NOTICE OF DISQUALIFICATION
Superannuation Industry (Supervision) Act 1993
To:
Debbie Marie Milford
MOOROOPNA VIC 3629
I, John Ford, 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(1) of the SISA.
I have disqualified you as I am satisfied that you have contravened the SISA on one or more occasions and the seriousness of the contravention provides grounds for disqualifying you.
The disqualification takes effect on the day on which it is made.
Dated: 1 May 2020
John Ford
Deputy Commissioner of Taxation
Per Alison Webster
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 provide a regulatory framework aimed at ensuring the integrity and soundness of the superannuation industry in Australia. This legislation was introduced to address the need for stringent oversight and regulation of superannuation funds to protect the financial interests of superannuation fund members. The Act is administered by the Parliament of Australia, with the policy objective of maintaining public confidence in the superannuation system by enforcing high standards of accountability and transparency. The Act provides the Commissioner of Taxation with the authority to disqualify individuals from participating in the superannuation industry if they are found to have contravened the provisions of the Act in a manner that warrants such action. This legislative measure serves to uphold the integrity of the superannuation industry by preventing individuals with a history of serious misconduct from engaging in activities that could potentially harm the interests of superannuation fund members.
Scope and Application
The Superannuation Industry (Supervision) Act 1993 (SISA) is a Commonwealth Act that applies to persons involved in the administration of superannuation funds. This legislation targets trustees, investment managers, custodians, and responsible officers of superannuation entities, ensuring compliance with the standards set to protect superannuation funds and their beneficiaries. The Act applies nationally across Australia, affecting all individuals and entities involved in the management of superannuation funds, regardless of the state or territory. The Act can disqualify individuals who breach its provisions, with the disqualification prohibiting them from acting in any capacity related to the management of superannuation funds. This disqualification is immediate upon issuance and includes publication in the Commonwealth Government Notices Gazette. The Act also provides for the possibility of revocation of disqualification under certain conditions and outlines the recourse available to individuals who wish to appeal the disqualification decision.
Key Provisions
The Superannuation Industry (Supervision) Act 1993 (SISA) provides for the disqualification of individuals who have contravened the Act, with subsection 126A(6) mandating the issuance of a notice of disqualification by a delegate of the Commissioner of Taxation. In this case, John Ford, acting on behalf of the Commissioner, has issued a notice to Debbie Marie Milford, notifying her of her disqualification under subsection 126A(1) of the SISA. The disqualification arises from a determination that Milford has contravened the SISA on one or more occasions to a degree that warrants such action. The disqualification takes immediate effect from the date of the notice.
The SISA imposes certain obligations on individuals and entities involved in the supervision of superannuation funds. Section 126K of the Act prohibits a disqualified person from acting as a trustee, investment manager, custodian, or responsible officer of a superannuation entity if they are aware of their disqualified status. This is to ensure that individuals who have breached the Act do not continue to manage or have influence over superannuation funds. Non-compliance with these obligations can lead to serious legal consequences.
Under subsection 126K(1) of the SISA, any disqualified person who knowingly acts in a prohibited capacity can be subject to criminal penalties. Specifically, this is an offence that carries a maximum penalty of two years imprisonment. This stringent penalty underscores the seriousness of the contraventions and the need to maintain the integrity of the superannuation industry. Additionally, subsection 126A(5) of the SISA allows for the possibility of disqualification revocation, either on the initiative of the Commissioner or upon a written application by the disqualified person. This provides a potential avenue for reinstatement, contingent on the circumstances and compliance with the Act.