To:
Mrs Juanita Moser
ABBOTSBURY NSW 2176
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 seriousness of the contraventions provides grounds for disqualifying you.
The disqualification takes effect on the day on which it is made.
Dated: 18 July 2017
James O’Halloran
Deputy Commissioner of Taxation
Per Debra Goldfinch
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 by the Australian Parliament to address the need for effective supervision and regulation of the superannuation industry. The Act was introduced to ensure that superannuation entities operate in a manner that protects the interests of members, thereby promoting trust and confidence in the system. The SISA aims to maintain high standards of conduct, accountability, and transparency within the superannuation industry. The Superannuation Industry (Supervision) Act provides a comprehensive framework for the regulation of superannuation entities, including the disqualification of individuals who have contravened the Act, as demonstrated in the notice given to Mrs Juanita Moser by James O’Halloran, a delegate of the Commissioner of Taxation. The policy objective of the Act is to safeguard the superannuation savings of Australians by ensuring that those who manage these funds adhere to the highest standards of integrity and responsibility.
Scope and Application
The Superannuation Industry (Supervision) Act 1993 (SISA) applies to individuals and entities involved in the management of superannuation entities in Australia, including trustees, investment managers, and custodians. The Act regulates conduct and transactions within the superannuation industry to protect the interests of superannuation fund members. It has national jurisdiction across Australia, including the Commonwealth, states, and territories, thereby applying uniformly to all superannuation entities regardless of their location. The Act imposes restrictions and sets standards for the operation of superannuation funds, ensuring compliance with various regulatory requirements. While the Act broadly applies to all relevant persons and entities, specific exclusions or exemptions are not detailed in the text. The application of the Act can be extended or restricted through subordinate instruments, which may provide further clarification or specific provisions to supplement the primary legislation.
Key Provisions
The main operative sections of the Superannuation Industry (Supervision) Act 1993 (SISA) relevant to this notice include subsection 126A(1) (1), which allows the Commissioner of Taxation to disqualify a person from participating in the superannuation industry if certain conditions are met, and subsection 126A(6) (2), which mandates the giving of a written notice of disqualification to the affected person. Additionally, subsection 126A(7) (3) requires that the details of such disqualification be published in the Commonwealth Government Notices Gazette.
The Act imposes several obligations and requirements on individuals and entities within the superannuation industry. It mandates that individuals who have been disqualified from participating in the superannuation industry must not act as a trustee, investment manager, or custodian of a superannuation entity (subsection 126A(1) (4)). Furthermore, disqualified individuals must not be, or act as, a responsible officer or a body corporate that is a trustee, investment manager, or custodian of a superannuation entity (section 126K (5)). These obligations are crucial to ensure compliance with the SISA and to protect the interests of superannuation fund members.
Breaching the provisions of the SISA can lead to severe consequences. Under section 126K (6), 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 or a body corporate that is a trustee, investment manager, or custodian of a superannuation entity, while knowing they are disqualified. The maximum penalty for committing this offence is two years imprisonment (section 126K (7)). Additionally, subsection 126A(5) (8) provides that the disqualification may be revoked either on the initiative of the Commissioner or upon a written application by the disqualified person. Lastly, section 344 (9) allows an affected person to request the Commissioner to reconsider the decision within 21 days of receiving notice of the disqualification, provided the request is in writing and includes reasons why the decision should be reconsidered.