NOTICE OF DISQUALIFICATION
Superannuation Industry (Supervision) Act 1993
To:
Mrs Georgia MacPhail
MONA VALE NSW 2103
I, Ivan Parrett, a delegate of the Commissioner of Taxation, give you notice as required by subsection 126A(6) of the Superannuation Industry (Supervision) Act 1993 (SIS Act), that I have made a decision to disqualify you from being a trustee or a responsible officer of a body corporate that is a trustee, investment manager or custodian, of a superannuation entity.
I have disqualified you under subsection 126A(1) of the SIS Act as I am satisfied that you have contravened the SIS Act on one or more occasions and the nature and seriousness of the contraventions provides grounds for disqualifying you.
The disqualification order takes effect on the day on which this notice is made.
Dated: 17 June 2013
Ivan Parrett
Assistant Commissioner of Taxation
Note 1:
In accordance with subsection 126A(7) of the SIS Act, particulars of this disqualification notice will be published in the Gazette.
Note 2:
In accordance with subsection 126A(5) of the SIS Act, we may revoke this disqualification order on our own initiative or on written application made by you.
Note 3:
In accordance with section 344 of the SIS Act, 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 of 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 (SIS Act) was enacted to address the need for regulation and oversight of the superannuation industry, particularly in relation to trustees and responsible officers of superannuation entities. The SIS Act was introduced to ensure that superannuation funds are managed in the best interests of the members, and to prevent misconduct and mismanagement within the industry. This Act was enacted by the Parliament of Australia and the policy objective is to safeguard the retirement savings of Australians by ensuring that trustees and responsible officers act with integrity and competence. The disqualification notice issued under this Act highlights the serious consequences of contravening the provisions of the SIS Act, as it may lead to the disqualification of an individual from holding a position of trust and responsibility within the superannuation industry.
Scope and Application
The Superannuation Industry (Supervision) Act 1993 applies to individuals and entities that engage in the management, administration, or operation of superannuation funds in Australia. This includes trustees, investment managers, and custodians of superannuation entities. The Act is of Commonwealth jurisdiction, meaning it applies across the entire nation. It sets out the legal framework for the regulation of the superannuation industry to ensure that the interests of superannuation fund members are protected. The Act includes provisions for disqualifying individuals from certain roles if they have contravened its provisions, as evidenced by the notice of disqualification to Mrs Georgia MacPhail. The disqualification applies immediately upon the notice being issued and will be published in the Gazette as required by the Act. The Act may also extend its application through subordinate instruments, which can provide further detail or specific regulations concerning the administration and enforcement of the Act.
Key Provisions
The main operative sections of the Superannuation Industry (Supervision) Act 1993 (SIS Act) relevant to this notice pertain to the Commissioner's authority to disqualify individuals from certain roles within superannuation entities. Specifically, subsection 126A(1) provides the grounds for such a disqualification, while subsection 126A(6) mandates that a formal notice be given to the individual in question. This notice, as provided to Mrs Georgia MacPhail, informs her of the decision to disqualify her from being a trustee or a responsible officer of a body corporate involved in superannuation activities, effective immediately upon the notice's issuance.
The obligations imposed by the SIS Act on individuals such as Mrs MacPhail include compliance with the Act's provisions to avoid disqualification. If an individual is found to have contravened the Act, the Commissioner has the authority to disqualify them from roles that involve managing superannuation entities. This disqualification is particularly pertinent if the contraventions are deemed serious enough to warrant such a measure. In Mrs MacPhail's case, the Commissioner, through a delegate, has determined that she has contravened the Act, justifying her immediate disqualification.
Breaching the provisions of the SIS Act can lead to severe consequences, including disqualification from roles associated with superannuation entities. The notice itself is a formal declaration of this decision and indicates that the particulars of the disqualification will be published in the Gazette, as stipulated in subsection 126A(7). Additionally, the Act provides mechanisms for potential recourse; Mrs MacPhail can request the Commissioner to reconsider the decision within 21 days of receiving the notice, as per section 344. However, the notice also highlights that the disqualification order may be revoked by the Commissioner either on their own initiative or following a written application by the disqualified individual. This legal framework underscores the importance of compliance with the SIS Act and the stringent measures in place to enforce it.