Notice of Disqualification – Michelle Maree Power

Overview

The Superannuation Industry (Supervision) Act 1993 (SISA) was enacted by the Parliament of Australia to provide comprehensive regulation of the superannuation industry. This Act was introduced to address the need for stringent oversight and governance of superannuation entities to protect the interests of superannuation fund members. The SISA aims to ensure that trustees, investment managers, and custodians of superannuation entities act in the best interests of fund members and maintain high standards of conduct. The Act includes provisions for disqualifying individuals who are responsible officers of corporate trustees if they are found to have contravened the Act, thereby safeguarding the integrity and stability of the superannuation system. In the case of Michelle Maree Power, a notice of disqualification was issued under subsection 126A(6) of the SISA by Emma Rosenzweig, a delegate of the Commissioner of Taxation. This disqualification was based on the contraventions by the corporate trustee of one or more superannuation entities, with Michelle being a responsible officer at the time. The notice serves to prevent her from acting as a trustee, investment manager, or custodian of a superannuation entity, as per section 126K of the SISA. The disqualification is effective from the date of the notice and includes provisions for potential revocation or reconsideration of the decision.

Scope and Application

The Superannuation Industry (Supervision) Act 1993 (SISA) applies to individuals and entities involved in the administration and management of superannuation entities, specifically targeting those who are responsible officers within corporate trustees. The act's jurisdictional reach is national, operating under the Commonwealth of Australia, thereby affecting trustees, investment managers, and custodians across all states and territories. The act's provisions extend to disqualifying individuals from participating in the administration of superannuation entities if they are found to have contravened the act, with the disqualification taking immediate effect upon notice. Additionally, the act includes specific criminal penalties for disqualified individuals who continue to act in the roles mentioned above, with potential imprisonment of up to two years. The act also provides avenues for reconsideration and potential revocation of the disqualification under certain conditions. The geographic scope and application of the act are comprehensive, ensuring that it applies uniformly across the entire country.

Key Provisions

The Superannuation Industry (Supervision) Act 1993 (SISA) outlines various provisions for the supervision of superannuation entities, including disqualification mechanisms for responsible officers. Under subsection 126A(6) of the SISA, a delegate of the Commissioner of Taxation can disqualify a person from being a responsible officer if they are satisfied that the corporate trustee has contravened the Act and the seriousness of the contravention warrants such action. In this case, Michelle Maree Power has been disqualified because she was a responsible officer at the time the contraventions occurred. The disqualification takes immediate effect on the day the notice is issued. The SISA imposes certain obligations on parties it governs, such as responsible officers of corporate trustees. These individuals are required to ensure that the trustee complies with the provisions of the Act. If they fail to do so, and if the contraventions are serious enough, they may be disqualified. The Act also requires that details of such disqualifications be published in the Commonwealth Government Notices Gazette, ensuring transparency and public accountability. Breaching the terms of this disqualification carries significant consequences. Under section 126K of the SISA, it is an offence for a disqualified person to act as a trustee, investment manager, or custodian of a superannuation entity. The maximum penalty for committing this offence is two years imprisonment, underscoring the seriousness of the Act's provisions. Additionally, the disqualification may be revoked either on the initiative of the Commissioner or upon written application by the disqualified person, as outlined in subsection 126A(5) of the SISA. If Michelle Maree Power wishes to have the disqualification reconsidered, she must submit a written request to the Commissioner within 21 days of receiving the notice, as stipulated in section 344 of the SISA.