NOTICE OF DISQUALIFICATION
Superannuation Industry (Supervision) Act 1993
To:
Haydene Dunsford
West Pymble NSW 2073
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: 26 June 2019
James O'Halloran
Deputy Commissioner of Taxation
Per Laura Pengelly
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 to address issues within the superannuation industry, ensuring proper regulation and oversight to protect the interests of superannuation fund members. This Act was introduced by the Australian Parliament and aims to maintain the integrity and stability of the superannuation system by providing a framework for the supervision of superannuation entities and their trustees. The SISA includes provisions for the disqualification of individuals who have breached the Act's provisions, as demonstrated in the disqualification notice to Haydene Dunsford. The policy objective of the Act is to safeguard superannuation funds and ensure compliance with legislative standards, thereby maintaining public confidence in the superannuation system. The disqualification process under the SISA serves to deter misconduct and uphold the high standards expected within the superannuation industry.
Scope and Application
The Superannuation Industry (Supervision) Act 1993 applies to individuals and entities involved in the management and administration of superannuation funds within Australia. This includes trustees, directors, investment managers, and custodians of superannuation entities, as well as any responsible officers or bodies corporate associated with these roles. The Act is of Commonwealth jurisdiction, thereby extending its reach across the entire nation. Notably, the Act does not explicitly outline exclusions or exemptions, but it does provide for the disqualification of individuals who contravene its provisions, particularly those involving serious misconduct. The application of the Act can be further extended or clarified through subordinate instruments, which may provide additional guidance on specific aspects of the legislation. The disqualification of a person under the Act is a significant consequence, as it prohibits them from acting in certain capacities within the superannuation industry, with potential criminal penalties for non-compliance.
Key Provisions
The Superannuation Industry (Supervision) Act 1993 (SISA) contains various provisions designed to regulate the supervision and management of superannuation entities. The operative section in this context is subsection 126A(1), which allows for the disqualification of an individual who has contravened the Act. The subsection 126A(6) mandates that a notice of disqualification must be given to the individual concerned, as was done in the notice to Haydene Dunsford. This notice, issued by James O'Halloran, a delegate of the Commissioner of Taxation, informs Haydene that he has been disqualified due to contraventions of the Act, and it specifies that the disqualification is effective immediately.
Under the SISA, individuals who are disqualified face significant obligations and restrictions. According to section 126K, 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 or a body corporate that performs these roles. These roles are critical in managing and safeguarding the funds and investments of superannuation entities, and the law aims to ensure that only fit and proper individuals manage these responsibilities.
Failure to adhere to these restrictions can result in severe consequences. As per section 126K, any disqualified person who knowingly contravenes these provisions by acting in these roles can face criminal charges. The maximum penalty for this offence is two years imprisonment, highlighting the seriousness with which the law regards such contraventions. Additionally, under subsection 126A(5), the disqualification can be revoked, either on the initiative of the delegate or upon a written application by the disqualified person. For those who believe the disqualification is unjust, section 344 provides a mechanism to request the Commissioner to reconsider the decision within 21 days of receiving the notice, provided the request is made in writing and includes the reasons for dissatisfaction.