NOTICE OF DISQUALIFICATION
Superannuation Industry (Supervision) Act 1993
To:
Mr Luke Ngo
GLEBE NSW 2037
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: 6 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 by the Commonwealth Parliament to address the need for robust regulation and supervision of the superannuation industry in Australia. The SIS Act establishes a framework for the oversight of trustees, investment managers, and custodians of superannuation entities to ensure the protection of superannuation benefits and the maintenance of the integrity of the superannuation system. The Act aims to safeguard the financial interests of superannuation members by imposing obligations and standards on entities within the superannuation industry. The disqualification notice issued to Mr. Luke Ngo under subsection 126A(6) of the SIS Act is a demonstration of the Act's enforcement mechanisms, reflecting the policy objective of preventing individuals with a history of serious contraventions from holding positions of trust or responsibility within the superannuation sector.
Scope and Application
The Superannuation Industry (Supervision) Act 1993 (SIS Act) applies to trustees, responsible officers, trustees of body corporates, investment managers and custodians of superannuation entities within Australia. The act imposes obligations on these entities and individuals to ensure compliance with the regulations governing superannuation funds. The disqualification process outlined in the Act is a mechanism to protect the integrity and proper management of superannuation funds by barring individuals who have breached their obligations from participating in the management of these funds. The disqualification extends to the entire Commonwealth of Australia and is applicable to all entities and individuals within its jurisdiction. The act provides for the possibility of revocation of the disqualification order, either by the authority that issued the disqualification or upon application by the disqualified individual. Furthermore, the Act allows for an appeal process for those adversely affected by the disqualification decision, enabling them to seek reconsideration by the Commissioner within a specified timeframe. The notice of disqualification is published in the Gazette, ensuring transparency and public notification of such actions.
Key Provisions
The Superannuation Industry (Supervision) Act 1993 (SIS Act) includes several key provisions that govern the qualifications and disqualifications of individuals who manage superannuation entities. Section 126A(6) of the SIS Act mandates that the Commissioner of Taxation, or a delegate, must provide written notice to individuals who are disqualified from being trustees or responsible officers of superannuation entities. This notice informs the individual of the decision and the reasons behind it. Section 126A(1) of the Act permits the Commissioner or a delegate to disqualify an individual if they are satisfied that the individual has contravened the SIS Act and that the nature and seriousness of the contraventions justify such a disqualification.
Under the SIS Act, entities and individuals are subject to specific obligations and requirements. Trustees and responsible officers must adhere to the regulations and standards set forth by the Act to ensure the proper administration and management of superannuation funds. These obligations include maintaining proper records, reporting financial activities, and ensuring compliance with all relevant laws and regulations. Failure to meet these obligations can result in severe consequences, including disqualification from managing superannuation entities.
The SIS Act also outlines various offences and penalties for breaches of its provisions. Section 126A(5) specifies that disqualification orders can be revoked either by the Commissioner or a delegate on their own initiative or upon a written application by the disqualified individual. Moreover, section 344 of the Act provides a mechanism for appealing a disqualification decision. If an individual is dissatisfied with the decision, they may request the Commissioner to reconsider it in writing within 21 days of receiving notice of the decision, providing reasons for the request. Additionally, failure to comply with the disqualification order can lead to further penalties, including criminal charges and substantial fines, depending on the severity of the breach.