NOTICE OF DISQUALIFICATION
Superannuation Industry (Supervision) Act 1993
To:
JOSH RHYS WARE
KALGOORLIE WA 6430
I, Michael Grivell, a delegate of the Commissioner of Taxation, give you notice as required by subsection 126A(6) of the Superannuation Industry (Supervision) Act 1993 (SIS Act), that I have made a decision to disqualify you from being a trustee or 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(1) of the SIS Act as I am satisfied that you have contravened the SIS Act on one or more occasions and the seriousness of the contraventions provides grounds for disqualifying you.
The disqualification order takes effect on the day on which this notice is made.
Dated: 12 August 2015
Alison Lendon
Deputy Commissioner of Taxation
Per Michael Grivell
Note 1:
In accordance with subsection 126A(7) of the SIS Act, particulars of this disqualification notice will be published in the Gazette.
Note 2:
In accordance with subsection 126A(5) of the SIS Act, we may revoke this disqualification order on our own initiative or on written application made by you.
Note 3:
In accordance with section 344 of the SIS Act, 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 of 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 (SIS Act) was enacted to address the need for better regulation and supervision of the superannuation industry in Australia, ensuring that trustees and other responsible officers adhere to prescribed standards of conduct and accountability. The SIS Act was introduced by the Commonwealth Parliament with the policy objective of protecting the interests of superannuation fund members by establishing a regulatory framework that promotes efficient, honest, and responsible management of superannuation funds. The Act was designed to fill the gap in the regulatory landscape that had allowed for mismanagement and misconduct within the superannuation industry, which could potentially lead to significant financial losses for superannuation members. The enactment of the SIS Act was intended to provide a robust system of regulation and oversight to mitigate such risks.
Scope and Application
The Superannuation Industry (Supervision) Act 1993 (SIS Act) is a Commonwealth legislation that applies to individuals and entities involved in the administration of superannuation funds, including trustees, investment managers, and custodians. The Act aims to ensure the proper management and regulation of superannuation funds to protect the interests of superannuation fund members. The Act applies to any person or entity involved in the administration of a superannuation entity, and includes trustees, responsible officers, and other relevant parties. The geographic reach of the Act is national, as it applies across all states and territories in Australia. The Act includes provisions for disqualification of individuals from serving as trustees or responsible officers if certain contraventions are identified, as evidenced by the notice given to Josh Rhys Warekalgoo. The Act also provides for the revocation of disqualification orders and the reconsideration of decisions by the Commissioner. The Act may be extended or restricted through subordinate instruments, which provide further detail and clarification on its application and enforcement.
Key Provisions
The main operative sections of the Superannuation Industry (Supervision) Act 1993 (SIS Act) referenced in this notice are sections 126A(1), (6), and (7). Section 126A(1) provides the authority for disqualifying a person from being a trustee or responsible officer of a superannuation entity if they have contravened the Act. Section 126A(6) requires that a notice of the decision to disqualify must be given to the affected person. Section 126A(7) mandates that details of the disqualification notice must be published in the Gazette. In this case, the notice informs Josh Rhys Ware from Kalgoorlie, WA, that he has been disqualified from being a trustee or responsible officer of a superannuation entity due to contraventions of the SIS Act.
The obligations imposed by the SIS Act on entities and individuals include ensuring compliance with all regulations and requirements pertaining to superannuation. Trustees and responsible officers must act with the utmost good faith, avoid conflicts of interest, and manage funds prudently. They must also keep accurate records and report any breaches or contraventions to the relevant authorities. Failure to meet these obligations can result in disqualification, as evidenced in this notice to Josh Rhys Ware.
The SIS Act imposes several potential consequences for breaches of its provisions. Under section 126A, the primary consequence is disqualification from serving as a trustee or responsible officer of a superannuation entity. This disqualification is immediate and can have significant implications for the individual's professional career. Additionally, the Act allows for the revocation of a disqualification order under certain conditions, such as a written application by the disqualified person. Furthermore, section 344 provides a mechanism for reconsideration of the decision by the Commissioner if the affected person is dissatisfied with the outcome. In this case, Josh Rhys Ware has the right to request a reconsideration within 21 days of receiving the notice, provided he submits a written application with reasons for the request.