NOTICE OF DISQUALIFICATION
Superannuation Industry (Supervision) Act 1993
To:
Mrs Maria Gamo
CASULA NSW 2148
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: 4 April 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 to address issues and ensure the integrity and proper functioning of the superannuation industry in Australia. The Act was introduced by the Commonwealth Parliament to regulate the superannuation industry and safeguard the interests of superannuation fund members. Its primary policy objective is to maintain and enhance the efficiency, integrity, and financial soundness of the superannuation industry, ensuring that trustees and responsible officers act in the best interests of fund members. The Act empowers the Commissioner of Taxation to disqualify individuals from holding positions such as trustee or responsible officer if they are found to have contravened the provisions of the Act. This disqualification is intended to prevent individuals with a history of serious misconduct from participating in the management of superannuation entities, thereby protecting the interests of superannuation fund members.
Scope and Application
The Superannuation Industry (Supervision) Act 1993 applies to trustees, responsible officers, and other relevant parties involved in the administration of superannuation entities within Australia. This legislation encompasses individuals or entities that manage superannuation funds, including trustees, investment managers, and custodians. The Act’s jurisdiction is national, applying across all states and territories in Australia. The Act provides for the disqualification of individuals from holding positions of responsibility in superannuation entities if they are found to have contravened the Act. The disqualification can be imposed based on the nature and seriousness of the contraventions, as evidenced in the notice given to Mrs Maria Gamo. The geographic reach of the Act ensures that it applies uniformly across Australia, with the specific disqualification notice being effective from the date of issuance. Furthermore, the Act allows for the possibility of revocation of such disqualification orders under certain conditions, providing an avenue for reconsideration by the Commissioner.
Key Provisions
The Superannuation Industry (Supervision) Act 1993 (SIS Act) includes provisions for disqualifying individuals from certain roles within the superannuation industry if they are found to have contravened the Act. Section 126A(1) allows a delegate of the Commissioner of Taxation to disqualify an individual from being a trustee or a responsible officer of a body corporate that acts as a trustee, investment manager, or custodian of a superannuation entity if they are satisfied that the individual has contravened the Act and that the nature and seriousness of the contraventions warrant such a disqualification. The decision to disqualify is communicated through a notice, as outlined in section 126A(6), which specifies that the disqualification takes effect on the date the notice is issued.
The obligations imposed by the Act on the parties it governs are stringent and multifaceted. Trustees and responsible officers must adhere to the provisions of the SIS Act, which encompass a range of duties such as the prudent management of superannuation funds, proper record-keeping, and compliance with reporting requirements. The Act also mandates that these individuals act in the best interests of the fund members and ensure that the funds are used solely for the benefit of members or their dependants. Failure to meet these obligations can lead to severe repercussions, including disqualification.
Breaches of the SIS Act can result in significant penalties and consequences. Under the Act, certain contraventions are classified as offences, and the disqualification of an individual is one of the possible sanctions. The severity of the penalties varies depending on the nature and seriousness of the contravention. For instance, section 126A(1) allows for disqualification, which can have immediate and long-lasting effects on an individual's professional capacity within the superannuation industry. Additionally, the Act provides for civil and criminal penalties for more serious or repeated offences, which can include fines and imprisonment. The maximum penalties are specified within the relevant sections of the Act, reflecting the seriousness with which the legislation treats breaches of its provisions.