NOTICE OF DISQUALIFICATION
Superannuation Industry (Supervision) Act 1993
To:
Mr Dinh K Pham
YAGOONA NSW 2199
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: 17 September 2013
Ivan Parrett
Assistant Commissioner of Taxation
Per: Theo Saltis
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 Commonwealth Parliament to address issues of mismanagement, fraud, and improper conduct within the superannuation industry. The Act was introduced to safeguard the interests of superannuation fund members by ensuring that trustees and responsible officers act with integrity and competence. The SIS Act aims to maintain the stability and reliability of superannuation funds by imposing strict regulatory standards and allowing for the disqualification of individuals who fail to meet these standards. This legislative framework provides the Commissioner of Taxation with the authority to disqualify individuals from serving as trustees or responsible officers of superannuation entities if they are found to have contravened the provisions of the Act, thereby protecting the retirement savings of Australians.
Scope and Application
The Superannuation Industry (Supervision) Act 1993 (SIS Act) applies to individuals and entities involved in the management and administration of superannuation funds within Australia. Specifically, it targets trustees, responsible officers, and other personnel who are responsible for the governance and oversight of superannuation entities. The act covers conduct and transactions that are related to the operation and management of superannuation funds, ensuring compliance with regulatory standards designed to protect the interests of superannuation fund members. The jurisdictional reach of the SIS Act is national, as it is a Commonwealth Act, thereby extending its applicability across all states and territories of Australia. The act includes provisions for disqualifying individuals from holding certain roles if they are found to have contravened its provisions, as illustrated in the disqualification notice to Mr. Dinh K Pham. The disqualification order can be revoked by the Commissioner of Taxation, either on their own initiative or upon application by the disqualified individual. Additionally, any person aggrieved by the disqualification decision has the right to request a reconsideration by the Commissioner within 21 days of receiving the notice of the decision.
Key Provisions
The Superannuation Industry (Supervision) Act 1993 (SIS Act) contains various sections that govern the disqualification of individuals from certain roles within the superannuation industry. Section 126A(6) mandates that a delegate of the Commissioner of Taxation must provide a notice of disqualification to the affected individual. This notice, as seen in the document, informs Mr. Dinh K Pham of his disqualification from being a trustee or responsible officer of a superannuation entity, effective from the date of the notice. Section 126A(1) of the SIS Act allows for such disqualification if the delegate is satisfied that the individual has contravened the SIS Act, and the nature and seriousness of the contraventions justify the action.
The obligations imposed by the SIS Act on entities and individuals in the superannuation industry are significant. Trustees and responsible officers must ensure compliance with all provisions of the SIS Act to avoid potential disqualification. This includes maintaining proper records, acting in the best interests of superannuation fund members, and adhering to regulatory standards. The obligations extend to ensuring that all activities related to the management and investment of superannuation funds are conducted ethically and lawfully. Failure to meet these obligations can lead to regulatory scrutiny, disqualification, and reputational damage.
The SIS Act outlines specific offences and penalties for breaches, providing a deterrent against non-compliance. Section 126A(7) allows for the publication of disqualification notices in the Gazette, ensuring transparency and public awareness. Additionally, section 344 of the Act provides a mechanism for affected individuals to request reconsideration of a disqualification decision, with a strict 21-day window to submit a written application. While the document does not specify maximum penalties, it is clear that the consequences of non-compliance can be severe, including the potential for criminal charges and significant fines. These provisions underscore the importance of adhering to the Act's requirements to maintain the integrity of the superannuation industry.