NOTICE OF DISQUALIFICATION
Superannuation Industry (Supervision) Act 1993
To:
Mr Faatiuga Amio
GREYSTANES NSW 2145
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: 25 November 2013
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 was enacted by the Commonwealth Parliament to address the need for robust regulation and oversight of the superannuation industry in Australia. The legislation aims to ensure that superannuation funds are managed in the best interests of members, and it provides mechanisms to regulate trustees, investment managers, and custodians. The policy objective of the SIS Act is to protect the interests of superannuation fund members by promoting the efficient, honest, and economical management of funds and ensuring compliance with regulatory standards. In the case of Mr Faatiuga Amio, the Act was invoked to disqualify him from being a trustee or responsible officer of a body corporate involved in the management of superannuation entities due to contraventions of the Act. The decision to disqualify Mr Amio was made by a delegate of the Commissioner of Taxation, in accordance with the provisions of the Act, and the disqualification order took immediate effect upon issuance of the notice.
Scope and Application
The Superannuation Industry (Supervision) Act 1993 (SIS Act) applies to individuals and entities involved in the management and oversight of superannuation entities. Specifically, the Act is applicable to trustees, investment managers, custodians, and responsible officers of superannuation funds, as well as any body corporate involved in these capacities. The geographic reach of the Act is national, as it is a Commonwealth Act, applying across Australia. The disqualification order issued under the Act, as demonstrated in the notice to Mr Faatiuga Amio, is effective immediately upon issuance and is designed to prevent individuals found to have contravened the Act from continuing to participate in the management of superannuation entities. The disqualification can be revoked either by the authority that issued it or by the individual concerned, subject to specific procedural requirements. The Act also provides avenues for reconsideration of the disqualification decision by the Commissioner within a specified timeframe. The Act extends its application through subordinate instruments, which may include further regulations and guidelines to support the enforcement and administration of the Act.
Key Provisions
The Superannuation Industry (Supervision) Act 1993 (SIS Act) provides mechanisms for the disqualification of individuals who have contravened the provisions of the Act. Under section 126A(6), a delegate of the Commissioner of Taxation can disqualify an individual from holding positions such as trustee or responsible officer in a superannuation entity if they are satisfied that the individual has contravened the Act and that the nature and seriousness of the contraventions warrant such a disqualification. The notice of disqualification, such as the one issued to Mr Faatiuga Amio, must be detailed and specify the grounds for the disqualification, which is based on subsection 126A(1) of the Act.
The obligations imposed by the SIS Act on individuals like Mr Faatiuga Amio, who are trustees or responsible officers, include adherence to the provisions of the Act to ensure proper management and regulation of superannuation entities. These obligations encompass compliance with various statutory requirements designed to protect the interests of superannuation fund members. Failure to comply can lead to serious consequences, including disqualification, as evidenced by the notice issued. The Act also mandates that any disqualification order is to take immediate effect, as stated in the notice to Mr Amio.
The SIS Act delineates specific offences and penalties for breaches, which can result in both civil and criminal consequences. The disqualification of an individual, as provided for in section 126A, is a significant measure that reflects the seriousness of the contraventions. While the notice does not specify monetary penalties, it does indicate that the disqualification is effective immediately upon issuance. Additionally, under section 344, individuals have the right to request reconsideration of the decision within 21 days, highlighting a procedural safeguard for those affected by such decisions.