NOTICE OF DISQUALIFICATION
Superannuation Industry (Supervision) Act 1993
To:
LYSA GYLMAN
CASTLE HILL NSW 2154
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.
I have disqualified you under subsection 126A(3) of the SIS Act as I am satisfied that you are not a fit and proper person to be a trustee, investment manager, custodian or a responsible officer of a body corporate that is a trustee, investment manager or custodian of a superannuation entity for the purposes of the SIS Act.
The disqualification order takes effect on the day on which this notice is made.
Dated: 19 October 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 was enacted by the Australian Parliament to address issues related to the governance and management of superannuation funds, ensuring they are administered in a manner that protects the interests of fund members. The Act aims to maintain the integrity of the superannuation system by regulating the conduct of trustees, investment managers, and custodians, among other things. The Act includes provisions for disqualifying individuals who are found to be unfit or have breached the Act, as a means of enforcing compliance and maintaining trust within the superannuation industry. The policy objective is to safeguard the financial well-being and retirement security of superannuation fund members by enforcing high standards of conduct and accountability among those who manage these funds.
Scope and Application
The Superannuation Industry (Supervision) Act 1993 applies to individuals and entities involved in the management and administration of superannuation funds in Australia. This includes trustees, responsible officers, and investment managers of superannuation entities, which can be body corporates or individuals. The act encompasses a wide range of conduct and transactions that relate to the operation, management, and investment of superannuation funds, and its jurisdictional reach extends nationally across Australia, as it is a Commonwealth Act. There are exclusions and exemptions within the Act, though these are narrowly defined and typically relate to specific types of superannuation entities or activities. The application of the Act can be extended or restricted through subordinate instruments, such as regulations, which provide additional detail and clarify certain provisions of the primary Act. The Act also provides mechanisms for disqualification of individuals who are deemed unfit or have contravened the provisions of the Act, ensuring the integrity and proper administration of superannuation funds.
Key Provisions
The Superannuation Industry (Supervision) Act 1993 (SIS Act) contains provisions for disqualifying individuals from acting as trustees, responsible officers, investment managers, or custodians of superannuation entities. Section 126A(6) empowers a delegate of the Commissioner of Taxation to issue a notice of disqualification when they determine that an individual has contravened the SIS Act in a manner that warrants disqualification. Additionally, section 126A(3) allows for disqualification if the delegate is satisfied that the individual is not a fit and proper person to hold such a position within the superannuation industry.
The obligations imposed by the SIS Act on individuals affected by such a disqualification include adhering to the terms of the disqualification notice. As per section 126A(7), the particulars of the disqualification notice will be published in the Gazette, making the public aware of the individual's disqualification. This public notice serves as a formal announcement of the disqualification and informs relevant parties of the individual's ineligibility to serve in specified roles within the superannuation industry.
Furthermore, section 126A(5) of the SIS Act provides that the disqualification order may be revoked by the delegate either on their own initiative or in response to a written application from the disqualified individual. This provision allows for a degree of flexibility and fairness in the process, providing an opportunity for the individual to appeal the decision if they believe it to be unjust or if circumstances have changed.
Finally, section 344 of the SIS Act outlines the process for appealing a disqualification decision. If an individual is dissatisfied with the decision and believes it to be unjust, they may request the Commissioner to reconsider the decision in writing within 21 days of receiving notice of the decision. This request must include the reasons for the appeal, allowing for a formal review of the disqualification order. Failure to comply with these provisions and the terms of the disqualification order can result in further penalties, including civil or criminal consequences.