NOTICE OF DISQUALIFICATION
Superannuation Industry (Supervision) Act 1993
To:
MR ASHLEY KIDSON
CAMDEN NSW 2570
I, Alison Lendon, 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(2) of the SISA.
I have disqualified you as I am satisfied that the corporate trustee of one or more superannuation entities has contravened the SISA on one or more occasions, and at the time of the contraventions you were a responsible officer of the corporate trustee and the nature and seriousness of the contraventions provides grounds for disqualifying you.
The disqualification takes effect on the day on which it is made.
Dated: 23 October 2015
Alison Lendon
Deputy Commissioner of Taxation
Per John George
Note 1:
In accordance with subsection 126A(7) of the SIS Act, particulars of this disqualification notice will be published in the Commonwealth Government Notices 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 (SISA) was enacted to address the need for the regulation of the superannuation industry in Australia, ensuring that trustees act in the best interests of their members. The Act was introduced by the Parliament of Australia and its policy objective is to protect the interests of superannuation fund members by regulating trustees and their activities. The SISA provides a framework for the supervision and regulation of superannuation entities, including the disqualification of responsible officers who engage in misconduct. The Act empowers the Commissioner of Taxation to disqualify individuals from being responsible officers of corporate trustees if they are found to have contravened the provisions of the Act in a manner that warrants such action. This notice of disqualification serves as an official communication to the affected individual, outlining the reasons for their disqualification and the implications of the decision.
Scope and Application
The Superannuation Industry (Supervision) Act 1993 applies to individuals and corporate trustees involved in the management of superannuation entities, ensuring compliance with the standards and regulations governing the industry. The Act has a national reach, extending its jurisdiction throughout Australia, and applies to all superannuation funds that are subject to its provisions. The Act aims to protect the interests of superannuation fund members by imposing responsibilities on responsible officers and trustees of superannuation entities. The application of the Act is not limited by state or territory boundaries, as it is a Commonwealth Act, thereby ensuring uniform regulation across the country. The Act may disqualify individuals from being responsible officers if they are found to have contravened its provisions, as evidenced in the disqualification notice to Mr. Ashley Kidson. Additionally, the Act can be extended or restricted through subordinate instruments, providing flexibility in its implementation and enforcement. However, specific exclusions, exemptions, or thresholds are not outlined in the notice but may be detailed in the Act itself or in related regulations.
Key Provisions
The key provisions of the Superannuation Industry (Supervision) Act 1993 (SISA) relevant to this notice include sections 126A and 344. Section 126A(2) allows for the disqualification of a person from managing superannuation entities if there are contraventions of the Act by the corporate trustee, and the person was a responsible officer at the time. Section 126A(6) mandates that a notice of disqualification must be given to the person, and section 126A(7) requires the particulars of this notice to be published in the Commonwealth Government Notices Gazette. Additionally, section 344 provides a mechanism for the affected person to request the Commissioner to reconsider the decision within 21 days of receiving the notice of the decision.
The obligations imposed on Mr. Ashley Kidson by this Act include the requirement to cease any activities related to managing superannuation entities. As a responsible officer of the corporate trustee, he must ensure compliance with all provisions of the SISA and avoid any actions that might lead to further contraventions. The notice also implies that Mr. Kidson must acknowledge the disqualification and refrain from engaging in any activities that would require him to be a responsible officer of a superannuation entity without proper authorisation.
Should Mr. Kidson breach the terms of this disqualification, the consequences could be severe. The Act does not explicitly state penalties for such breaches, but given the nature of the disqualification, it is likely that any further involvement in managing superannuation entities could result in additional legal consequences. Civil or criminal penalties might include fines or imprisonment, depending on the specific contraventions and the severity of the breach. The exact penalties would be determined in a court of law, taking into account the specific circumstances of the case.