NOTICE OF DISQUALIFICATION
Superannuation Industry (Supervision) Act 1993
To:
Mrs Maryanne Crawford
WYNNUM WEST QLD 4178
I, James O’Halloran, 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(3) of the SISA.
I have disqualified you as I am satisfied that you are not a fit and proper person to be a trustee or a responsible officer of a body corporate that is a trustee, of a superannuation entity for the purposes of the SISA.
The disqualification takes effect on the day on which it is made.
Dated: 12 December 2017
James O’Halloran
Deputy Commissioner of Taxation
Per - Kylie White
Director, Engagement and Assurance, Superannuation
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 by the Australian Parliament to address the need for regulation and supervision of the superannuation industry, ensuring that trustees and responsible officers act in the best interests of superannuation fund members. This legislation establishes the framework for the oversight and administration of superannuation funds, aiming to maintain the integrity and sustainability of the retirement savings system. The Act introduces stringent measures to disqualify individuals who are deemed unfit to manage superannuation entities, thereby protecting the interests of fund members and preserving the stability of the superannuation industry. The notice of disqualification provided to Mrs Maryanne Crawford under this Act serves to highlight the enforcement mechanisms available to prevent unsuitable persons from holding positions of trust and responsibility within the superannuation sector.
Scope and Application
The Superannuation Industry (Supervision) Act 1993 (SISA) governs the supervision of superannuation entities in Australia, ensuring the prudent and ethical management of superannuation funds. The Act applies to individuals and entities involved in the administration and management of superannuation funds, including trustees, responsible officers, investment managers, and custodians. It imposes obligations on these entities to act in the best interests of fund members and ensures the proper handling of their superannuation benefits. The jurisdictional reach of the Act is national, applying across all states and territories of Australia, as it is a Commonwealth Act. The Act provides for the disqualification of individuals deemed unfit to manage superannuation funds, as evidenced by the notice to Mrs Maryanne Crawford, indicating that the Act extends its reach to disqualify persons based on their conduct or fitness to manage such funds. The Act allows for the extension of its provisions through subordinate instruments, which may detail specific regulations and administrative procedures. Additionally, there are stipulated exclusions and exemptions within the Act, though they are not specified in the notice, indicating that not all persons or entities involved in financial transactions are subject to its full purview.
Key Provisions
The Superannuation Industry (Supervision) Act 1993 (SISA) is a crucial piece of legislation in Australia, governing the management and supervision of superannuation entities. Section 126A(3) provides the authority for the Commissioner of Taxation to disqualify individuals from being trustees or responsible officers of superannuation entities if they are not deemed fit and proper persons. In the case of Mrs Maryanne Crawford, she has been disqualified under this section due to concerns regarding her suitability for such roles. This disqualification is effective immediately from the date of notice, which in this case is 12 December 2017.
The obligations imposed by the Act on entities and individuals are significant. Trustees and responsible officers must meet certain criteria to ensure the integrity and proper management of superannuation funds. These include maintaining high standards of competence, acting in the best interests of fund members, and adhering to strict ethical and legal standards. The Act also mandates that disqualified individuals must refrain from acting as trustees, investment managers, or custodians of superannuation entities, as well as from being responsible officers of such entities.
Breaches of the Act carry substantial consequences. Section 126K outlines the criminal penalties for disqualified individuals who knowingly continue to act in prohibited roles. The maximum penalty for such an offence is two years imprisonment, underscoring the seriousness with which the Act treats non-compliance. Additionally, the Act provides mechanisms for the revocation of disqualification, either at the initiative of the Commissioner or upon a written application by the disqualified person, as stipulated in subsection 126A(5). Furthermore, section 344 allows for a reconsideration of the disqualification decision if the affected party submits a written request within 21 days of receiving the notice, outlining the reasons for dissatisfaction with the decision.