NOTICE OF DISQUALIFICATION
Superannuation Industry (Supervision) Act 1993
To:
John Campbell
DIANELLA WA 6059
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 you have contravened the SISA on one or more occasions and the number of the contraventions provides grounds for disqualifying you.
The disqualification takes effect on the day on which it is made.
Dated: 19 June 2019
James O'Halloran
Deputy Commissioner of Taxation
Per Robyn Bowden
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 was enacted to address the need for effective supervision and regulation of superannuation funds in Australia, aiming to protect the interests of superannuation fund members and beneficiaries. This Act provides the framework for the regulation of superannuation entities and their officers, including trustees, investment managers, and custodians, to ensure compliance with legislative requirements and standards of conduct. The Superannuation Industry (Supervision) Act 1993 was introduced by the Parliament of Australia, with a clear policy objective to safeguard the financial welfare of superannuation fund members by imposing stringent regulatory measures and penalties for non-compliance. The Act empowers the Commissioner of Taxation to disqualify individuals from acting in certain capacities within the superannuation industry if they have contravened the Act, ensuring that only those who meet the required standards can manage superannuation funds.
Scope and Application
The Superannuation Industry (Supervision) Act 1993 applies to individuals and entities involved in the superannuation industry, including trustees, investment managers, and custodians of superannuation entities. The Act operates on a national level, applying across Australia and impacting those who manage superannuation funds. The Act explicitly covers conduct and transactions that pertain to superannuation entities, ensuring compliance with financial and ethical standards. Certain exclusions and exemptions may apply, but these are not specified in the notice. The application of the Act may be extended or restricted through subordinate instruments, providing a framework for its enforcement. In this instance, the disqualification under the Act affects John Campbell, prohibiting him from acting as a trustee, investment manager, or custodian of a superannuation entity, with serious penalties for non-compliance. The disqualification notice also mandates the publication of details in the Commonwealth Government Notices Gazette.
Key Provisions
The Superannuation Industry (Supervision) Act 1993 (SISA) includes provisions for the disqualification of individuals who contravene its regulations. Specifically, subsection 126A(1) allows for the disqualification of a person who has breached the Act on multiple occasions, with the number of contraventions providing grounds for disqualification. Section 126A(6) mandates that a notice of disqualification must be provided to the affected individual, as seen in the notice to John Campbell. This disqualification is effective immediately upon issuance, as stated in the notice.
Under the SISA, the disqualification imposes significant obligations on the individual, prohibiting them from acting in certain roles related to superannuation entities. For example, section 126K explicitly forbids a disqualified person from serving as a trustee, investment manager, or custodian of a superannuation entity, or from being a responsible officer of a body corporate that holds such roles. This restriction is designed to prevent disqualified individuals from continuing to influence or manage superannuation funds, thereby protecting the interests of fund members.
Failure to comply with the disqualification provisions can result in serious legal consequences. As per section 126K, a disqualified person who knowingly acts in a prohibited capacity can be charged with an offence. The maximum penalty for this offence is a two-year jail term, highlighting the seriousness with which the Act treats breaches of its disqualification provisions. Additionally, the disqualification notice mentions that details of the disqualification will be published in the Commonwealth Government Notices Gazette, further ensuring public awareness and deterrence.
The Act also provides avenues for review and potential revocation of the disqualification. Under subsection 126A(5), the disqualification can be revoked either on the initiative of the Commissioner or upon the written application of the disqualified person. For those dissatisfied with the disqualification decision, section 344 allows for a request to the Commissioner to reconsider the decision within 21 days of receiving notice. This provision ensures that affected individuals have an opportunity to challenge the decision and seek its reconsideration if they believe it to be unjust.