NOTICE OF DISQUALIFICATION
Superannuation Industry (Supervision) Act 1993
To:
Mrs Audrey Haeata
BEECHBORO WA 6063
I, Ivan Parrett, a delegate of the Commissioner of Taxation, give you notice as required by subsection 126A(6) of the Superannuation Industry (Supervision) Act 1993 (SIS Act), that I have made a decision to disqualify you from being a trustee or a responsible officer of a body corporate that is a trustee, investment manager or custodian, of a superannuation entity.
I have disqualified you under subsection 126A(1) of the SIS Act as I am satisfied that you have contravened the SIS Act on one or more occasions and the nature and seriousness of the contravention provides grounds for disqualifying you.
The disqualification order takes effect on the day on which this notice is made.
Dated: 18 September 2013
Ivan Parrett
Assistant Commissioner of Taxation
per Kwee Tang
Note 1:
In accordance with subsection 126A(7) of the SIS Act, particulars of this disqualification notice will be published in the Gazette.
Note 2:
In accordance with subsection 126A(5) of the SIS Act, we may revoke this disqualification order on our own initiative or on written application made by you.
Note 3:
In accordance with section 344 of the SIS Act, if you are a person who is affected by this decision and you are dissatisfied with it, you may ask the Commissioner to reconsider this decision. Such a request must be made in writing within 21 days of the day on which you received notice of the decision and must also give the reasons for making the request.
Overview
The Superannuation Industry (Supervision) Act 1993, enacted by the Australian Parliament, was introduced to address the need for regulation and oversight of the superannuation industry. This legislation aims to ensure the proper management and administration of superannuation funds, protecting the interests of fund members. The Act provides for the supervision of trustees and other responsible officers of superannuation entities, including the power to disqualify individuals found to have contravened the provisions of the Act. The notice of disqualification issued to Mrs Audrey Haeata under subsection 126A(6) of the SIS Act highlights the serious nature of certain contraventions, warranting such measures to maintain the integrity and compliance of the superannuation industry. The policy objective of the Act is to safeguard the financial interests and retirement security of Australians by ensuring responsible management of their superannuation funds.
Scope and Application
The Superannuation Industry (Supervision) Act 1993 applies to individuals and entities involved in the administration and management of superannuation funds within Australia. This includes trustees, responsible officers, trustees of body corporates, investment managers, and custodians of superannuation entities. The Act encompasses conduct and transactions related to the management and investment of superannuation funds, ensuring compliance with stringent regulatory standards designed to protect the interests of superannuation fund members. The jurisdictional reach of the Act is national, applying to all superannuation entities across the Commonwealth of Australia, including states, territories, and relevant federal entities. The Act provides specific exclusions and exemptions, which can be delineated through subordinate instruments. The notice of disqualification issued under subsection 126A(6) of the SIS Act is effective immediately upon issuance and includes provisions for potential revocation and reconsideration by the Commissioner, as outlined in the notice itself.
Key Provisions
The notice of disqualification under the Superannuation Industry (Supervision) Act 1993 (SIS Act) informs Mrs Audrey Haeata of a decision made by Ivan Parrett, a delegate of the Commissioner of Taxation, to disqualify her from serving as a trustee or responsible officer of a body corporate that manages superannuation entities (sections 126A(1) and (6)). This disqualification stems from the belief that Mrs Haeata has violated the SIS Act, with the seriousness of these breaches warranting such a penalty.
Under the SIS Act, the disqualification order is immediate upon issuance of the notice, thus rendering Mrs Haeata ineligible to hold any position that involves managing superannuation funds or entities. This prohibition aims to protect the interests of superannuation fund members by ensuring that those entrusted with their funds adhere to the highest standards of conduct and compliance. The notice also advises Mrs Haeata of her rights to seek reconsideration of the decision within 21 days from receipt of the notice, as stipulated in section 344 of the SIS Act.
The Act imposes significant obligations on individuals and entities involved in the superannuation industry. Trustees and responsible officers must comply with all provisions of the SIS Act to maintain their eligibility and avoid disqualification. This includes adhering to fiduciary duties, managing funds prudently, and ensuring transparent and accountable practices. Failure to meet these obligations can lead to serious consequences, as evidenced by the immediate effect of the disqualification notice.
Breaching the SIS Act can result in severe penalties. Disqualification from managing superannuation funds is one of the primary sanctions, aimed at deterring non-compliance. Additionally, individuals found guilty of serious contraventions may face substantial fines and imprisonment. The specific penalties depend on the nature and severity of the breach, with the Act providing for maximum penalties that reflect the gravity of the misconduct. These measures underscore the importance of compliance within the superannuation industry to safeguard the interests of superannuation fund members.