NOTICE OF DISQUALIFICATION
Superannuation Industry (Supervision) Act 1993
To:
Mrs Maly Lackmaitry
BONNYRIGG HEIGHTS NSW 2177
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: 12 February 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 was enacted by the Australian Parliament to address issues within the superannuation industry, aiming to ensure that superannuation entities are managed with integrity and in the best interests of members. This legislation was introduced to fill a critical gap in the regulation and oversight of the superannuation sector, responding to instances of mismanagement, fraud, and other misconduct that had undermined the trust and security of retirement savings for many Australians. The policy objective of the Act is to protect the financial interests of superannuation fund members by imposing stringent regulatory requirements and oversight on trustees and other responsible officers of superannuation entities. Through provisions such as those enabling the disqualification of individuals found to have contravened the Act, the legislation seeks to maintain high standards of conduct and accountability within the superannuation industry.
Scope and Application
The Superannuation Industry (Supervision) Act 1993 (SIS Act) applies to individuals and entities involved in the management of superannuation funds in Australia. Specifically, it pertains to trustees, responsible officers, trustees of body corporates, investment managers, and custodians of superannuation entities. The Act covers conduct and transactions related to the administration, investment, and management of superannuation funds. Geographically, the Act applies across the Commonwealth of Australia, encompassing all states and territories. There are no stated exclusions or exemptions within the primary legislation, but the scope of application may be extended or restricted through subordinate instruments. The notice of disqualification issued under this Act informs the affected individual that they have been disqualified from holding positions such as trustee or responsible officer due to contraventions of the Act, and that this decision is effective immediately upon notification. Furthermore, the Act provides mechanisms for revocation of the disqualification order and avenues for reconsideration of the decision by the Commissioner.
Key Provisions
Under the Superannuation Industry (Supervision) Act 1993 (SIS Act), section 126A(6) empowers a delegate of the Commissioner of Taxation to disqualify an individual from serving as a trustee or a responsible officer of a body corporate involved in the management of superannuation funds. This provision allows for disqualification when there is evidence of repeated or particularly serious breaches of the Act, as outlined in section 126A(1). The notice sent to Mrs Maly Lackmaitry under this section indicates that she has been found to contravene the SIS Act, leading to her disqualification, effective from the date of the notice.
The disqualification under section 126A imposes specific obligations on the affected individual, namely Mrs Maly Lackmaitry, prohibiting her from performing any duties as a trustee or a responsible officer for a superannuation entity. This means she is barred from participating in the management, investment, or custody of superannuation funds. Furthermore, the notice informs her that this disqualification is effective immediately upon receipt of the notice, underscoring the urgency and finality of the decision.
Should Mrs Maly Lackmaitry wish to contest this decision, she has the right to request a reconsideration from the Commissioner within 21 days of receiving the notice, as stipulated in section 344 of the SIS Act. This request must be in writing and include the reasons for her dissatisfaction with the decision. Additionally, the disqualification order can be revoked either by the delegate of the Commissioner or upon a written application from Mrs Lackmaitry herself, as mentioned in section 126A(5).
Failing to comply with the disqualification order can result in serious consequences. The SIS Act does not specify a particular offence or penalty for breach in this context, but non-compliance could lead to further legal actions, including potential civil or criminal liability for any continued involvement in the management of superannuation funds. The severity of these consequences depends on the specific nature of the non-compliance and any subsequent legal proceedings.