NOTICE OF DISQUALIFICATION – GARY MATANGUIHAN
Superannuation Industry (Supervision) Act 1993
To:
GARY MATANGUIHAN
WATTLE GROVE WA 6107
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(2) of the SISA.
I have disqualified you as I am satisfied that the corporate trustee of one or more superannuation entities has contravened the SISA on one or more occasions, and at the time of the contraventions you were a responsible officer of the corporate trustee and the seriousness of the contraventions provides grounds for disqualifying you.
The disqualification takes effect on the day on which it is made.
Dated: 26 May 2022
Emma Rosenzweig
Deputy Commissioner of Taxation
Per Maria Iacopino
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 Australian Parliament to address the need for stringent oversight and regulation of superannuation funds, ensuring their proper management and the protection of members' interests. The Act provides a comprehensive framework for the supervision and regulation of the superannuation industry, aiming to maintain confidence in the system by preventing and addressing misconduct. The SISA establishes various mechanisms to monitor and enforce compliance, including the power to disqualify individuals from participating in the management of superannuation entities if they are found to have acted in a manner that contravenes the Act. The policy objective of the SISA is to safeguard the superannuation system by ensuring that trustees, investment managers, and custodians operate with integrity and in the best interests of superannuation members.
Scope and Application
The Superannuation Industry (Supervision) Act 1993 applies to trustees, responsible officers, and entities involved in the administration of superannuation funds in Australia. This legislation has a national reach, extending its provisions across the Commonwealth, states, and territories, to ensure consistent regulation of the superannuation industry. The Act specifically targets individuals or corporate trustees who have been found to contravene its provisions, with the power to disqualify responsible officers found to have been complicit in these breaches. This disqualification extends to preventing the disqualified individual from acting as a trustee, investment manager, or custodian of a superannuation entity, with serious legal consequences, including potential imprisonment, for those who disregard the restrictions. The Act provides mechanisms for the revocation of disqualification and allows for reconsideration of the decision by the Commissioner within a specified timeframe. Additionally, the Act mandates the publication of disqualification notices in the Commonwealth Government Notices Gazette, ensuring transparency and public awareness of such actions.
Key Provisions
The Superannuation Industry (Supervision) Act 1993 (SISA) provides several key provisions relevant to the disqualification of responsible officers within superannuation entities. Under section 126A(2), the Commissioner of Taxation or a delegate can disqualify a responsible officer if the corporate trustee has contravened the SISA and the officer was in position at the time of the contraventions. Section 126A(6) mandates that a notice of disqualification be given to the officer, specifying the reasons and the effective date of the disqualification. The notice also references section 126A(7), which requires the details of the disqualification to be published in the Commonwealth Government Notices Gazette.
The Act imposes specific obligations on the parties it governs, particularly on responsible officers. Section 126K sets out the offence of a disqualified person acting as a trustee, investment manager, custodian, or a responsible officer of a superannuation entity. It is imperative for such individuals to refrain from these roles if they are aware of their disqualification. Additionally, section 126A(5) allows for the potential revocation of the disqualification either by the Commissioner's initiative or upon the officer's written application. This flexibility provides a pathway for those seeking to have their disqualification reviewed or lifted under certain conditions.
Breach of the provisions outlined in the Act can result in significant consequences. Section 126K explicitly states that it is an offence for a disqualified person to act in any capacity within a superannuation entity, with the maximum penalty being two years imprisonment. This stringent penalty underscores the importance of compliance with the disqualification order. Furthermore, section 344 of the SISA offers recourse to those who believe their disqualification is unjust, allowing them to request a reconsideration of the decision within 21 days of receiving the notice. This provision ensures that there is a mechanism for appeal, although the ultimate decision rests with the Commissioner.