NOTICE OF DISQUALIFICATION
Superannuation Industry (Supervision) Act 1993
To:
Mrs Laura M Schuetz
BEACON HILL NSW 2100
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, seriousness and number of the contraventions provides grounds for disqualifying you.
The disqualification order takes effect on the day on which this notice is made.
Dated: 13 November 2012
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, enacted by the Australian Parliament, was introduced to address the need for robust oversight and regulation of the superannuation industry to protect the interests of superannuation fund members. The Act aims to ensure the financial soundness and responsible management of superannuation entities by establishing a regulatory framework that includes the power to disqualify individuals who have contravened the provisions of the Act from holding positions of responsibility within the industry. The Act empowers the Commissioner of Taxation to disqualify individuals based on the nature, seriousness, and frequency of contraventions, as demonstrated in the case of Mrs Laura M Schuetz, who has been disqualified from being a trustee or responsible officer due to her contraventions of the Act. The legislative process includes the publication of disqualification notices in the Gazette, and provides avenues for reconsideration and potential revocation of disqualification orders.
Scope and Application
The Superannuation Industry (Supervision) Act 1993 (SIS Act) applies to individuals and entities involved in the superannuation industry, specifically those acting as trustees, investment managers, or custodians of superannuation entities. The Act operates at the Commonwealth level, meaning its provisions apply nationally across Australia. The disqualification order issued under the SIS Act targets individuals such as Mrs Laura M Schuetz, who have contravened the provisions of the Act. The disqualification can occur when the delegate of the Commissioner of Taxation is satisfied that the nature, seriousness, and number of contraventions provide sufficient grounds for such action. This order, as seen in the notice to Mrs Schuetz, takes immediate effect upon issuance. The Act provides avenues for reconsideration and potential revocation of the disqualification order either by the delegate on their own initiative or upon written application by the disqualified individual. Additionally, the Act mandates the publication of particulars of such disqualifications in the Gazette, ensuring transparency and public notification.
Key Provisions
The Superannuation Industry (Supervision) Act 1993 (SIS Act) includes provisions for disqualifying individuals from acting as trustees or responsible officers of superannuation entities. Under section 126A(1) of the SIS Act, a delegate of the Commissioner of Taxation may disqualify a person from holding such positions if they are satisfied that the person has contravened the SIS Act in a manner that warrants disqualification. This decision is communicated to the affected individual through a Notice of Disqualification, as seen in the example given, which outlines the reasons for the disqualification and specifies that the order takes immediate effect. The Notice also informs the individual that particulars of the disqualification will be published in the Gazette, as required by section 126A(7) of the SIS Act.
In terms of obligations and requirements, the SIS Act imposes a duty on trustees and responsible officers to comply with the provisions of the Act to ensure the proper administration of superannuation funds. This includes maintaining proper records, acting in the best interests of the fund members, and adhering to other regulatory requirements. Failure to meet these obligations can lead to disqualification, as evidenced by the Notice of Disqualification given to Mrs Laura M Schuetz.
For breaches of the SIS Act, the legislation provides for both civil and criminal consequences. The Act itself does not specify the exact penalties for contraventions but refers to the penalties outlined in the Crimes Act 1914 and the Taxation Administration Act 1953. Typically, such breaches can result in substantial fines, imprisonment, or both, depending on the severity and nature of the contravention. The maximum penalties can vary significantly based on the specific offence and the jurisdiction in which it is prosecuted. In addition to criminal penalties, individuals found in breach of the SIS Act may also face civil actions, including compensation claims from affected parties or the imposition of administrative penalties by the Australian Taxation Office.