NOTICE OF DISQUALIFICATION – Katie Goddard – 23 August 2024
Superannuation Industry (Supervision) Act 1993
To:
Katie Goddard
STAFFORD QLD 4053
I, Emma Rosenzweig, 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’ve disqualified you as I’m 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: 23 August 2024
Emma Rosenzweig
Deputy Commissioner of Taxation
Per Jaq McDougall
Note 1:
Under subsection 126A(7) of the SISA, details of this disqualification notice will be published as a Notifiable Instrument in the Federal Register of Legislation..
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 to address the need for robust regulation and supervision within the superannuation industry, ensuring the protection of superannuation funds and the rights of superannuation fund members. This Act was introduced by the Commonwealth Parliament to provide a regulatory framework that safeguards the integrity and efficiency of the superannuation system. One of its key policy objectives is to maintain high standards of conduct and accountability among individuals and entities involved in the management and administration of superannuation funds. The legislation aims to prevent misconduct and ensure that those who breach the Act face appropriate consequences, including disqualification from participating in the superannuation industry. The Act empowers the Commissioner of Taxation to disqualify individuals who have contravened the provisions of the SISA, thereby protecting the interests of superannuation fund members and maintaining public confidence in the superannuation system.
Scope and Application
The Superannuation Industry (Supervision) Act 1993 (SISA) applies to individuals who are involved in the administration of superannuation funds, including trustees, investment managers, custodians, and responsible officers of superannuation entities. The Act's jurisdiction extends nationally across Australia, encompassing both the Commonwealth and individual states and territories. The SISA includes provisions for disqualifying individuals who have contravened its requirements, and this disqualification extends to prohibiting them from acting in certain capacities within the superannuation industry. Any disqualified person found to be acting in a prohibited capacity after their disqualification can face criminal penalties, including up to two years of imprisonment. The Act allows for the disqualification to be revoked either on the initiative of the Commissioner or by the disqualified individual, subject to submission of a written application. Additionally, the Act provides a process for reconsideration of the disqualification decision by the Commissioner if the affected individual is dissatisfied with the outcome.
Key Provisions
The Superannuation Industry (Supervision) Act 1993 (SISA) provides several key provisions pertinent to disqualification and regulation of individuals within the superannuation industry. Section 126A(1) allows for the disqualification of individuals who have contravened the Act, and section 126A(6) mandates that a notice of disqualification be issued when such action is taken. In this case, Katie Goddard has been disqualified under subsection 126A(1) due to contraventions of the SISA, with the disqualification taking effect immediately upon notice as per subsection 126A(7).
The Act imposes obligations on disqualified individuals, particularly under section 126K, which prohibits a disqualified person from acting as a trustee, investment manager, or custodian of a superannuation entity, or from being a responsible officer or a body corporate that holds such positions. The seriousness of the contraventions must be such that they warrant disqualification. Furthermore, under subsection 126A(5), the disqualification can be revoked either by the authority on their own initiative or upon a written application by the disqualified person.
There are significant consequences for breaching these provisions. According to section 126K, it is an offence for a disqualified person to act in any of the prohibited capacities, with the maximum penalty being two years imprisonment. This underlines the seriousness with which the Act treats compliance and the potential legal repercussions for non-compliance. Additionally, section 344 allows for a request for reconsideration by the Commissioner within 21 days of receiving the notice if the affected party is dissatisfied with the decision. This provision ensures that there is a formal process for challenging the disqualification if grounds for dissatisfaction exist.