NOTICE OF DISQUALIFICATION
Superannuation Industry (Supervision) Act 1993
To:
Mr Bernard Coronel
ESCHOL PARK NSW 2558
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 contraventions provides grounds for disqualifying you.
The disqualification order takes effect on the day on which this notice is made.
Dated: 18 July 2013
Ivan Parrett
Assistant Commissioner of Taxation
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 (SIS Act) was enacted by the Parliament of Australia to address the need for stringent regulation and oversight of the superannuation industry, aimed at protecting the interests of superannuation fund members. The Act provides a comprehensive framework for the supervision and regulation of superannuation funds, trustees, and other related entities to ensure compliance with statutory obligations and to maintain the integrity of the superannuation system. The policy objective is to safeguard the financial well-being of superannuation fund members by imposing rigorous standards and penalties for non-compliance. This legislative framework includes provisions for disqualification of individuals from roles within superannuation entities in cases of serious contraventions, as evidenced by the disqualification notice issued under the Act.
Scope and Application
The Superannuation Industry (Supervision) Act 1993 applies to individuals and entities involved in the administration and management of superannuation entities, specifically targeting trustees, investment managers, and custodians. The Act's jurisdiction is national, extending across all states and territories of Australia, thereby ensuring a consistent regulatory approach to the supervision of superannuation activities. The Act provides for the disqualification of individuals from acting as trustees or responsible officers of superannuation entities if they have contravened its provisions, with the disqualification serving as a significant deterrent against non-compliance. The notice of disqualification, such as the one issued to Mr Bernard Coronel, is a formal notification under subsection 126A(6) of the Act, outlining the grounds for the decision and the immediate effect of the disqualification. Additionally, the Act allows for the publication of such notices in the Gazette, as per subsection 126A(7), and provides avenues for the revocation of disqualification orders and the reconsideration of decisions by the Commissioner.
Key Provisions
The main operative sections of the Superannuation Industry (Supervision) Act 1993 (SIS Act) that are relevant to this notice of disqualification include sections 126A(1) and 126A(6). Section 126A(1) empowers the delegate of the Commissioner of Taxation to disqualify an individual from being a trustee or responsible officer of a superannuation entity if there are reasonable grounds to believe that the individual has contravened the SIS Act. Section 126A(6) requires the delegate to provide written notice of the disqualification decision, as evidenced in this document. The notice of disqualification itself takes effect on the date it is issued.
The obligations and requirements imposed by the SIS Act on the parties or entities it governs are primarily focused on ensuring the proper management and regulation of superannuation funds. Trustees and responsible officers must adhere to strict standards of conduct and fiduciary duties to protect the interests of superannuation fund members. Failure to comply with these obligations can lead to disqualification from managing superannuation entities, as seen in this case. Additionally, the SIS Act mandates transparency and accountability, requiring trustees to maintain proper records and provide regular reports to the Australian Taxation Office.
The consequences of breaching the SIS Act are significant. Under section 126A(1), the delegate of the Commissioner of Taxation can disqualify an individual from managing a superannuation entity if there is a contravention of the Act. The notice of disqualification, as outlined in section 126A(6), specifies the grounds for disqualification and the effective date. Furthermore, section 126A(7) requires the publication of particulars of the disqualification in the Gazette, ensuring public awareness of the decision. The Act also allows for the revocation of the disqualification order under certain conditions, as stated in section 126A(5). Should the affected individual be dissatisfied with the disqualification decision, section 344 provides a mechanism for requesting reconsideration within 21 days of receiving notice of the decision.