Ms Joanne Keys
KANGAROO GROUND VIC 3097
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 subsection 126A(1) of the SISA.
I have disqualified you as I am satisfied that the corporate trustee of one or more superannuation entities 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 seriousness of the contraventions provides grounds for disqualifying you.
The disqualification takes effect on the day on which it is made.
Dated: 18 November 2016
James O’Halloran
Deputy Commissioner of Taxation
Per Colleen Shelton
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 was enacted by the Commonwealth Parliament to provide for the supervision of the superannuation industry, ensuring the protection of superannuation benefits and the efficient, honest, and economical management of superannuation funds. This legislation was introduced to address the need for robust regulatory oversight in the superannuation sector, given the significant role that superannuation plays in the retirement income system in Australia. The policy objective of the Act is to safeguard the interests of superannuation fund members by promoting high standards of conduct, transparency, and accountability among trustees and other responsible persons within the superannuation industry. The Act empowers the Australian Prudential Regulation Authority (APRA) and the Australian Taxation Office (ATO) to supervise and enforce compliance with the provisions of the Act.
Scope and Application
The Superannuation Industry (Supervision) Act 1993 (SISA) applies to individuals and entities involved in the supervision of superannuation entities, including trustees and responsible officers of corporate trustees. The Act regulates the conduct and administration of superannuation funds to ensure compliance with legal and regulatory requirements, aiming to protect the interests of superannuation members. The SISA has a national jurisdictional reach across Australia, applying to all superannuation entities and their trustees, regardless of where they are located or incorporated. Exclusions or exemptions are limited and are typically specified in the Act or subordinate legislation. The Commissioner of Taxation has the authority to disqualify individuals from being responsible officers of superannuation entities if there are serious contraventions of the Act, as illustrated in the disqualification notice issued under subsection 126A(1) of the SISA. The notice informs the affected party of their disqualification and outlines the process for reconsideration or potential revocation of the disqualification. This demonstrates the Act’s stringent approach to maintaining the integrity and compliance of the superannuation industry.
Key Provisions
The Superannuation Industry (Supervision) Act 1993 (SISA) includes provisions for the disqualification of responsible officers of corporate trustees who have contravened the Act. Under section 126A(1) of the SISA, a delegate of the Commissioner of Taxation can disqualify a responsible officer if they are satisfied that the corporate trustee has contravened the SISA and that the contraventions are serious enough to warrant such action. Section 126A(6) mandates that a written notice of the disqualification must be provided to the person affected, as demonstrated in the notice to Ms Joanne Keys.
This legislation imposes specific obligations on responsible officers of corporate trustees. They are required to ensure compliance with the SISA, maintain proper records, and report any contraventions to the relevant authorities. The disqualification under section 126A(1) means that the affected individual can no longer perform their duties as a responsible officer, impacting their ability to manage superannuation entities.
Breaches of the SISA can lead to significant consequences, as outlined in section 126A(1). The disqualification of a responsible officer serves as a deterrent and a punitive measure. While specific penalties for the contraventions themselves are not detailed in this disqualification notice, the act of contravening the SISA can result in civil or criminal penalties, as stipulated elsewhere in the Act. The maximum penalties for contraventions can include substantial fines and, in some cases, imprisonment.
Furthermore, section 344 of the SISA allows for the reconsideration of the disqualification decision if the affected person is dissatisfied. A written request for reconsideration must be made within 21 days of receiving the notice of disqualification, providing reasons for the request. This ensures that there is a formal process for appeal and review, offering a degree of procedural fairness to those affected by the disqualification.