Notice of Disqualification - Carrie-Anne Mackender

Overview

The Superannuation Industry (Supervision) Act 1993 (SIS Act) was enacted to address issues and gaps within the superannuation industry, aiming to ensure its proper functioning and to protect the interests of superannuation fund members. The Act was introduced by the Australian Parliament and its primary policy objective is to regulate and supervise the superannuation industry to maintain its integrity and stability. This legislation empowers the Commissioner of Taxation to disqualify individuals from serving as trustees or responsible officers of entities involved in the management of superannuation funds if they have breached the provisions of the SIS Act. The notice of disqualification serves as formal communication to the affected individual, outlining the reasons for the disqualification and the process for potential reconsideration or revocation of the order.

Scope and Application

The Superannuation Industry (Supervision) Act 1993 (SIS Act) applies to individuals and entities involved in the management and supervision of superannuation funds within Australia. The Act specifically targets trustees, responsible officers of bodies corporate that function as trustees, investment managers, or custodians of superannuation entities. The geographic reach of the Act is national, covering all jurisdictions within Australia. The Act sets out the grounds for disqualification of individuals from participating in the superannuation industry, ensuring that only those who meet the required standards and conduct themselves appropriately can manage superannuation funds. The disqualification applies to those who have contravened the provisions of the Act, and the decision to disqualify is made by a delegate of the Commissioner of Taxation. The disqualification order takes immediate effect upon the issuance of the notice. The Act allows for the publication of the disqualification in the Gazette and provides a process for the revocation of the disqualification order either on the initiative of the Commissioner or upon written application by the disqualified person. Furthermore, the Act offers an avenue for reconsideration of the disqualification decision by the Commissioner within 21 days of receiving the notice of the decision, provided that the request is made in writing and includes the reasons for the reconsideration.

Key Provisions

The key provision of the Superannuation Industry (Supervision) Act 1993 (SIS Act) in this context is section 126A (subsections 126A(1) and 126A(6)), which allows for the disqualification of an individual from being a trustee or a responsible officer of a body corporate that manages superannuation entities. The Act empowers a delegate of the Commissioner of Taxation, in this case Ivan Parrett, to disqualify Mrs Carrie-Anne Mackender from these roles based on the belief that she has contravened the SIS Act on multiple occasions, with the nature and seriousness of the contraventions justifying such action. The disqualification takes immediate effect upon issuance of the notice. Under the SIS Act, Mrs Mackender and any other affected parties are obligated to adhere to the stipulations set forth by the Act. This includes the requirement for the delegate to provide detailed reasons for the disqualification decision, as well as the opportunity for the affected party to request reconsideration of the decision within 21 days of receiving notice of the disqualification. Additionally, the Act mandates that particulars of the disqualification notice be published in the Gazette, ensuring transparency and public notification of such actions. In terms of potential consequences for breaching the provisions of the SIS Act, the Act does not explicitly detail specific offences or penalties in this notice. However, it does provide mechanisms for the disqualification order to be revoked either on the initiative of the delegate or through a written application by Mrs Mackender herself. Furthermore, if Mrs Mackender is dissatisfied with the decision, she has the right to request the Commissioner to reconsider the decision, a process that must be initiated in writing within the stipulated timeframe. These provisions underscore the regulatory framework designed to ensure compliance and accountability within the superannuation industry.