NOTICE OF DISQUALIFICATION – GEMMA ALP
Superannuation Industry (Supervision) Act 1993
To:
GEMMA ALP
MERRREDIN WA 6415
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: 21 June 2023
Emma Rosenzweig
Deputy Commissioner of Taxation
Per JENNY MCGUIRE
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 regulate the operation of superannuation funds, ensuring they are managed prudently and in the best interests of their members. The legislation was introduced to address the need for robust oversight and governance within the superannuation industry, aiming to protect the financial interests of superannuation fund members. The Act provides the Commissioner of Taxation with the authority to disqualify individuals from acting in responsible positions within the superannuation industry if they are found to have contravened the provisions of the Act. The policy objective is to maintain the integrity and stability of the superannuation system by preventing those who have demonstrated unfitness from participating in the management of superannuation entities.
Scope and Application
The Superannuation Industry (Supervision) Act 1993 (SISA) applies to individuals and entities involved in the administration of superannuation funds, particularly those who hold positions such as trustee, investment manager, or custodian. In this case, Gemma Alp, a resident of Merredin, Western Australia, has been disqualified from acting in these capacities due to the corporate trustee of one or more superannuation entities breaching the SISA while she was a responsible officer. The Act's jurisdiction spans the entire Commonwealth of Australia, ensuring a uniform regulatory framework across states and territories. The disqualification extends to prohibiting the individual from participating in the management of superannuation entities, with serious legal consequences for non-compliance, including potential imprisonment for up to two years. The Act also allows for the possibility of disqualification revocation under certain conditions and provides a pathway for reconsideration of the decision by the Commissioner within a specified timeframe.
Key Provisions
The Superannuation Industry (Supervision) Act 1993 (SISA) includes specific provisions regarding the disqualification of individuals who have acted as responsible officers for corporate trustees that have contravened the Act. Section 126A(2) allows for the disqualification of such individuals if the contraventions were serious enough to warrant it, while section 126A(6) mandates the issuing of a formal notice of disqualification, as demonstrated in the notice given to Gemma Alp. The notice informs the individual that they have been disqualified because they were a responsible officer at the time of the contraventions, and the seriousness of those contraventions justifies the disqualification.
The Act imposes several obligations on the parties and entities it governs. For instance, responsible officers must ensure that their corporate trustees adhere to the provisions of the SISA. Failure to do so can result in personal disqualification. Additionally, section 126K of the SISA places a duty on disqualified individuals to refrain from acting or being involved as trustees, investment managers, or custodians of superannuation entities, or serving as responsible officers or body corporates of such entities. The Act also requires that any contraventions be reported, and that the Commissioner of Taxation may take action to revoke a disqualification if appropriate.
Breaching the provisions of the SISA can lead to significant legal consequences. Under section 126K, it is an offence for a disqualified person to act in any capacity involving the management of superannuation entities. This offence carries a maximum penalty of two years imprisonment, highlighting the seriousness with which the Act regards such contraventions. Furthermore, the disqualification itself is a significant deterrent, preventing individuals from participating in the administration of superannuation funds. The Act also provides avenues for reconsideration of the disqualification decision, as outlined in section 344, allowing for written requests to be made to the Commissioner within 21 days of receiving the notice.