NOTICE OF DISQUALIFICATION – Lisiate Vaka
Superannuation Industry (Supervision) Act 1993
To:
Lisiate Vaka
OXLEY PARK NSW 2760
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 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: 7 July 2023
Emma Rosenzweig
Deputy Commissioner of Taxation
Per Bharti Ben
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 address issues within the superannuation industry by establishing a framework for the supervision of superannuation funds and the regulation of trustees, investment managers, and custodians. The Act aims to protect the interests of superannuation fund members by ensuring that those who manage and invest these funds act with integrity and competence. The SISA was enacted by the Parliament of Australia to address the need for stringent oversight and regulation in the management of superannuation funds. The primary policy objective of the Act is to safeguard the retirement savings of Australians by imposing strict standards on the conduct and management of superannuation entities. The disqualification of Lisiate Vaka, as notified by Emma Rosenzweig, a delegate of the Commissioner of Taxation, exemplifies the enforcement mechanisms available under the SISA to uphold these policy objectives.
Scope and Application
The Superannuation Industry (Supervision) Act 1993 applies to individuals and entities involved in the management and regulation of superannuation funds within Australia. This includes trustees, investment managers, custodians, and responsible officers of superannuation entities. The Act operates at the national level, with its provisions binding across the Commonwealth of Australia. The Act's scope extends to conduct and transactions that involve the management of superannuation funds, ensuring compliance with the standards set forth to protect the interests of superannuation members. However, certain individuals or entities may be excluded or exempt from specific provisions under particular circumstances, often delineated in subordinate instruments or regulations. The Act allows for the disqualification of individuals who have contravened its provisions, with the disqualification being published in the Commonwealth Government Notices Gazette and carrying potential criminal penalties for continued involvement in restricted activities.
Key Provisions
The key provisions of the Superannuation Industry (Supervision) Act 1993 (SISA) in this context revolve around the disqualification of individuals who have contravened the Act (subsection 126A(1)). In this case, Lisiate Vaka has been disqualified by a delegate of the Commissioner of Taxation under subsection 126A(6) due to contraventions of the SISA that warrant such action. The disqualification is effective immediately upon issuance of the notice, which in this instance was on 7 July 2023.
The Act imposes specific obligations and requirements on individuals and entities involved in superannuation activities. A disqualified person, under section 126K, is prohibited from acting or being a trustee, investment manager, custodian of a superannuation entity, or a responsible officer or body corporate of such entities. These roles are critical in the management and oversight of superannuation funds, and the Act aims to protect fund members by ensuring only fit and proper persons manage their retirement savings.
Failure to comply with the disqualification provisions can lead to serious consequences. As outlined in section 126K, any disqualified person who knowingly continues to act in these restricted roles can face criminal charges. The maximum penalty for such an offence is two years imprisonment, reflecting the seriousness with which the Act treats breaches of these provisions.
Furthermore, while the disqualification is in effect, there are mechanisms for potential relief. Under subsection 126A(5), the disqualification may be revoked either on the initiative of the Commissioner or upon a written application by the disqualified person. Additionally, section 344 provides for a reconsideration of the decision by the Commissioner if the affected person is dissatisfied with the disqualification. This request for reconsideration must be made in writing within 21 days of receiving the notice of the disqualification and must include reasons for why the decision is considered incorrect.