NOTICE OF DISQUALIFICATION – Bryce Christopher Dean - 26 March 2024
Superannuation Industry (Supervision) Act 1993
To:
Bryce Christopher Dean
Newcomb VIC 3219
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’m 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 number and seriousness of the contraventions provides grounds for disqualifying you.
The disqualification takes effect on the day on which it is made.
Dated: 26 March 2024
Emma Rosenzweig
Deputy Commissioner of Taxation
Per Antonio Macolino
Note 1:
Under subsection 126A(7) of the SISA, details of this disqualification notice will be published as a Notifiable Instrument in the Federal Register of Legislation..
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 establish a regulatory framework for the supervision of the superannuation industry, ensuring that trustees and other responsible officers act in the best interests of superannuation fund members. This legislation aims to address issues such as mismanagement, fraud, and breaches of regulatory obligations within the superannuation industry. Under the SISA, the Commissioner of Taxation has the authority to disqualify individuals from acting as trustees, investment managers, or custodians of superannuation entities if they have contravened the Act. The notice of disqualification for Bryce Christopher Dean was issued by Emma Rosenzweig, a delegate of the Commissioner, citing multiple contraventions by the corporate trustee, for which Dean was a responsible officer, providing grounds for his disqualification. This enforcement mechanism is intended to uphold the integrity and stability of the superannuation system, ensuring that only fit and proper persons manage superannuation funds.
Scope and Application
The Superannuation Industry (Supervision) Act 1993 (SISA) applies to individuals and entities involved in the administration and management of superannuation entities within Australia. Specifically, it pertains to responsible officers of corporate trustees, investment managers, and custodians who must adhere to the legislative requirements to ensure the proper handling of superannuation funds. The Act’s jurisdictional reach is national, as it is a Commonwealth Act. The Act extends its applicability to all superannuation entities and their officers, ensuring that the administration of superannuation funds is conducted in a compliant and transparent manner. Exclusions or exemptions from the Act are minimal, as it broadly encompasses all relevant parties within the superannuation industry. The application of the Act may be further defined or extended through subordinate instruments, which can provide additional regulations or guidelines to clarify specific aspects of the legislation. This legislative framework is essential for maintaining the integrity and reliability of the superannuation system in Australia.
Key Provisions
The main operative sections of this notice include subsection 126A(6) and 126A(2) of the Superannuation Industry (Supervision) Act 1993 (SISA), which provide the authority for the disqualification of Bryce Christopher Dean. Subsection 126A(6) mandates the giving of a notice of disqualification, while subsection 126A(2) allows for the disqualification if there are grounds related to contraventions by the corporate trustee of superannuation entities, with the person being a responsible officer at the time. This disqualification takes immediate effect upon issuance of the notice.
The obligations imposed by the Act on Bryce Christopher Dean, as a disqualified person, include refraining from acting or being involved in any capacity as a trustee, investment manager, or custodian of a superannuation entity. Section 126K of the SISA specifically prohibits such activities and establishes that knowledge of the disqualification is a necessary condition for the offence to be committed. This is a significant restriction on Bryce’s professional activities within the superannuation industry.
Breaching these obligations can lead to serious consequences. Under section 126K of the SISA, it is an offence for a disqualified person to act in any capacity mentioned, with the maximum penalty being two years imprisonment. Additionally, there are procedural avenues provided for reconsideration or revocation of the disqualification. Subsection 126A(5) allows for revocation of the disqualification either on the initiative of the authorities or upon written application by Bryce. Moreover, section 344 of the SISA allows for a request to the Commissioner to reconsider the decision if Bryce is dissatisfied with the disqualification, with such a request needing to be made in writing within 21 days of receiving the notice.