NOTICE OF DISQUALIFICATION
Superannuation Industry (Supervision) Act 1993
To:
Gino Ammavuta
Ivanhoe Vic 3079
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 made a decision to disqualify you from being, or acting as:
a trustee, investment manager or custodian of a superannuation entity
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(2) of the SISA as I am satisfied that the corporate trustee of a superannuation entity 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 nature, seriousness and number of the contraventions provides grounds for disqualifying you.
The disqualification order takes effect on the day on which this notice is made.
Dated: 23 October 2014
Alison Lendon
Deputy Commissioner of Taxation
Per Maria Di Paolo
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 to address the need for effective regulation and oversight of the superannuation industry in Australia, ensuring the protection of superannuation funds and beneficiaries. The Act was introduced by the Australian Parliament, aiming to establish a robust framework to supervise and regulate superannuation funds, trustees, and related entities to prevent misconduct and protect the interests of fund members. This legislation provides the Commissioner of Taxation with powers to disqualify individuals who have demonstrated unfitness to manage superannuation funds due to serious breaches of the Act. The policy objective of the SISA is to maintain high standards of conduct within the superannuation industry, thereby safeguarding the financial interests and retirement security of Australians.
Scope and Application
The Superannuation Industry (Supervision) Act 1993 (SISA) applies to individuals and corporate entities involved in the management and administration of superannuation funds within Australia. Specifically, it applies to trustees, investment managers, and custodians of superannuation entities, as well as responsible officers of corporate trustees. The Act covers conduct and transactions related to superannuation entities, aiming to ensure the prudent and ethical management of these funds. The geographic reach of the Act is national, applying across all states and territories of Australia, as it is a Commonwealth Act. The Act includes provisions for disqualification of individuals who have acted as responsible officers when their corporate trustees contravene the Act. This disqualification is a serious measure that can be imposed based on the nature, seriousness, and number of the contraventions. The application of the Act may be extended or restricted through subordinate instruments, which can provide further detail or specific circumstances under which the Act's provisions apply. The notice of disqualification, as evidenced in the gazetted notice to Gino Ammavuta, is a direct application of the Act's powers to enforce compliance and maintain the integrity of the superannuation industry.
Key Provisions
The Superannuation Industry (Supervision) Act 1993 (SISA) outlines specific provisions for disqualifying individuals from certain roles within superannuation entities. Under section 126A(6), a delegate of the Commissioner of Taxation can disqualify an individual if they believe there are grounds for such action. In this case, Gino Ammavuta has been disqualified from acting as a trustee, investment manager, custodian, or responsible officer of a superannuation entity due to the corporate trustee's contraventions of the SISA while Gino was a responsible officer. The disqualification, as stated in section 126A(2), is based on the nature, seriousness, and number of the contraventions that occurred.
Individuals and entities governed by the SISA must adhere to strict obligations to maintain their eligibility to participate in the superannuation industry. Trustees, investment managers, custodians, and responsible officers are expected to comply with all statutory requirements, including maintaining adequate records, acting in the best interest of superannuation fund members, and ensuring transparency and accountability in their operations. Failure to meet these obligations can result in significant repercussions, including disqualification as observed in this case.
Under the SISA, breaches can lead to severe penalties and consequences. Section 126A allows for disqualification from holding certain roles within superannuation entities if there are substantial grounds for such action. The notice specifies that the disqualification takes effect immediately upon issuance. Additionally, section 344 provides a mechanism for affected individuals to request reconsideration of the decision within 21 days, giving them an opportunity to contest the disqualification if they believe it to be unjust. The maximum penalties and civil or criminal consequences for contraventions of the SISA are not explicitly detailed in this particular notice but can include fines, imprisonment, or both, depending on the nature and severity of the breach.