NOTICE OF DISQUALIFICATION
Superannuation Industry (Supervision) Act 1993
To:
MR CY STEER
CHEVRON ISLAND QLD 4317
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: 19 November 2013
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 (SIS Act) was enacted to address the need for effective oversight and regulation of the superannuation industry in Australia. The Act was introduced by the Parliament of Australia to ensure the proper management and protection of superannuation funds, thereby safeguarding the interests of superannuation fund members. The SIS Act aims to maintain the integrity and stability of the superannuation system by imposing obligations on trustees, investment managers, and custodians, and by providing mechanisms for enforcement and penalties for non-compliance. The legislation seeks to prevent misconduct and mismanagement within the superannuation industry, thereby protecting the retirement savings of millions of Australians. The notice of disqualification issued under this Act serves as a formal mechanism to prevent individuals who have contravened the Act from holding positions of responsibility within superannuation entities.
Scope and Application
The Superannuation Industry (Supervision) Act 1993 applies to individuals and entities involved in the management and administration of superannuation funds in Australia. This includes trustees, investment managers, and custodians of superannuation entities. The Act regulates the conduct of these entities and individuals to ensure the protection of superannuation fund members. The geographical reach of the Act is nationwide, applying across all states and territories of Australia. The Act may disqualify individuals from being a trustee or a responsible officer of a superannuation entity if they are found to have contravened the Act. The disqualification takes effect immediately upon the issuance of the notice. The Act also allows for the revocation of the disqualification order under specific circumstances and provides a process for reconsideration of the decision by the Commissioner. Exclusions or exemptions from the Act are not explicitly mentioned in the notice, however, it is understood that certain entities or individuals may be exempt under specific conditions as outlined in the Act or its subordinate instruments.
Key Provisions
The Superannuation Industry (Supervision) Act 1993 (SIS Act) contains provisions that allow for the disqualification of individuals from acting as trustees or responsible officers of entities that manage superannuation funds. Section 126A(1) of the Act enables a delegate of the Commissioner of Taxation to disqualify an individual if they are satisfied that the individual has contravened the Act and that the contraventions warrant such a disqualification. In this case, Mr. Cy Steer has been disqualified under subsection 126A(6) of the Act, effective from the date of the notice, which was 19 November 2013. This disqualification order is based on Mr. Steer's contraventions of the SIS Act.
The Act imposes several obligations and requirements on individuals who are trustees or responsible officers of superannuation entities. They must adhere to the provisions of the SIS Act, which include maintaining proper records, acting in the best interests of the fund members, and complying with reporting requirements. Trustees and responsible officers must ensure that the superannuation funds are managed prudently and in accordance with the law. Any breach of these obligations can lead to disqualification as outlined in the Act.
Breaches of the SIS Act can result in various consequences. Section 126A(1) of the Act allows for the disqualification of individuals who have contravened the Act in a serious manner. Additionally, subsection 126A(7) mandates that particulars of the disqualification notice will be published in the Gazette. The Act also provides for the possibility of revoking the disqualification order under subsection 126A(5), either on the initiative of the delegate or upon a written application from the disqualified individual. If an individual is dissatisfied with the decision, they can request the Commissioner to reconsider the decision within 21 days of receiving notice, as per section 344 of the SIS Act. Failure to comply with the Act's provisions can lead to civil or criminal penalties as determined by the relevant authorities.