NOTICE OF DISQUALIFICATION
Superannuation Industry (Supervision) Act 1993
To:
Hugh Joseph Marshall
GLEBE NSW 2037
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: 4 April 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 establish a robust framework for the regulation of the superannuation industry in Australia. This legislation was introduced to address the need for stringent oversight and compliance within the superannuation sector to protect the interests of superannuation fund members. The SIS Act was enacted by the Commonwealth Parliament, aiming to ensure that superannuation funds are managed efficiently, honestly, and in the best interests of members. The policy objective of the SIS Act is to maintain public confidence in the superannuation system by regulating trustees, investment managers, and custodians of superannuation entities to prevent misconduct and ensure compliance with legislative standards. The Act provides the Commissioner of Taxation with the authority to disqualify individuals from holding certain positions within the superannuation industry if they are found to have contravened the Act, thereby safeguarding the integrity of the superannuation system.
Scope and Application
The Superannuation Industry (Supervision) Act 1993 (SIS Act) applies to trustees and responsible officers of superannuation entities, including those who serve as trustees, investment managers or custodians of superannuation funds. This legislation imposes obligations and standards that must be adhered to in the management and administration of superannuation funds, aiming to protect the interests of superannuation fund members. The disqualification powers provided under the Act, as illustrated by the notice to Hugh Joseph Marshall, allow for the prohibition of individuals from participating in the management of superannuation entities if they are found to have contravened the Act in a manner deemed serious enough to warrant such a penalty. The jurisdiction of this Act is national, applying across all states and territories in Australia. While the Act broadly applies to all relevant persons and entities within the superannuation industry, there may be specific exclusions or exemptions that are defined within subordinate instruments or regulations, which can provide further clarification on the application of the Act. Additionally, the Act can extend its reach through these subordinate instruments, thereby enhancing the regulatory framework for the supervision of superannuation entities.
Key Provisions
The notice issued under subsection 126A(6) of the Superannuation Industry (Supervision) Act 1993 (SIS Act) informs Hugh Joseph Marshall that he has been disqualified from holding positions such as trustee or responsible officer of any body corporate that manages superannuation funds. This disqualification stems from the delegate's satisfaction that Marshall has contravened the SIS Act on one or more occasions, with the seriousness of these contraventions warranting such a penalty. The disqualification order becomes effective immediately upon the notice being issued.
The SIS Act imposes certain obligations on individuals and entities within the superannuation industry, including ensuring compliance with legislative requirements to maintain the integrity and proper management of superannuation funds. By disqualifying Marshall, the Act enforces these obligations by removing him from roles where he could influence or manage these funds. This action underscores the importance of adhering to the provisions of the SIS Act, which are designed to protect the interests of superannuation fund members.
Should Marshall choose to challenge the disqualification, he has the right to request a reconsideration of the decision by the Commissioner within 21 days of receiving the notice. This request must be in writing and include the reasons for the dissatisfaction with the decision, as outlined in section 344 of the SIS Act. Additionally, the notice mentions that the disqualification order can be revoked either by the delegate on their own initiative or upon a written application from Marshall.
Failure to comply with the SIS Act can lead to severe consequences, including the potential for criminal and civil penalties. The specific offences and penalties are detailed within the Act itself, with breaches that are considered serious enough to warrant disqualification potentially attracting substantial penalties. The Act aims to deter non-compliance and protect the superannuation system by imposing these consequences on those who contravene its provisions.