NOTICE OF DISQUALIFICATION
Superannuation Industry (Supervision) Act 1993
To:
MR CHANH HA
BUSBY NSW 2168
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: 6 January 2014
Ivan Parrett
Assistant Commissioner of 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 (SIS Act) was enacted by the Parliament of Australia to address the need for effective regulation and supervision of the superannuation industry. The Act aims to protect the interests of superannuation fund members by establishing a framework that ensures the proper administration and management of superannuation entities. It was introduced to fill a significant gap in the regulation of superannuation funds, ensuring that trustees and responsible officers act in the best interests of fund members. The Act provides mechanisms for the disqualification of individuals who have contravened its provisions, thereby maintaining the integrity of the superannuation system. The notice issued under the Act informs the affected individual of their disqualification and outlines the grounds for the decision, as well as the avenues available for reconsideration or revocation of the order.
Scope and Application
The Superannuation Industry (Supervision) Act 1993 (SIS Act) is a Commonwealth legislation that applies to individuals and entities involved in the supervision and regulation of the superannuation industry in Australia. This Act pertains specifically to those who hold positions of trust or responsibility within superannuation entities, such as trustees, investment managers, and custodians. The disqualification notice issued under this Act is directed towards individuals who have contravened its provisions, with the decision to disqualify being made by a delegate of the Commissioner of Taxation. The scope of this legislation extends across Australia, applying uniformly at the national level. The application of the Act can be further extended or specified through subordinate instruments, allowing for detailed regulations and guidelines that provide clarity on specific conduct and transactions within the superannuation industry. Any person disqualified under this Act has the right to request reconsideration of the decision and may also seek revocation of the disqualification order.
Key Provisions
The Superannuation Industry (Supervision) Act 1993 (SIS Act) outlines various provisions for the regulation and supervision of superannuation entities. Section 126A(6) allows for the disqualification of individuals from acting as trustees or responsible officers of entities that manage superannuation funds. In this case, Mr. Chan Habusby has been disqualified by a delegate of the Commissioner of Taxation under subsection 126A(1) due to contraventions of the SIS Act, where the nature and seriousness of these contraventions warrant such a measure. The disqualification order, effective from the date of the notice, bars Mr. Habusby from holding any position as a trustee or responsible officer of a body corporate involved in managing superannuation entities.
Under the SIS Act, the obligations of individuals and entities include compliance with all stipulated regulations and standards aimed at safeguarding the interests of superannuation fund members. Trustees and responsible officers must ensure they adhere to the legal requirements, which encompass proper management, reporting, and safeguarding of superannuation funds. Failure to meet these obligations can lead to disqualification, as seen in Mr. Habusby’s case. The Act imposes a duty on all parties to act in the best interests of the fund members and maintain transparency and accountability in their operations.
In terms of consequences, breaches of the SIS Act can lead to severe penalties and sanctions. The disqualification of an individual from acting as a trustee or responsible officer, as per subsection 126A(6), is one such consequence. This disqualification is significant as it not only affects the individual’s professional capacity but also has broader implications for the entities they are associated with. Additionally, the Act provides avenues for appeal, such as the request for reconsideration by the Commissioner within 21 days as outlined in section 344. If Mr. Habusby is dissatisfied with the decision, he has the right to submit a written request for reconsideration, providing reasons for his appeal. However, if the disqualification is not successfully contested, it remains in effect, potentially leading to further legal or regulatory actions.