NOTICE OF DISQUALIFICATION - Brenton Gannon
Superannuation Industry (Supervision) Act 1993
To:
Brenton Gannon
GLENFIELD PARK NSW 2650
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 have 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 seriousness of the contraventions provides grounds for disqualifying you.
The disqualification takes effect on the day on which it is made.
Dated: 14 December 2022
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 Parliament of Australia to provide comprehensive regulation and oversight of the superannuation industry, ensuring the protection of superannuation benefits and addressing systemic issues that could undermine the financial security of Australians' retirement. This legislation was introduced to address gaps in the regulation of superannuation entities and to establish a framework for the supervision and administration of superannuation funds, thereby promoting confidence in the system and safeguarding the interests of superannuation members. The Act aims to maintain high standards of governance and accountability within the superannuation industry, ensuring that trustees and responsible officers act in the best interests of superannuation fund members.
In a specific instance of enforcement under the SISA, the Superannuation Industry (Supervision) Amendment Act 2022 (C2022G01252) was enacted to further strengthen the regulatory framework. The policy objective of this legislation is to enhance the supervision and management of superannuation funds by imposing stricter penalties and more rigorous oversight on responsible officers and trustees. This measure aims to deter non-compliance and ensure that the administration of superannuation funds adheres to the highest standards of integrity and fiduciary duty, thereby protecting 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 that administer superannuation entities, including individuals like Brenton Gannon who are implicated in contraventions of the Act. The Act's jurisdictional reach is national, as it is a Commonwealth Act, thereby governing entities and conduct across Australia. The disqualification provisions outlined in the Act serve to protect the integrity of the superannuation system by barring individuals from holding certain positions within superannuation entities if they are found to have contravened the Act. The disqualification is immediate and enforceable, with potential criminal penalties for those who continue to act in a prohibited capacity. The Act also provides mechanisms for the revocation of disqualification and avenues for reconsideration of the decision by the Commissioner, ensuring procedural fairness. The scope of the Act is further extended through subordinate instruments, which may provide additional details or conditions regarding the disqualification and the obligations of those affected.
Key Provisions
The Superannuation Industry (Supervision) Act 1993 (SISA) includes several key provisions pertinent to the disqualification of individuals involved with superannuation entities. Section 126A(2) allows for the disqualification of a person if there is a contravention of the SISA by a corporate trustee while the person was a responsible officer at the time. This disqualification is effective immediately upon issuance, as indicated in subsection 126A(6). Section 126A(7) mandates the publication of details of such disqualification in the Commonwealth Government Notices Gazette, ensuring transparency and public awareness.
The Act imposes significant obligations on parties involved with superannuation entities, particularly on responsible officers. Section 126K places a stringent requirement on disqualified persons, prohibiting them from acting as trustees, investment managers, or custodians of a superannuation entity if they are aware of their disqualification. This section ensures that individuals who have been found to be unfit for such roles due to their involvement in contraventions of the SISA are prevented from continuing in such capacities. This provision aims to safeguard the interests of superannuation fund members by maintaining the integrity of the superannuation system.
The penalties for breaches of the SISA are severe, reflecting the importance of compliance with the Act. Subsection 126A(5) provides that a disqualification may be revoked either by the Commissioner on their own initiative or by the disqualified individual if they submit a written application. Additionally, section 344 allows for the reconsideration of a disqualification decision by the Commissioner if the affected person believes the decision is incorrect. This provision provides a mechanism for individuals to contest the disqualification, although the grounds for reconsideration must be clearly articulated within 21 days of receiving notice of the decision. Failure to comply with these provisions can result in substantial penalties, including up to two years in jail, as outlined in section 126K, underscoring the seriousness with which the Act treats breaches of its provisions.