NOTICE OF DISQUALIFICATION
Superannuation Industry (Supervision) Act 1993
To:
Mr Greg Hart
CLARKSON WA 6030
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, seriousness and number of the contraventions provides grounds for disqualifying you.
The disqualification takes effect on the day on which it is made.
Dated: 17 July 2015
Alison Lendon
Deputy Commissioner of Taxation
Per Michael Grivell
Note 1:
In accordance with subsection 126A(7) of the SISA, particulars of this disqualification notice will be published in the Commonwealth Government Notices Gazette.
Note 2:
In accordance with subsection 126A(5) of the SISA, we may revoke this disqualification on our own initiative or on written application made by you.
Note 3:
In accordance with section 344 of the SISA, 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 after 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 stringent regulation and supervision of the superannuation industry in Australia. This Act aims to protect the interests of superannuation fund members by ensuring that trustees and other responsible officers adhere to high standards of conduct and compliance. The legislation provides the Commissioner of Taxation with the authority to disqualify individuals from being responsible officers of corporate trustees if there are breaches of the Act, as evidenced in the case of Mr Greg Hart. The policy objective behind the Act is to maintain the integrity of the superannuation system and safeguard the financial well-being of superannuation fund members. The disqualification process, as illustrated in the notice to Mr Hart, includes provisions for review and reconsideration, ensuring that affected individuals have avenues for redress.
Scope and Application
The Superannuation Industry (Supervision) Act 1993 (SISA) applies to responsible officers of corporate trustees in the superannuation industry. The act encompasses individuals and entities involved in the management and administration of superannuation funds, ensuring compliance with the regulatory framework designed to protect superannuation benefits. The act's jurisdictional reach is national, as it is a Commonwealth Act, applying across Australia and governing the conduct and transactions related to superannuation entities. The disqualification of individuals such as Mr Greg Hart, as outlined in the notice, is a mechanism to enforce compliance and maintain the integrity of the superannuation system. The disqualification process is stringent and can be initiated if the corporate trustee has contravened the SISA, with the seriousness and frequency of the contraventions being key factors in the decision to disqualify a responsible officer. This notice indicates that Mr Hart has been disqualified due to his role at the time of the contraventions, and the disqualification is effective immediately. Additionally, the act allows for the possibility of revocation of such disqualifications under certain conditions and provides a process for reconsideration of the decision by the Commissioner.
Key Provisions
The Superannuation Industry (Supervision) Act 1993 (SISA) includes provisions for disqualifying individuals from acting as responsible officers of corporate trustees of superannuation entities, as demonstrated in the notice issued to Mr Greg Hart. Under section 126A(2) of the SISA, a delegate of the Commissioner of Taxation can disqualify an individual if they are satisfied that the corporate trustee has contravened the Act, and the individual was a responsible officer at the time of the contraventions. This disqualification is made under subsection 126A(6) and is effective from the date of issuance, as stated in the notice.
The obligations imposed on individuals under the SISA include ensuring that the corporate trustee complies with all provisions of the Act. A responsible officer, such as Mr Hart, must be vigilant and proactive in preventing and addressing any contraventions by the corporate trustee. They are required to maintain high standards of conduct and governance within the superannuation entity they oversee. Any failure to meet these obligations can lead to personal disqualification from future roles within the superannuation industry.
Breaching the SISA can result in severe consequences, including disqualification from acting as a responsible officer, as outlined in the notice. The maximum penalties for contraventions of the SISA can vary depending on the specific breach, but they may include substantial fines for corporations and individuals. Additionally, serious breaches could lead to criminal charges, resulting in imprisonment. The notice also mentions that the disqualification may be revoked on the delegate’s initiative or upon written application by the disqualified individual. If Mr Hart or any other affected party is dissatisfied with the decision, they have the right to request a reconsideration by the Commissioner within 21 days of receiving the notice.