NOTICE OF DISQUALIFICATION
Superannuation Industry (Supervision) Act 1993
To:
Mrs Julie Satuala
West Pennant Hills NSW 2125
I, Ivan Parrett, 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 nature and seriousness of the contraventions provides grounds for disqualifying you.
The disqualification order takes effect on the day on which this notice is made.
Dated: 18 March 2013
Ivan Parrett
Assistant Commissioner of Taxation
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 regulate the superannuation industry, ensuring that trustees and other responsible officers act in the best interests of superannuation members. The Act was introduced to address the need for oversight and accountability within the superannuation sector, aiming to protect the rights and interests of superannuation members. The policy objective of the SIS Act is to maintain the integrity and efficiency of the superannuation industry by setting standards for the conduct of trustees and other responsible officers. The Act provides the Commissioner of Taxation with the authority to disqualify individuals who contravene the provisions of the SIS Act, ensuring that those who breach these standards are held accountable. This disqualification mechanism is intended to deter misconduct and maintain public confidence in the superannuation system.
Scope and Application
The Superannuation Industry (Supervision) Act 1993 applies to a range of persons and entities involved in the administration of superannuation funds in Australia. It primarily concerns trustees, responsible officers, trustees of bodies corporate, investment managers, and custodians of superannuation entities, ensuring they adhere to stringent standards of conduct and compliance. This Act applies across the Commonwealth of Australia, with its provisions extending uniformly to all states and territories. It does not discriminate based on geographic location but imposes uniform obligations on all entities and individuals involved in the supervision and management of superannuation funds. Exclusions and exemptions from the Act are limited; however, certain activities may be regulated by subordinate legislation, which can extend or restrict the application of the primary Act through additional rules and guidelines. The Act empowers the Commissioner of Taxation to disqualify individuals who have contravened its provisions, ensuring the integrity and proper functioning of the superannuation system. The disqualification is a significant measure, taking immediate effect upon the issuance of the notice, and can be reviewed or revoked under specific conditions outlined in the Act.
Key Provisions
The Notice of Disqualification under subsection 126A(6) of the Superannuation Industry (Supervision) Act 1993 (SIS Act) informs Mrs Julie Satuala that she has been disqualified from serving as a trustee or a responsible officer of a body corporate that manages superannuation entities, such as trustees, investment managers, or custodians (subsection 126A(1)). This decision was made because Ivan Parrett, a delegate of the Commissioner of Taxation, is satisfied that Mrs Satuala has contravened the SIS Act on one or more occasions, and the seriousness of these contraventions warrants the disqualification. The disqualification takes effect immediately upon the issuance of this notice.
Under the SIS Act, Mrs Satuala, as the disqualified individual, is now barred from participating in any capacity that involves the management or oversight of superannuation funds. This means she cannot act as a trustee, nor can she hold a responsible officer position in any entity that is involved in the administration of superannuation entities. The Act requires that such individuals must adhere to strict regulatory standards to ensure the proper management and security of superannuation funds.
Additionally, the Act imposes specific obligations on Mrs Satuala and any other parties involved. They must refrain from engaging in any activities that would allow them to indirectly manage or influence superannuation entities. The Act also mandates that any existing engagements must be terminated, and any responsibilities must be handed over to compliant individuals or entities.
Should Mrs Satuala breach the disqualification order, she could face serious legal consequences. The SIS Act provides for both civil and criminal penalties for non-compliance. Civil penalties can include substantial fines, and in criminal cases, the penalties may extend to imprisonment, reflecting the seriousness with which the Act treats breaches related to superannuation management. The exact penalties would be determined based on the specifics of any subsequent breaches.