To:
Ms Fiona Zuber
OLD EROWAL BAY NSW 2540
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(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: 14 July 2017
James O'Halloran
Deputy Commissioner of Taxation
Per Michael Lazzaroni
Director
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 by the Parliament of Australia to address issues within the supervision and regulation of the superannuation industry, aiming to protect the interests of superannuation fund members and beneficiaries. This Act provides a framework for the regulation of trustees, investment managers, and custodians of superannuation entities, ensuring that they comply with the standards and requirements set forth to maintain the integrity and stability of the superannuation system. One of the key provisions of the Act is the power to disqualify individuals who have contravened the SISA, thereby preventing them from acting in roles that involve managing or investing superannuation funds. The policy objective is to uphold high standards of conduct and compliance within the superannuation industry to safeguard the financial interests of members and beneficiaries.
Scope and Application
The Superannuation Industry (Supervision) Act 1993 (SISA) applies to individuals and entities involved in the administration, management, or operation of superannuation funds. This includes trustees, investment managers, custodians, responsible officers, and body corporates associated with superannuation entities. The Act operates within the Commonwealth jurisdiction, affecting individuals and entities across Australia. There are no explicit exclusions or thresholds mentioned in the text, but the Act extends its application through various provisions, including the ability to disqualify individuals for serious contraventions. Additionally, the Act imposes penalties, including up to two years imprisonment, for disqualified persons who continue to act in their prohibited roles. This legislative framework aims to ensure the integrity and proper management of superannuation funds by regulating the conduct of those involved in their administration.
Key Provisions
The key provisions of the Superannuation Industry (Supervision) Act 1993 (SISA) relevant to this disqualification notice include subsection 126A(1) which allows for the disqualification of individuals who have contravened the Act in a manner that warrants such action (subsection 126A(1)). This section empowers a delegate of the Commissioner of Taxation to disqualify individuals based on their conduct within the superannuation industry. Subsection 126A(6) mandates that the delegate must notify the individual in writing of their disqualification (subsection 126A(6)). Additionally, subsection 126A(7) requires that details of this disqualification be published in the Commonwealth Government Notices Gazette (subsection 126A(7)).
Under the SISA, the obligations imposed on individuals like yourself who are governed by the Act include adherence to its provisions, particularly those concerning the management and administration of superannuation entities. This includes acting as a trustee, investment manager, or custodian of a superannuation entity in a manner that complies with the Act. Additionally, section 126K imposes a specific obligation that if an individual is disqualified, they must not act in any capacity that involves managing or administering a superannuation entity (section 126K).
Failure to comply with the SISA can result in significant consequences. Section 126K stipulates that it is an offence for a disqualified person to act in any capacity that involves managing or administering a superannuation entity (section 126K). The maximum penalty for committing this offence is two years in jail (section 126K). This highlights the seriousness of breaching the Act and the potential criminal consequences for non-compliance.
Additionally, subsection 126A(5) of the SISA allows for the revocation of a disqualification either on the initiative of the Commissioner or upon the written application of the disqualified person (subsection 126A(5)). If you wish to challenge the disqualification, section 344 of the SISA provides a mechanism for requesting the Commissioner to reconsider the decision. This request must be made in writing within 21 days of receiving notice of the disqualification and must detail the reasons why you believe the decision is wrong (section 344). This provision ensures that there is a process in place for reviewing the decision and potentially reversing the disqualification if appropriate.