NOTICE OF DISQUALIFICATION
Superannuation Industry (Supervision) Act 1993
To:
Donna M Reid
COOBER PEDY SA 5723
I, James O’Halloran, 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 you have contravened the SISA on one or more occasions and the nature seriousness and number of the contraventions provides grounds for disqualifying you.
The disqualification takes effect on the day on which it is made.
Dated: 2 October 2017
James O’Halloran
Deputy Commissioner of Taxation
Per Colleen Shelton
Director VIC/TAS
Superannuation Engagement and Assurance
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 (SISA) was enacted to regulate the superannuation industry in Australia, ensuring it operates in a manner that protects the interests of members and beneficiaries. This legislation was introduced to address the need for a robust framework to oversee the administration and management of superannuation funds, aiming to prevent misconduct and ensure the integrity of the system. The SISA provides for the regulation of trustees, investment managers, and custodians of superannuation entities, establishing standards and requirements designed to safeguard the financial welfare of superannuation participants. The Act is overseen by the Parliament of Australia, with the policy objective of maintaining trust in the superannuation system by enforcing compliance and penalising misconduct. The notice of disqualification under the Act serves as an enforcement mechanism to uphold these objectives by barring individuals found to have contravened the Act from participating in the superannuation industry.
Scope and Application
The Superannuation Industry (Supervision) Act 1993 (SISA) is a Commonwealth legislation that regulates the operation of superannuation funds in Australia. The Act applies to individuals and entities involved in the management and administration of superannuation funds, including trustees, investment managers, custodians, and responsible officers of superannuation entities. The geographic reach of the Act is national, applying to all superannuation funds across Australia, regardless of the state or territory in which they operate. The Act includes provisions for disqualification of individuals who have contravened its provisions, with the disqualification taking effect immediately upon notice. Additionally, the Act imposes penalties for offences, including a maximum penalty of two years imprisonment for a disqualified person who acts in a prohibited capacity. The Act may also be extended or restricted through subordinate instruments, such as regulations, which can provide further detail on its application. There are no stated exclusions or exemptions in the Act, and its provisions apply to all relevant persons and entities without regard to thresholds.
Key Provisions
The main operative sections of the notice issued under the Superannuation Industry (Supervision) Act 1993 (SISA) include subsection 126A(6) which mandates the issuance of a disqualification notice when a person is disqualified from participating in the superannuation industry, and subsection 126A(2) which outlines the criteria for such disqualification. The notice states that Donna M Reid has been disqualified due to repeated contraventions of the SISA that are deemed serious enough to warrant this action. The disqualification takes immediate effect from the date of the notice, as stipulated in the notice itself.
The Act imposes several obligations and requirements on the parties it governs. Specifically, section 126K mandates that any person who has been disqualified under the SISA must not act as a trustee, investment manager, or custodian of a superannuation entity, nor serve as a responsible officer or be part of a body corporate that performs such roles. This requirement is critical in ensuring that disqualified individuals do not continue to influence or manage superannuation funds, which could lead to further breaches or mismanagement.
There are significant consequences for breaching these provisions. Under section 126K of the SISA, it is an offence for a disqualified person to be, or act as, a trustee, investment manager, or custodian of a superannuation entity. The maximum penalty for committing this offence is two years imprisonment, highlighting the seriousness with which the Act treats such violations. Additionally, subsection 126A(5) of the SISA allows for the revocation of the disqualification either on the initiative of the relevant authorities or upon the written application of the disqualified individual. This provision provides a potential pathway for a disqualified person to regain their eligibility to participate in the superannuation industry under certain conditions.