NOTICE OF DISQUALIFICATION
Superannuation Industry (Supervision) Act 1993
To:
Miss Victoria M Walker
FRANKSTON VIC 3199
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 March 2014
Ivan Parrett
Assistant Commissioner Taxation
Per Gerard Carney
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 to address the need for rigorous regulation of the superannuation industry, ensuring that trustees and responsible officers act in the best interests of superannuation fund members. The Act empowers the Commissioner of Taxation to disqualify individuals from holding positions that involve managing or overseeing superannuation entities if they find that such individuals have contravened the Act. This legislative measure was introduced to maintain the integrity and stability of the superannuation system, which is crucial for the financial security of many Australians. The policy objective is to protect superannuation fund members by preventing those who have demonstrated a history of non-compliance from managing such funds, thereby safeguarding retirement savings and maintaining public trust in the superannuation industry.
Scope and Application
The Superannuation Industry (Supervision) Act 1993 (SIS Act) applies to individuals and entities that are involved in the management or administration of superannuation funds, including trustees, investment managers, and custodians of superannuation entities. This legislation is applicable nationally, with its reach extending across Australia as a Commonwealth Act. The Act provides for the disqualification of individuals from performing certain roles within the superannuation industry if they have contravened the Act, with the nature and seriousness of the contraventions being grounds for such a disqualification. In this specific instance, Miss Victoria M Walker has been disqualified from being a trustee or a responsible officer of a body corporate that operates as a trustee, investment manager, or custodian of a superannuation entity. The disqualification takes effect immediately upon issuance of the notice and is detailed in the Gazette as per the provisions of the Act. The Act also outlines the processes for potential revocation of the disqualification order and the avenues available for reconsideration of the decision by the Commissioner.
Key Provisions
Under the Superannuation Industry (Supervision) Act 1993 (SIS Act), the key operative sections relevant to this notice of disqualification are sections 126A(1) and 126A(6). Section 126A(1) allows for the disqualification of an individual from holding a role such as a trustee or responsible officer in a superannuation entity if the Commissioner of Taxation is satisfied that the individual has contravened the SIS Act and that the nature and seriousness of the contraventions warrant such a measure. Section 126A(6) mandates that a written notice must be given to the individual concerned, detailing the reasons for the disqualification and the effective date of the order.
The obligations imposed by this Act on individuals such as Miss Victoria M Walker include adherence to all provisions of the SIS Act, which govern the administration and regulation of superannuation funds in Australia. As a trustee or responsible officer, she would be required to manage the superannuation entity with due care, diligence, and skill, ensuring compliance with all legal and regulatory requirements. The disqualification notice indicates that Miss Walker has breached these obligations, prompting the Commissioner's decision to disqualify her from her role.
Breaching the provisions of the SIS Act can lead to serious consequences. The Act provides for both civil and criminal penalties. Civil penalties may include fines, and in severe cases, the courts may order the individual to compensate for any financial loss caused by their actions. Criminal penalties can include imprisonment, with the maximum penalties varying depending on the specific contravention. In the case of Miss Walker, the disqualification order is a direct consequence of her contraventions, and it takes immediate effect upon issuance of the notice. Additionally, the decision to disqualify her and the reasons for it will be published in the Gazette, as required by section 126A(7) of the SIS Act.