NOTICE OF DISQUALIFICATION
Superannuation Industry (Supervision) Act 1993
To:
KATRINA SANDRA BETTERIDGE
BONDI JUNCTION NSW 2022
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: 17 August 2020
James O'Halloran
Deputy Commissioner of Taxation
Per John Macuz
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 to provide a regulatory framework for the supervision of superannuation funds and to ensure the integrity, efficiency, and effectiveness of the superannuation industry. This legislation was introduced to address issues of mismanagement and non-compliance within superannuation funds, ensuring that trustees and other relevant officers act in the best interest of fund members. The SISA is administered by the Australian Parliament, with the primary policy objective of protecting the rights of superannuation fund members by imposing strict regulatory standards and consequences for non-compliance. The Act empowers the Commissioner of Taxation to disqualify individuals who have contravened the Act, as demonstrated in the disqualification notice issued to Katrina Sandra Betteridge for serious breaches of the Act. This notice serves as an official communication of the disqualification, highlighting the importance of adherence to the regulatory standards set forth by the SISA.
Scope and Application
The Superannuation Industry (Supervision) Act 1993 (SISA) applies to individuals and entities involved in the superannuation industry, particularly trustees, investment managers, custodians, and responsible officers of superannuation entities. This federal legislation imposes obligations and sets standards for the management of superannuation funds, with the intent of protecting the interests of superannuation fund members. The reach of the Act is national, affecting entities and persons across Australia. Under the Act, specific exclusions and exemptions may apply, but the primary focus is on ensuring compliance with its provisions to maintain the integrity and proper functioning of the superannuation system. The Act also allows for the extension and restriction of its application through subordinate instruments, which provide further detail and clarity on specific aspects of the legislation. These instruments help in implementing the overarching objectives of the SISA by offering a more nuanced approach to regulation within the superannuation industry.
Key Provisions
The Superannuation Industry (Supervision) Act 1993 (SISA) provides a framework for the regulation of the superannuation industry in Australia. Under subsection 126A(6) of the SISA, a delegate of the Commissioner of Taxation, in this case James O'Halloran, has the authority to disqualify individuals who have contravened the Act. In the notice given to Katrina Sandra Betteridge, it is stated that she has been disqualified under subsection 126A(1) due to serious contraventions of the Act (126A(6)). The disqualification is immediate upon the notice being issued (126A(6)). Additionally, subsection 126A(7) of the SISA mandates that details of such disqualifications must be published in the Commonwealth Government Notices Gazette.
The obligations imposed by the SISA on individuals like Katrina Sandra Betteridge include compliance with all provisions of the Act. Any contraventions, particularly those deemed serious, can result in disqualification from participating in the superannuation industry as a trustee, investment manager, custodian, or responsible officer of a superannuation entity (126K). The Act aims to ensure that those managing superannuation funds adhere to stringent regulatory standards to protect the interests of superannuation fund members.
Breaches of the SISA by a disqualified person can lead to serious consequences. Under section 126K, it is an offence for a disqualified person to act in any capacity within the superannuation industry. The penalty for such an offence includes a maximum of two years imprisonment (126K). Furthermore, the Act allows for the possibility of disqualification revocation either by the delegate's own initiative or through a written application by the disqualified person (126A(5)). If a disqualified person believes that the decision is unjust, they have the right to request a reconsideration by the Commissioner within 21 days of receiving the notice of disqualification (344).