NOTICE OF DISQUALIFICATION
Superannuation Industry (Supervision) Act 1993
To:
Daniel Hogben
Glenelg SA 5025
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, seriousness and number of the contraventions provides grounds for disqualifying you.
The disqualification order takes effect on the day on which this notice is made.
Dated: 23 April 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 was enacted to provide for the regulation of the superannuation industry in Australia, addressing the need for oversight and compliance to protect the interests of superannuation fund members. This Act was introduced by the Australian Parliament to establish a framework for the supervision of the superannuation industry, ensuring that trustees and other responsible officers act in the best interests of the members of superannuation funds. The policy objective of the SIS Act is to safeguard the financial well-being of superannuation fund members by imposing responsibilities on trustees and responsible officers, and by providing for the imposition of penalties and disqualifications for breaches of the Act. In the case of Daniel Hogben, a notice of disqualification under the SIS Act was issued by Ivan Parrett, a delegate of the Commissioner of Taxation, due to contraventions of the Act. This disqualification aims to uphold the integrity and proper administration of superannuation funds.
Scope and Application
The Superannuation Industry (Supervision) Act 1993 applies to individuals and entities involved in the management and oversight of superannuation entities, including trustees, investment managers, and custodians. This legislation has a broad jurisdictional reach, applying across the Commonwealth of Australia, and governs conduct and transactions related to superannuation funds. The Act imposes obligations on trustees and responsible officers to ensure compliance with the law, including the duty to act in the best interests of fund members and the duty to maintain adequate records and documentation. The Act includes provisions for disqualification of individuals found to have contravened its provisions, as evidenced by the notice issued to Daniel Hogben. This disqualification can be made by a delegate of the Commissioner of Taxation under subsection 126A(1) of the Act if the delegate is satisfied that the contraventions justify such action. The application of the Act may be extended or clarified through subordinate instruments, which can provide further detail on specific aspects of the legislation, such as the procedures for disqualification or the grounds for review. Exclusions and exemptions from the Act's application are limited and generally pertain to specific types of entities or transactions that fall outside the scope of superannuation regulation.
Key Provisions
The Superannuation Industry (Supervision) Act 1993 (SIS Act) contains various provisions aimed at regulating the superannuation industry in Australia. Section 126A(6) of the Act mandates that a delegate of the Commissioner of Taxation must provide notice to individuals disqualified from being a trustee or a responsible officer of a superannuation entity. Section 126A(1) allows for such disqualification if there is evidence that the individual has contravened the Act, and the seriousness of the breaches justifies such action. The disqualification takes immediate effect from the date the notice is issued.
Under the SIS Act, entities and individuals are subject to stringent obligations. Trustees, investment managers and custodians must adhere to regulatory standards to ensure the proper administration and management of superannuation funds. The Act imposes duties on these parties, including the requirement to act in the best interests of the members and to comply with all legislative and regulatory requirements. Failure to meet these obligations can lead to significant consequences, including the possibility of disqualification.
The Act also delineates specific offences and penalties for non-compliance. Section 126A(7) of the SIS Act mandates that particulars of the disqualification notice must be published in the Gazette. Additionally, section 344 allows an affected person to request a reconsideration of the disqualification decision within 21 days of receiving the notice, provided the request is made in writing and includes the reasons for the appeal. The Act does not specify maximum penalties for these offences, but it is understood that serious breaches can lead to severe consequences, including the potential for criminal charges in egregious cases.