NOTICE OF DISQUALIFICATION
Superannuation Industry (Supervision) Act 1993
To:
Jason Quilligan
MOUNT LAWLEY WA 6050
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: 22 May 2014
Alison Lendon
Deputy Commissioner of Taxation
Per Craig Blair
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 was enacted to address the need for robust regulation and supervision of the superannuation industry in Australia. The Act was introduced to safeguard the interests of superannuation fund members by ensuring that the industry operates in a responsible and transparent manner. The enactment of this Act aimed to fill the gap in the regulation of superannuation funds and trustees, which was necessary to protect the financial security of millions of Australians relying on these funds for their retirement. The policy objective of the Act is to maintain high standards of conduct and compliance within the superannuation industry, ensuring that trustees and other responsible officers act in the best interests of the fund members. The Superannuation Industry (Supervision) Act 1993 was passed by the Australian Parliament, reflecting the Commonwealth's commitment to providing a regulatory framework that promotes the integrity and stability of the superannuation sector.
Scope and Application
The Superannuation Industry (Supervision) Act 1993 (SISA) applies to individuals and entities involved in the management and oversight of superannuation entities, specifically targeting trustees, investment managers, custodians, and responsible officers of corporate trustees. The Act operates on a national level, regulating conduct across Australia, including the Commonwealth, states, and territories, to ensure compliance with superannuation laws. The legislation extends its reach to any entity or person that engages in the administration or management of superannuation funds. Notably, the Act does not specify exclusions or exemptions, implying that its application is broad and inclusive of all relevant parties unless otherwise stated in subordinate instruments. The Act provides mechanisms for disqualifying individuals who have contravened its provisions, as evidenced by the notice to Jason Quilligan, and allows for the revocation of such disqualifications under certain conditions. Additionally, it outlines pathways for reconsideration of decisions by affected parties, ensuring a degree of procedural fairness in its application.
Key Provisions
The Superannuation Industry (Supervision) Act 1993 (SISA) includes provisions that allow for the disqualification of individuals from certain roles within superannuation entities. Under subsection 126A(6), a delegate of the Commissioner of Taxation can disqualify a person from being or acting as a trustee, investment manager, or custodian of a superannuation entity, or as a responsible officer of a body corporate that holds such roles (subsection 126A(2)). The decision to disqualify is based on the satisfaction that the corporate trustee has contravened the SISA on one or more occasions while the individual was a responsible officer, with the nature, seriousness, and number of the contraventions warranting such a measure.
The obligations imposed by the Act on parties governed by it include adherence to the standards and regulations set forth within the SISA. For individuals, this means ensuring compliance with the provisions of the Act to avoid any actions that could lead to disqualification. Corporate trustees and their responsible officers must maintain proper records, act in the best interests of the superannuation fund members, and ensure that the fund is managed and invested in accordance with the law. The Act also mandates that any contraventions must be promptly reported and rectified.
In terms of consequences for breach, the SISA outlines both civil and criminal penalties. For instance, subsection 126A(2) allows for disqualification from roles within superannuation entities as described. Furthermore, the Act may impose fines and other civil penalties for non-compliance, with the specifics of these penalties varying depending on the nature and severity of the contravention. The maximum penalties for certain offences under the SISA can be substantial, reflecting the importance of compliance with superannuation laws. It is also noteworthy that the disqualification order is immediate upon the issuance of the notice, as stated in the notice given to Jason Quilligan, and such decisions can be subject to review or revocation under certain conditions.