NOTICE OF DISQUALIFICATION – Anthony Weinman
Superannuation Industry (Supervision) Act 1993
To:
Anthony Weinman
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 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 nature of the contraventions provides grounds for disqualifying you.
The disqualification takes effect on the day on which it is made.
Dated: 5 April 2023
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 (SISA) was enacted by the Australian Parliament to regulate and supervise the superannuation industry in Australia. This legislation was introduced to address the need for stringent oversight and regulation of superannuation entities to ensure the protection of fund members' interests and maintain the integrity of the superannuation system. One of the key policy objectives of the SISA is to prevent misconduct and ensure compliance by those responsible for managing superannuation funds. In accordance with the SISA, individuals who are found to have contravened the provisions of the Act while serving as responsible officers of corporate trustees may be disqualified from performing such roles. This legislative measure aims to uphold the standards of the superannuation industry and protect the financial well-being of superannuation fund members.
Scope and Application
The Superannuation Industry (Supervision) Act 1993 (SISA) applies to responsible officers of corporate trustees of superannuation entities, encompassing individuals and entities involved in the administration and management of superannuation funds. The act’s jurisdiction extends across the Commonwealth of Australia, and its provisions are applicable nationwide. The legislation targets conduct that breaches the SISA, specifically focusing on instances where the corporate trustee of one or more superannuation entities contravenes the provisions of the act, thereby potentially leading to the disqualification of responsible officers. Notably, the disqualification process and its implications, including the prohibition on acting as a trustee, investment manager, or custodian of a superannuation entity, are stringently outlined within the act, with severe penalties for non-compliance. The act also allows for the possibility of disqualification revocation under certain conditions and provides a mechanism for reconsideration of the disqualification decision by the Commissioner.
Key Provisions
The Superannuation Industry (Supervision) Act 1993 (SISA) provides various provisions to ensure the proper management and supervision of superannuation entities. Section 126A(2) allows for the disqualification of a responsible officer of a corporate trustee if there are contraventions of the SISA and the nature of these contraventions justifies the disqualification. This particular notice, under subsection 126A(6), informs Anthony Weinman that he has been disqualified due to his role as a responsible officer at the time of the contraventions. The disqualification, as per the notice, is effective immediately upon issuance.
Under the SISA, responsible officers and corporate trustees are bound by various obligations and requirements. They must ensure compliance with all provisions of the Act, including but not limited to, the proper administration of superannuation funds, adherence to investment standards, and timely reporting to the relevant authorities. Failure to meet these obligations can lead to serious repercussions, including personal disqualification as evidenced in this case.
The SISA also outlines the consequences for non-compliance. Section 126K states that it is an offence for a disqualified person to act as a trustee, investment manager, or custodian of a superannuation entity, or to be a responsible officer of such entities if they are aware of their disqualification status. The maximum penalty for this offence is imprisonment for up to two years, underscoring the seriousness of the contraventions that led to the disqualification. Furthermore, subsection 126A(5) allows for the possibility of revocation of the disqualification either on the initiative of the authority or upon a written application by the disqualified person.
Should Anthony Weinman wish to contest the disqualification, he has recourse under section 344 of the SISA. He can request the Commissioner to reconsider the decision within 21 days of receiving the notice, provided he submits a written request detailing why he believes the decision is incorrect. Additionally, Note 1 indicates that the details of this disqualification will be published in the Commonwealth Government Notices Gazette, ensuring transparency and public awareness of such actions.