| Commonwealth
of Australia | Gazette |
Published by the Commonwealth of Australia | GOVERNMENT NOTICES |
NOTICE OF DISQUALIFICATION
Superannuation Industry (Supervision) Act 1993
To:
Mr Gary Caines
MOUNT OUSLEY NSW 2519
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: 15 October 2018
James O'Halloran
Deputy Commissioner of Taxation
Per Michael Lazzaroni
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 address issues of governance, transparency, and accountability within the superannuation industry, aiming to protect the interests of superannuation fund members. This Act was established by the Commonwealth Parliament to provide a comprehensive regulatory framework governing the administration and supervision of superannuation funds. The policy objective underpinning the Act is to ensure that superannuation funds are managed responsibly, ethically, and in the best interests of the members they serve. The Act was introduced to fill a critical gap in the regulation of superannuation entities, providing mechanisms for oversight, compliance, and enforcement to safeguard the financial security of superannuation fund members. The disqualification of individuals found to be in breach of the Act's provisions serves as a deterrent and a means to maintain the integrity and trust in the superannuation system.
Scope and Application
The Superannuation Industry (Supervision) Act 1993 (SISA) applies to individuals and entities involved in the supervision and management of superannuation entities, including trustees, investment managers, custodians, and responsible officers of superannuation funds. This Act is a Commonwealth law and hence has a national jurisdictional reach, impacting individuals and entities across Australia. The Act primarily targets serious contraventions of superannuation laws, which, if found, can lead to disqualification of the concerned individual or entity from performing certain roles within the superannuation industry. Notably, once disqualified, a person cannot act as a trustee, investment manager, or custodian of a superannuation entity, or be a responsible officer of such an entity, as these roles are explicitly prohibited by the Act. The disqualification extends nationally, affecting the individual's ability to participate in the superannuation industry anywhere in Australia. The Act also allows for the possibility of disqualification being revoked either by the delegate's own initiative or upon a written application by the disqualified person. Additionally, there is a recourse for reconsideration of the disqualification decision by the Commissioner within 21 days of the notice being received.
Key Provisions
The Superannuation Industry (Supervision) Act 1993 (SISA) provides for the regulation of superannuation entities and their associated personnel. Section 126A(1) allows for the disqualification of individuals who have contravened the Act in a manner that warrants such action. This means that if an individual has acted in a way that breaches the provisions of the SISA, and the nature of these breaches is deemed serious enough, they can be disqualified from participating in the supervision of superannuation entities. Section 126A(6) mandates that a formal notice of disqualification must be given to the individual concerned, as seen in the notice to Mr. Gary Caines, who has been disqualified under this provision.
The Act imposes several obligations on the individuals and entities it governs. It requires trustees, investment managers, and custodians of superannuation entities to comply with all applicable laws and regulations. Furthermore, responsible officers and body corporate trustees are mandated to ensure adherence to these provisions. The disqualification of Mr. Caines under section 126A(1) underscores the importance of these obligations, highlighting the potential consequences of non-compliance.
The SISA also stipulates severe consequences for breaches of its provisions. Section 126K establishes that it is an offence for a disqualified person to act as a trustee, investment manager, or custodian of a superannuation entity, or to be a responsible officer of such an entity. The penalty for committing this offence, as outlined in section 126K, includes up to two years in jail, reflecting the seriousness of such breaches. Additionally, under section 344, individuals who are dissatisfied with the decision to disqualify them have the right to request a reconsideration by the Commissioner within 21 days of receiving the notice. This provision ensures that affected individuals have an opportunity to challenge the decision if they believe it to be unjust.