NOTICE OF DISQUALIFICATION – Brett Skillen
Superannuation Industry (Supervision) Act 1993
To:
Brett Skillen
SEVILLE GROVE WA 6112
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: 20 June 2023
Emma Rosenzweig
Deputy Commissioner of Taxation
Per Bharti Ben
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 was enacted to ensure that superannuation funds are managed responsibly and in the best interests of the members. This legislation was introduced to address issues arising from the mismanagement and non-compliance of superannuation trustees and other responsible officers. The Act is administered by the Australian Parliament and aims to protect superannuation members by enforcing standards of conduct and governance. The Act provides mechanisms for the disqualification of individuals found to be unfit to manage superannuation funds due to serious breaches of the law, as demonstrated in the case of Brett Skillen, who has been disqualified under subsection 126A(2) of the Act for his role in contraventions by the corporate trustee of a superannuation entity. The disqualification serves as a deterrent and ensures that individuals who have demonstrated unfitness to manage superannuation funds are prevented from doing so in the future.
Scope and Application
The Superannuation Industry (Supervision) Act 1993 applies to responsible officers of corporate trustees of superannuation entities, imposing obligations and restrictions on their conduct to ensure the proper management of superannuation funds. This Act applies nationally across Australia, including the Commonwealth, states, and territories, with a clear focus on the financial and administrative practices within the superannuation industry. The Act's reach extends to disqualifying individuals who fail to comply with its provisions, as evidenced by the disqualification of Brett Skillen, a responsible officer, due to contraventions by the corporate trustee he served. Exclusions, exemptions, or specific thresholds are not detailed within the notice but are likely governed by other sections of the Act or related regulations. The Act also allows for the revocation of disqualifications and provides a mechanism for reconsideration of decisions by the Commissioner.
Key Provisions
The Superannuation Industry (Supervision) Act 1993 (SISA) contains specific provisions that govern the disqualification of individuals who have contravened its requirements. In this context, subsection 126A(2) of the SISA provides for the disqualification of a person, while subsection 126A(6) mandates that a notice of such disqualification be given to the affected individual (subsection 126A(7)). The notice, in this case, was issued to Brett Skillen, informing him of his disqualification as a result of his position as a responsible officer of a corporate trustee that contravened the SISA on multiple occasions. The seriousness of these contraventions provided sufficient grounds for the disqualification. Brett's disqualification took immediate effect on the date of the notice.
Under the SISA, Brett Skillen now faces certain obligations and restrictions. Specifically, section 126K of the Act imposes a prohibition on disqualified individuals from acting as a trustee, investment manager, or custodian of a superannuation entity, or being a responsible officer of such an entity. Any contravention of this prohibition may lead to severe consequences, as it is considered an offence under the Act.
Breaching the provisions of the SISA that pertain to disqualification can result in serious penalties. If Brett Skillen, knowing that he is disqualified, were to act as a trustee, investment manager, or custodian of a superannuation entity, or if he were to act as a responsible officer of such an entity, he would be committing an offence under section 126K of the SISA. The maximum penalty for this offence is two years imprisonment, highlighting the gravity of the potential consequences for non-compliance. Furthermore, under subsection 126A(5) of the SISA, the disqualification can be revoked either on the initiative of the relevant authority or through a written application by the disqualified person. Additionally, Brett Skillen has the right to request the Commissioner to reconsider the decision within 21 days of receiving the notice of disqualification, should he be dissatisfied with the outcome.