NOTICE OF DISQUALIFICATION
Superannuation Industry (Supervision) Act 1993
To:
MEANCHIVITH SOM
NOBLE PARK VIC 3174
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 umber of the contraventions provides grounds for disqualifying you.
The disqualification order takes effect on the day on which this notice is made.
Dated: 28 November 2013
Ivan Parrett
Assistant Commissioner of Taxation
Per Craig Blair
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 ensure the integrity and proper management of superannuation funds in Australia. The SIS Act was introduced by the Australian Parliament to address the need for stricter oversight and regulation of the superannuation industry to protect the interests of superannuation fund members. The policy objective of the Act is to promote the responsible administration of superannuation funds by imposing certain duties and standards on trustees and other responsible officers. One of the key provisions of the Act is the ability to disqualify individuals from acting as trustees or responsible officers if they have contravened the Act. This measure aims to deter misconduct and ensure that only individuals of good standing manage superannuation entities. The notice provided under subsection 126A(6) of the SIS Act informs affected individuals of their disqualification, the reasons for the decision, and the procedures for reconsideration or revocation of the disqualification order.
Scope and Application
The Superannuation Industry (Supervision) Act 1993 applies to individuals and entities involved in the administration and management of superannuation funds in Australia. Specifically, it pertains to trustees, investment managers, custodians, and other responsible officers of superannuation entities. The Act has a national jurisdictional reach, governing superannuation practices across the Commonwealth, states, and territories of Australia. The legislation sets out the standards and requirements for the proper management of superannuation funds, including compliance with various obligations aimed at protecting the interests of superannuation fund members. The Act includes provisions for disqualifying individuals from holding positions of responsibility within superannuation entities if they are found to have contravened its provisions. The disqualification provisions are designed to ensure that those managing superannuation funds adhere to the highest standards of conduct and governance. Notably, the Act does not specify particular exclusions or exemptions, meaning that its provisions apply broadly to all relevant persons and entities unless otherwise specified by subordinate instruments. Subordinate instruments may further define or extend the application of the Act's provisions, providing additional detail or clarification on specific aspects of superannuation management.
Key Provisions
The main operative sections of the Superannuation Industry (Supervision) Act 1993 (SIS Act) in this context are sections 126A(1) and 126A(6). Section 126A(1) provides the authority to disqualify an individual from holding certain positions in relation to a superannuation entity if there are grounds to believe that the individual has contravened the SIS Act. Section 126A(6) mandates that a delegate of the Commissioner of Taxation must provide notice to the affected individual regarding the decision to disqualify them. This notice must include the reasons for the disqualification and the fact that it takes effect immediately upon issuance.
The SIS Act imposes several obligations on parties or entities it governs. Trustees, investment managers, and custodians of superannuation entities must ensure compliance with all provisions of the Act. They must maintain proper records, act in the best interests of the members, and avoid any conflicts of interest. Additionally, responsible officers must ensure that their entity adheres to all regulatory requirements, including those related to financial management, reporting, and disclosure.
Breaching the provisions of the SIS Act can result in significant consequences. Section 126A(1) allows for disqualification from managing a superannuation entity if there is evidence of repeated or serious contraventions of the Act. The notice itself, as seen in the document, indicates that the disqualification is effective immediately upon issuance. Furthermore, the Act provides for civil and criminal penalties. For example, individuals found guilty of serious breaches may face substantial fines and imprisonment. The exact penalties can vary depending on the specific contravention but are designed to deter non-compliance and protect the interests of superannuation members.