NOTICE OF DISQUALIFICATION
Superannuation Industry (Supervision) Act 1993
To:
Annunziata Belperio
NEWTON SA 5074
I, James O'Halloran, 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(1) of the SISA.
I have disqualified you as I am satisfied that you have contravened the SISA on one or more occasions and the seriousness of the contraventions provides grounds for disqualifying you.
The disqualification takes effect on the day on which it is made.
Dated: 27 June 2018
James O'Halloran
Deputy Commissioner of Taxation
Per
Deb Goldfinch
Director, Engagement and Assurance
Superannuation
Australian Taxation Office
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 robust regulation and supervision of the superannuation industry in Australia. This Act was introduced by the Parliament of Australia to ensure that the superannuation industry operates in a way that protects the interests of members, particularly their retirement savings. The policy objective of the SISA is to maintain the integrity, efficiency, and competitiveness of the superannuation industry while safeguarding the financial well-being of superannuation members. Under the Act, the Commissioner of Taxation has the authority to disqualify individuals from performing certain roles within the superannuation industry if they are found to have contravened the Act. This measure aims to deter misconduct and maintain high standards within the industry.
Scope and Application
The Superannuation Industry (Supervision) Act 1993 (SISA) applies to individuals and entities involved in the administration of superannuation funds in Australia. This includes trustees, investment managers, custodians, and responsible officers of superannuation entities. The Act regulates the conduct and management of superannuation funds to ensure the financial protection of participants. The geographic reach of the Act is national, applying across Australia, and is administered by the Commonwealth. The Act includes provisions for disqualification of individuals who contravene its provisions, with the notice of disqualification being published in the Commonwealth Government Notices Gazette. Notably, it is an offence for a disqualified person to continue to act in their previous capacity within the superannuation industry, with significant penalties, including up to two years imprisonment, for non-compliance. The Act also allows for the revocation of disqualification by the Commissioner of Taxation either on their own initiative or upon written application from the disqualified person. Furthermore, there is a provision for reconsideration of the disqualification decision by the Commissioner within 21 days of receiving notice of the decision.
Key Provisions
The Superannuation Industry (Supervision) Act 1993 (SISA) contains various provisions to regulate and oversee the superannuation industry in Australia. Specifically, section 126A(1) empowers the Commissioner of Taxation to disqualify individuals who have contravened the Act, with subsection 126A(6) mandating that a notice of such disqualification must be issued to the affected person. The notice must detail the grounds for the disqualification and is to be issued on the day the disqualification takes effect. Section 126A(7) stipulates that the details of the disqualification will be published in the Commonwealth Government Notices Gazette.
Under the SISA, the disqualification imposes significant obligations on the disqualified individual, prohibiting them from acting as a trustee, investment manager, or custodian of a superannuation entity, or from being a responsible officer or body corporate in such capacities. This is clearly stated under section 126K, which also outlines the severe consequences of contravening these provisions. If a disqualified person knowingly engages in these prohibited activities, they commit an offence that can result in a maximum penalty of two years imprisonment.
The SISA further provides mechanisms for the possible revocation of the disqualification. According to subsection 126A(5), the disqualification may be revoked either by the Commissioner on their own initiative or upon a written application from the disqualified individual. Additionally, section 344 allows for the Commissioner to reconsider the disqualification decision if the affected person submits a written request within 21 days of receiving the notice, detailing the reasons why they believe the decision should be overturned. This ensures that there is a formal process for reviewing and potentially reversing the disqualification if new information or arguments are presented.