NOTICE OF DISQUALIFICATION
Superannuation Industry (Supervision) Act 1993
To: Mrs Helen Majdandzic
HUNTER REGION MAIL CENTRE NSW 2310
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, 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: 13 November 2012
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 effective supervision and regulation of the superannuation industry in Australia, ensuring that trustees and responsible officers manage superannuation funds with integrity and in the best interests of beneficiaries. The Commonwealth Parliament established this framework to maintain public confidence in the superannuation system by preventing misconduct and ensuring compliance with statutory obligations. The policy objective of the Act is to protect the interests of superannuation fund members by imposing obligations on trustees and responsible officers, and by providing mechanisms for disqualification in cases of serious misconduct. This legislative approach seeks to uphold the integrity and reliability of the superannuation system, thereby safeguarding the financial security of Australians in their retirement.
Scope and Application
The Superannuation Industry (Supervision) Act 1993 (SIS Act) applies to trustees, responsible officers, and bodies corporate that manage superannuation entities, ensuring compliance with regulations governing superannuation funds. The Act's scope extends to individuals and entities involved in the administration and management of superannuation entities, including trustees, investment managers, and custodians. The geographic reach of the Act is national, applying across the Commonwealth of Australia, thereby ensuring uniform standards and supervision of superannuation practices throughout the country. The Act includes provisions for disqualifying individuals from managing superannuation entities if they are found to have contravened its provisions, as evidenced by the notice given to Mrs Helen Majdandzic. The disqualification is effective immediately upon the issuance of the notice and can be subject to revocation under certain conditions. Furthermore, the Act allows for reconsideration of disqualification decisions by the Commissioner, providing an avenue for appeal within 21 days of the notice receipt.
Key Provisions
The Superannuation Industry (Supervision) Act 1993 (SIS Act) contains several key provisions that pertain to the disqualification of individuals from certain roles within superannuation entities. Section 126A(1) provides the basis for disqualifying individuals from being a trustee or responsible officer if they are found to have contravened the Act in a manner that warrants such a measure. The operative section in this case, 126A(6), requires a delegate of the Commissioner of Taxation to notify the disqualified individual, in this instance Mrs Helen Majdandzic, of the decision. This notification, as seen in the Gazette notice, must be made immediately upon the decision being taken, ensuring that the individual is promptly informed of the disqualification.
The obligations imposed by the Act on individuals like Mrs Majdandzic are significant. They must adhere to all provisions of the SIS Act, ensuring that they conduct their roles with integrity and in compliance with the regulatory framework. Any contravention of the Act can lead to serious consequences, including disqualification. This obligation extends to trustees and responsible officers of bodies corporate that are trustees, investment managers or custodians of superannuation entities. It is imperative that these individuals maintain high standards of conduct and compliance to avoid any potential breaches.
Failure to comply with the SIS Act can result in severe consequences. The Act outlines specific offences and penalties for breaches. Under section 126A, a disqualification order can be issued if an individual contravenes the Act in a way that justifies such a measure. The notice provided to Mrs Majdandzic explicitly states the reasons for her disqualification and informs her of the immediate effect of the order. Additionally, the Act allows for the possibility of revoking the disqualification order under section 126A(5) either by the authority's initiative or upon written application by the disqualified individual. For those dissatisfied with the decision, section 344 provides a recourse to request the Commissioner to reconsider the decision within 21 days of receiving the notice, giving reasons for the request. These provisions ensure that there are clear pathways for both enforcement and redress within the legislative framework.