NOTICE OF DISQUALIFICATION
Superannuation Industry (Supervision) Act 1993
To:
Gary Bright
HEATHMONT VIC 3135
I, Alison Lendon, 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(3) of the SISA.
I have disqualified you as I am satisfied that you are not a fit and proper person to be a trustee, or a responsible officer of a body corporate that is a trustee, of a superannuation entity for the purposes of the SISA.
The disqualification takes effect on the day on which it is made.
Dated: 19 October 2015
Alison Lendon
Deputy Commissioner of Taxation
Per Bernard Morrison
Note 1:
In accordance with subsection 126A(7) of the SISA, particulars of this disqualification notice will be published in the Gazette.
Note 2:
In accordance with subsection 126A(5) of the SISA, we may revoke this disqualification on our own initiative or on written application made by you.
Note 3:
In accordance with section 344 of the SISA, 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 after 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 (SISA) was enacted by the Australian Parliament to establish a framework for the supervision of the superannuation industry, addressing the need for regulation to protect the interests of superannuation fund members. The Act aims to ensure that trustees and responsible officers of superannuation entities are fit and proper persons, thereby maintaining the integrity and stability of the superannuation system. The Act includes provisions for the disqualification of individuals deemed unsuitable for these roles. In this instance, the Act has been used to disqualify Gary Bright from serving as a trustee or responsible officer of a superannuation entity, based on a determination that he is not a fit and proper person for such roles. This action was taken by Alison Lendon, a delegate of the Commissioner of Taxation, under the authority granted by the SISA. The disqualification is effective immediately, and the decision is subject to potential reconsideration or revocation under the provisions of the Act.
Scope and Application
The Superannuation Industry (Supervision) Act 1993 (SISA) applies to individuals and entities involved in the administration of superannuation funds within Australia. This includes trustees and responsible officers of body corporates that are trustees of superannuation entities. The Act's jurisdictional reach is national, applying across the Commonwealth of Australia. The Act's provisions allow for the disqualification of individuals deemed unfit and improper to manage superannuation funds, ensuring the integrity and proper management of these funds. The disqualification can be imposed by a delegate of the Commissioner of Taxation upon satisfaction that the person is not a fit and proper person to hold such a role. Exclusions or exemptions from the application of the Act are not explicitly stated in the text, though it is clear that the disqualification process is targeted at specific individuals based on their fitness and propriety. The Act may extend its application through subordinate instruments, although the specific details of such extensions are not provided in the notice. The disqualification notice serves to inform the affected individual, in this case, Gary Bright, of the decision and its immediate effect.
Key Provisions
The Superannuation Industry (Supervision) Act 1993 (SISA) outlines specific provisions related to the disqualification of individuals from holding positions within superannuation entities. Under section 126A, the Commissioner of Taxation or a delegate, such as Alison Lendon in the case of the notice provided, has the authority to disqualify an individual if they are deemed not to be a fit and proper person to act as a trustee or a responsible officer of a body corporate that is a trustee of a superannuation entity. This disqualification is effective from the date it is issued, as stated in the notice to Gary Bright.
The obligations imposed on individuals such as Gary Bright, who are subject to a disqualification notice, include the requirement to refrain from acting as a trustee or a responsible officer of any superannuation entity. This prohibition is in place until the disqualification is either lifted by the Commissioner or a delegate, or through a legal process such as an application to the Administrative Appeals Tribunal. Moreover, there is an obligation for the disqualified person to adhere to any additional conditions that may be imposed by the Commissioner, which could include restrictions on involvement in other financial services or superannuation-related activities.
Failure to comply with the disqualification can result in serious legal consequences. According to the SISA, breaches of the disqualification provisions can lead to both civil and criminal penalties. Civilly, the Commissioner can seek penalties against the disqualified person, potentially including fines up to a significant amount as determined by the court. Criminally, individuals can face imprisonment for certain offences related to acting in contravention of their disqualification, with the specific penalties varying depending on the nature and severity of the breach. It is important for affected individuals to be aware of these potential consequences and to seek legal advice if they are uncertain about their obligations or rights under the SISA.