NOTICE OF DISQUALIFICATION
Superannuation Industry (Supervision) Act 1993
To:
MR JOHN SPEEDY
FOREST HILL VIC 3131
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(2) and 126A(3) 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.
I have also 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: 3 February 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 ensure the proper administration and regulation of superannuation funds in Australia. This legislation was introduced to address issues related to the mismanagement, misconduct, and non-compliance of trustees and responsible officers within the superannuation industry, thereby safeguarding the interests of superannuation fund members. The SISA was enacted by the Australian Parliament and aims to promote the integrity and efficiency of the superannuation system. The Act empowers the Commissioner of Taxation to disqualify individuals from being trustees or responsible officers if they are deemed unfit or if they have engaged in serious contraventions of the Act. This legislative framework ensures that those managing superannuation funds adhere to the highest standards of conduct and compliance, thus protecting the financial security of superannuation fund members.
Scope and Application
The Superannuation Industry (Supervision) Act 1993 (SISA) applies to individuals and entities involved in the administration of superannuation funds within Australia. Specifically, the Act applies to trustees of superannuation entities, which can include corporate trustees, and their responsible officers. The geographic reach of the Act is national, as it operates under Commonwealth legislation. The Act regulates conduct and transactions related to superannuation funds, ensuring that trustees and responsible officers meet the required standards of conduct and competency. The SISA includes provisions for disqualifying individuals from holding positions as trustees or responsible officers if they are found to be unfit or if they have been involved in contraventions of the Act. The disqualification can be imposed based on the seriousness of the contraventions and the individual's suitability for the role. The Act also allows for the possibility of revoking a disqualification under certain conditions, and provides a mechanism for appealing a decision within a specified timeframe.
Key Provisions
The Superannuation Industry (Supervision) Act 1993 (SISA) contains provisions for the disqualification of individuals who are involved with the management of superannuation entities. In this case, Mr John Speedy has been disqualified by James O'Halloran, a delegate of the Commissioner of Taxation, under subsections 126A(2) and 126A(3) of the SISA (paragraph 1). The disqualification was made due to Mr Speedy's role as a responsible officer of a corporate trustee of one or more superannuation entities, during which time the corporate trustee contravened the SISA on multiple occasions. The seriousness of these contraventions, combined with Mr Speedy's failure to be a fit and proper person to hold such a position, resulted in his disqualification (paragraph 2). This disqualification is effective immediately from the date of issuance, which was 3 February 2016 (paragraph 3).
The SISA imposes obligations on parties or entities it governs, including responsible officers and trustees of superannuation entities, to ensure compliance with the Act's provisions (paragraph 4). These obligations include adhering to the rules and regulations set forth in the SISA, as well as maintaining the integrity and proper management of the superannuation entities they oversee (paragraph 5). By contravening the SISA, Mr Speedy failed to uphold these obligations and responsibilities, leading to the decision to disqualify him from holding any future positions within the superannuation industry (paragraph 6).
Under the SISA, breaches of the Act's provisions can result in offences and penalties (paragraph 7). In this case, Mr Speedy's disqualification is a consequence of his failure to meet the requirements of the SISA as a responsible officer and trustee of superannuation entities (paragraph 8). Additionally, the SISA allows for the revocation of disqualifications under certain circumstances, such as on the initiative of the Commissioner or upon a written application from the disqualified person (paragraph 9). Furthermore, if Mr Speedy or any other affected party is dissatisfied with the disqualification decision, they may request the Commissioner to reconsider the decision in writing within 21 days of receiving the notice (paragraph 10).