NOTICE OF DISQUALIFICATION – ELLEN CUSACK
Superannuation Industry (Supervision) Act 1993
To:
Ellen Cusack
CARLTON VIC 3053
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(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 contraventions provides grounds for disqualifying you.
The disqualification takes effect on the day on which it is made.
Dated: 18 October 2021
Emma Rosenzweig
Deputy Commissioner of Taxation
Per John Macuz
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 address the need for rigorous oversight and regulation of the superannuation industry in Australia, ensuring the protection of superannuation fund members' interests. This legislation was introduced by the Australian Parliament and is aimed at maintaining the integrity and stability of the superannuation industry. It was established to fill a significant gap in the regulation of superannuation entities and their trustees, investment managers, and custodians, ensuring that these entities operate in a manner that safeguards the retirement savings of millions of Australians. The Act was designed with the policy objective of fostering a well-regulated superannuation environment that promotes trust and confidence in the system, ultimately protecting the financial security of superannuation members.
Scope and Application
The Superannuation Industry (Supervision) Act 1993 applies to individuals and entities involved in the management of superannuation funds within Australia. This includes trustees, investment managers, custodians, and responsible officers of superannuation entities. The Act regulates conduct and transactions to ensure the integrity and proper management of superannuation funds. It extends nationally, covering all jurisdictions within Australia. The Act imposes strict penalties, including disqualification and imprisonment, for those who contravene its provisions, particularly in cases where the seriousness of the contravention warrants such action. Subordinate instruments may further define the scope and application of the Act, but the primary legislation sets out the fundamental principles and penalties for non-compliance. Exclusions and exemptions are minimal, ensuring a broad jurisdictional reach to safeguard the superannuation industry.
Key Provisions
The Superannuation Industry (Supervision) Act 1993 (SISA) contains several key provisions relevant to the disqualification of individuals such as Ellen Cusack. Under subsection 126A(1), the Act provides for the disqualification of individuals who contravene the SISA in a manner that is serious enough to warrant such action. This is the primary operative section that permits the disqualification of individuals from participating in the superannuation industry, including acting as trustees, investment managers, or custodians of a superannuation entity.
The obligations imposed by the Act on parties like Ellen Cusack include strict adherence to the provisions of the SISA. If an individual is found to have contravened the SISA, the delegate of the Commissioner of Taxation may disqualify them if the seriousness of the contraventions justifies such action. This process is formalised through a notice given under subsection 126A(6), which details the grounds for disqualification and informs the individual of their disqualification.
The SISA also sets out clear consequences for breaches of its provisions. According to section 126K, it is an offence for a disqualified person to act as a trustee, investment manager, custodian, or responsible officer of a superannuation entity. The maximum penalty for this offence is a two-year jail term, illustrating the seriousness with which the Act treats non-compliance. Additionally, the disqualification notice under subsection 126A(7) mandates that details of the disqualification be published in the Commonwealth Government Notices Gazette, ensuring transparency and public notification.
In terms of remedies and recourse, subsection 126A(5) of the SISA allows for the disqualification to be revoked either on the initiative of the Commissioner or upon a written application by the disqualified person. Furthermore, section 344 provides a mechanism for the Commissioner to reconsider the decision if the affected individual is dissatisfied with the outcome. This reconsideration request must be made in writing within 21 days of receiving the notice, outlining the reasons why the decision should be revisited. This provision ensures that individuals have an opportunity to challenge the decision if they believe it to be unjust.