NOTICE OF DISQUALIFICATION
Superannuation Industry (Supervision) Act 1993 (SISA)
To:
Jane Stringer
KEIRAVILLE NSW 2500
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 subsections 126A(1) and 126A(3) of the SISA.
I have disqualified you as I am satisfied that you have contravened the SISA on one or more occasions and the nature and seriousness of the contraventions provides grounds for disqualifying you.
I have disqualified you as I am satisfied that you are not a fit and proper person to be a trustee or a responsible officer of a body corporate that is a trustee, of a superannuation entity for the purposes of the SISA.
The disqualification takes effect on the day on which it is made.
Dated: 9 September 2016
James O’Halloran
Deputy Commissioner of Taxation
Per Michael Lazzaroni
Note 1:
In accordance with subsection 126A(7) of the SISA, particulars of this disqualification notice will be published in the Commonwealth Government Notices 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 stringent oversight and regulation of the superannuation industry in Australia. The legislation was introduced to ensure the proper administration and supervision of superannuation entities, protecting the interests of members and beneficiaries. The SISA was enacted by the Australian Parliament with the policy objective of maintaining the integrity and stability of the superannuation system. One significant aspect of the SISA is its provision for the disqualification of individuals who are deemed unfit to manage superannuation funds. This mechanism is intended to safeguard the superannuation industry by preventing individuals with a history of misconduct or unsuitability from holding positions of responsibility within superannuation entities. The notice of disqualification provided under the SISA serves as a formal mechanism to remove individuals from roles where they could potentially harm the interests of superannuation members.
Scope and Application
The Superannuation Industry (Supervision) Act 1993 (SISA) applies to individuals and entities involved in the management and administration of superannuation funds in Australia, including trustees and responsible officers of superannuation entities. The Act aims to ensure that those managing superannuation funds are fit and proper persons, with the disqualification provisions under sections 126A(1) and 126A(3) allowing for the removal of individuals from their roles if they are found to have contravened the SISA or are otherwise deemed unsuitable for the position. The Act has a national reach, applying across all jurisdictions in Australia, as it is a Commonwealth Act. Exclusions or exemptions from the application of the Act are not broadly defined within the text, though the specific grounds for disqualification are outlined, focusing on contraventions of the Act and unfitness to hold a position of trust or responsibility. The Act may be extended or restricted through subordinate instruments, which are not detailed in the provided text but would typically include regulations or guidelines that further define the scope and application of the legislation.
Key Provisions
The Superannuation Industry (Supervision) Act 1993 (SISA) includes provisions that allow for the disqualification of individuals from holding certain roles within superannuation entities. Under subsection 126A(6) of the SISA, a delegate of the Commissioner of Taxation can issue a notice of disqualification to an individual they believe is not a fit and proper person to serve as a trustee or responsible officer of a superannuation entity due to breaches of the Act. This disqualification is effective immediately upon issuance, as stipulated in subsection 126A(6).
The obligations imposed on trustees and responsible officers by the SISA are stringent, requiring them to act in the best interests of the members of the superannuation fund, adhere to fiduciary duties, and ensure compliance with all statutory requirements. These individuals must maintain the highest standards of integrity and professionalism, and any breaches of these standards can lead to disqualification. Under subsections 126A(1) and 126A(3), the delegate can disqualify an individual if they are not deemed fit and proper based on the seriousness of any contraventions of the Act.
There are significant consequences for breaching the SISA, as outlined in the Act. The disqualification itself is a serious penalty, preventing the individual from participating in the management of superannuation entities. Furthermore, under section 344 of the SISA, any person affected by a disqualification notice has the right to request a reconsideration of the decision within 21 days of receiving the notice. Additionally, the notice of disqualification will be published in the Commonwealth Government Notices Gazette as per subsection 126A(7), ensuring transparency and public notification. The Act does not specify monetary penalties for contraventions but emphasises the importance of compliance and the severe repercussions of failing to meet these standards.