NOTICE OF DISQUALIFICATION - Jenessa Denise Large
Superannuation Industry (Supervision) Act 1993
To:
Jenessa Denise Large
GRIFFIN QLD 4503
I, Emma Rosenzweig, 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: 7 February 2023
Emma Rosenzweig
Deputy Commissioner of Taxation
Per Alison Webster
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 and ensure the effective supervision and regulation of the superannuation industry in Australia. This Act was introduced to fill a gap in the financial sector by providing a comprehensive framework to govern the operation of superannuation funds, including their administration, investment, and trusteeship. The Act was enacted by the Parliament of Australia, with the intent to protect the interests of superannuation fund members by ensuring that the funds are managed efficiently, transparently, and in accordance with the law. The overarching policy objective of the SISA is to maintain confidence in the superannuation system by enforcing strict compliance standards and imposing penalties for breaches, thus safeguarding the financial security of Australians’ retirement savings. The Act includes provisions for the disqualification of individuals from participating in the administration of superannuation funds if they have contravened its provisions, as evidenced by the recent disqualification notice issued to Jenessa Denise Large.
Scope and Application
The Superannuation Industry (Supervision) Act 1993 applies to individuals and entities involved in the administration and management of superannuation funds, including trustees, investment managers, and custodians, within the Commonwealth jurisdiction. This legislation imposes disqualifications on those who contravene its provisions, ensuring the integrity and proper management of superannuation entities. The act extends to any person who acts or is appointed as a trustee, investment manager, or custodian of a superannuation entity, and any responsible officer or body corporate that assumes these roles. Notably, the act imposes serious penalties, including potential imprisonment, for disqualified persons who continue to act in their prohibited capacities. Additionally, the act allows for the revocation of disqualifications under certain conditions, and provides a process for reconsideration of the decision by the Commissioner. Any disqualification notices are to be published in the Commonwealth Government Notices Gazette, ensuring transparency and public accountability.
Key Provisions
The Superannuation Industry (Supervision) Act 1993 (SISA) includes provisions that allow for the disqualification of individuals who have contravened its terms, particularly in subsections 126A(1) and 126A(6). In this instance, the disqualification notice issued to Jenessa Denise Large under subsection 126A(6) indicates that she has been disqualified due to multiple contraventions of the Act that are deemed serious enough to warrant such action. The disqualification, which is effective immediately upon issuance, is communicated via a formal notice detailing the grounds and the specific subsection of the Act under which the disqualification is applied.
As a result of this disqualification, Jenessa is now subject to specific obligations and restrictions. Under section 126K of the SISA, 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 of a body corporate that acts in these capacities. This restriction is intended to prevent individuals with a history of contravening superannuation laws from influencing or controlling superannuation entities. Failure to comply with these obligations can result in significant legal repercussions.
Breaching the provisions outlined in section 126K of the SISA carries severe consequences. The Act stipulates that such breaches constitute an offence, with a maximum penalty of two years imprisonment. This highlights the seriousness with which the legislation regards the integrity and proper management of superannuation entities. Additionally, the disqualification can be revoked either on the initiative of the authorities or upon a written application by the disqualified individual, as provided under subsection 126A(5) of the SISA. Furthermore, section 344 of the Act allows for reconsideration of the disqualification decision by the Commissioner if Jenessa believes the decision to be incorrect, with any request for reconsideration needing to be made in writing within 21 days of receiving the notice.