NOTICE OF DISQUALIFICATION
Superannuation Industry (Supervision) Act 1993
To:
Mr Jay Fox
WINTHROP WA 6150
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 made a decision to disqualify you from being, or acting as:
a trustee, investment manager or custodian of a superannuation entity
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(3) of the SISA as I am satisfied that you are not a fit and proper person to be a trustee, investment manager or custodian, or a responsible officer of a body corporate that is a trustee, investment manager or custodian, of a superannuation entity for the purposes of the SISA.
The disqualification order takes effect on the day on which this notice is made.
Dated: 24 September 2014
Alison Lendon
Deputy Commissioner of Taxation
Note 1:
In accordance with subsection 126A(7) of the SISA, particulars of this disqualification notice will be published in the 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 (SISA) was enacted by the Australian Parliament to address the need for effective supervision and regulation of the superannuation industry, thereby protecting the interests of superannuation fund members. The Act aims to ensure that the superannuation industry is conducted in a fair, efficient, and transparent manner, safeguarding the retirement savings of Australians. The disqualification notice under subsection 126A(6) of the SISA, as demonstrated in the provided document, is a mechanism through which the Commissioner of Taxation can prevent individuals deemed unfit from holding key positions within superannuation entities. This legislative framework is designed to maintain the integrity of the superannuation system and uphold the policy objective of ensuring that trustees, investment managers, custodians, and responsible officers of superannuation entities are fit and proper persons.
Scope and Application
The Superannuation Industry (Supervision) Act 1993 (SISA) applies to individuals and entities involved in the management and administration of superannuation funds in Australia, including trustees, investment managers, custodians, and responsible officers of body corporates performing these roles. The Act's jurisdiction is national, covering the entire Commonwealth of Australia, and it aims to regulate the conduct and transactions within the superannuation industry to ensure the protection of superannuation benefits. The Act applies to those who are found to not be fit and proper persons to manage superannuation funds, leading to their disqualification from holding relevant positions. The application of the Act may be extended or modified through subordinate instruments, which can provide additional rules or clarifications to the primary legislation. Any exclusions, exemptions, or thresholds are defined within the Act itself or through associated regulations, ensuring a comprehensive oversight of the superannuation industry across the nation.
Key Provisions
The Superannuation Industry (Supervision) Act 1993 (SISA) contains various sections that govern the supervision and regulation of superannuation entities in Australia. Section 126A(6) allows the Commissioner of Taxation or a delegate, such as Alison Lendon in this case, to disqualify a person from certain roles within a superannuation entity if they are not deemed fit and proper to hold these positions. This applies to trustees, investment managers, custodians, or responsible officers of body corporates that manage superannuation entities.
The Act imposes specific obligations on the individuals or entities it governs. For instance, trustees, investment managers, custodians, and responsible officers must meet the standards of being fit and proper persons to manage superannuation funds. This includes maintaining high standards of integrity, competence, and financial responsibility. The Act requires these individuals to ensure that they adhere to all relevant laws and regulations, and to act in the best interests of the superannuation fund members.
Breaching these obligations can result in serious consequences. Under subsection 126A(3) of the SISA, an individual found to be unfit and improper can be disqualified from managing superannuation entities. This disqualification order is immediate, as indicated by the notice sent to Mr. Jay Fox, taking effect on the day the notice is issued. Furthermore, subsection 126A(7) mandates that particulars of the disqualification be published in the Gazette, making the decision public knowledge. Additionally, under section 344 of the SISA, a person who is dissatisfied with the decision can request a reconsideration from the Commissioner within 21 days of receiving the notice, providing reasons for the request. Failure to comply with these provisions can lead to legal penalties, and the potential for further disciplinary actions or even criminal charges, depending on the nature and severity of the breach.