell
Note 1:
Under subsection 126A(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 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 effective supervision and regulation of the superannuation industry in Australia, particularly focusing on maintaining the integrity and reliability of superannuation entities. The Act was introduced to ensure that trustees, investment managers, and custodians of superannuation entities adhere to strict standards and regulatory requirements to protect the interests of superannuation fund members. The SISA was enacted by the Australian Parliament and its policy objective is to provide a robust framework for the supervision and regulation of the superannuation industry, thereby safeguarding the financial well-being of superannuation fund members. The legislation includes provisions for the disqualification of individuals who have contravened the Act, ensuring that those who fail to meet the required standards are held accountable.
Scope and Application
The Superannuation Industry (Supervision) Act 1993 (SISA) applies to responsible officers of corporate trustees who manage superannuation entities, ensuring they adhere to legislative standards. Specifically, the Act targets individuals such as Angela Collins who, while acting as a responsible officer, contribute to or are associated with breaches of the SISA. The Act’s reach is national, applying across all jurisdictions within Australia, including states, territories, and the Commonwealth. The Act provides clear grounds for disqualification, including contraventions by the corporate trustee and the seriousness of these breaches. Additionally, the Act extends its application through subordinate instruments that can specify further details or modify its application. Disqualified persons are prohibited from acting as trustees, investment managers, or custodians of superannuation entities, with potential penalties including up to two years in jail for knowingly violating these provisions. The Act also allows for the disqualification to be revoked either by the authority or upon application by the disqualified individual.
Key Provisions
The primary operative sections in this notice of disqualification under the Superannuation Industry (Supervision) Act 1993 (SISA) are subsection 126A(2) and subsection 126A(6). Under subsection 126A(2), Angela Collins has been disqualified from being a responsible officer of a corporate trustee of a superannuation entity due to contraventions of the SISA by the corporate trustee. This disqualification notice, mandated by subsection 126A(6), informs Angela Collins of the decision and its immediate effect.
The Act imposes significant obligations on parties governed by it, particularly those in responsible positions within superannuation entities. Responsible officers, such as Angela Collins, must ensure compliance with the SISA to avoid personal disqualification. The Act mandates that any contraventions of its provisions by the corporate trustee must be avoided, and any misconduct must be rectified to prevent disqualification of responsible officers.
The SISA also outlines serious consequences for breaches of its provisions. Section 126K imposes criminal penalties on disqualified persons who knowingly act as trustees, investment managers, custodians, or responsible officers of superannuation entities. The maximum penalty for this offence is two years imprisonment. This strict penalty underscores the importance of compliance and the seriousness of the Act's requirements.
Additionally, the Act provides mechanisms for the disqualification to be potentially revoked. Under subsection 126A(5), the disqualification can be revoked either by the authority on its own initiative or upon the written application of the disqualified person. This offers a path for remediation and reinstatement under certain conditions. Furthermore, section 344 allows for reconsideration of the decision by the Commissioner if Angela Collins is dissatisfied with the disqualification. This reconsideration request must be made in writing within 21 days of receiving the notice, outlining the reasons for dissatisfaction.