Notice of Disqualification – Mr Ace Gjurovski

Overview

The Superannuation Industry (Supervision) Act 1993 (SIS Act) was enacted by the Commonwealth Parliament to regulate the superannuation industry in Australia, addressing the need for robust oversight and governance to protect the interests of superannuation fund members. The Act provides a comprehensive framework for the supervision of superannuation funds, trustees, and related entities, aiming to ensure the efficient, honest, and economical management of superannuation funds. The policy objective of the Act is to maintain confidence in the superannuation system by enforcing high standards of conduct and accountability among industry participants. The disqualification notice issued under the SIS Act serves to enforce these policy objectives by preventing individuals who have contravened the Act from holding positions of trust and responsibility within superannuation entities. This particular notice to Mr. Ace Gjurovski, issued by Ivan Parrett, a delegate of the Commissioner of Taxation, highlights the enforcement mechanisms available under the Act to uphold its standards and protect the superannuation savings of members.

Scope and Application

The Superannuation Industry (Supervision) Act 1993 (SIS Act) applies to individuals and entities involved in the superannuation industry, particularly those acting as trustees, investment managers, or custodians of superannuation entities. The disqualification notice provided under this Act targets Mr. Ace Gjurovski of Arncliffe, NSW, due to his contraventions of the SIS Act, which led to the decision to disqualify him from serving as a trustee or responsible officer of a body corporate that manages superannuation funds. The disqualification order is made pursuant to subsection 126A(1) of the SIS Act, taking immediate effect upon the issuance of the notice. The geographic reach of this Act is national, as it operates across Australia. The Act allows for the revocation of the disqualification order either on the initiative of the delegate or upon a written application by the disqualified person. Additionally, those dissatisfied with the decision have the right to request reconsideration within 21 days of receiving the notice, as stipulated in section 344 of the SIS Act. The notice also mentions that details of this disqualification will be published in the Gazette as per subsection 126A(7) of the SIS Act.

Key Provisions

The Superannuation Industry (Supervision) Act 1993 (SIS Act) includes several key operative sections that govern the disqualification of individuals from certain roles within superannuation entities. Specifically, subsection 126A(1) allows for the disqualification of individuals from being a trustee or a responsible officer of a body corporate that is a trustee, investment manager or custodian of a superannuation entity if they have contravened the SIS Act in a manner that is serious enough to warrant such action. This disqualification is communicated through a formal notice, as detailed in subsection 126A(6), which in this case was issued to Mr. Ace Gjurovski of Arncliffe, NSW. The Act imposes several obligations and requirements on the parties it governs. It mandates that any individual found to have contravened the SIS Act in a serious manner can be disqualified from holding certain positions within superannuation entities. This includes trustees and responsible officers of body corporates that act as trustees, investment managers, or custodians of superannuation funds. The decision to disqualify is made by a delegate of the Commissioner of Taxation, and the individual must be notified in writing of the decision, as seen in the notice provided to Mr. Gjurovski. Under the SIS Act, there are also specified consequences for breach of its provisions. The primary consequence outlined in this context is the disqualification from holding certain positions within superannuation entities, which is immediate upon the issuance of the notice as stated in the document. Additionally, subsection 126A(7) of the SIS Act mandates that particulars of such disqualification notices are to be published in the Gazette. The Act further allows for the possibility of revoking the disqualification order, either on the initiative of the Commissioner or upon a written application by the disqualified individual, as per subsection 126A(5). Furthermore, section 344 of the SIS Act provides a mechanism for individuals to request reconsideration of the decision by the Commissioner within 21 days of receiving notice of the decision, provided that the request is made in writing and includes reasons for the reconsideration.