NOTICE OF DISQUALIFICATION
Superannuation Industry (Supervision) Act 1993
To:
MR JOSEPH C RYAN
ROCKHAMPTON QLD 4700
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, seriousness and number of the contraventions provides grounds for disqualifying you.
The disqualification order takes effect on the day on which this notice is made.
Dated: 14 January 2014
Ivan Parrett
Assistant Commissioner of Taxation
per Wendy Heatley
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 to provide a regulatory framework for the supervision of superannuation entities, trustees, and related entities, aiming to protect the interests of superannuation fund members and beneficiaries. This Act was introduced to address the need for stringent oversight and regulation within the superannuation industry to prevent mismanagement and fraudulent activities. The disqualification notice issued under this Act serves as a critical enforcement mechanism to uphold the integrity of the superannuation system by barring individuals who have contravened the provisions of the Act from holding positions of responsibility within superannuation entities. The enactment of this Act was overseen by the Australian Parliament, with a policy objective to ensure the proper management and administration of superannuation funds, thereby safeguarding the retirement savings of Australians.
Scope and Application
The Superannuation Industry (Supervision) Act 1993 (SIS Act) applies to individuals and entities involved in the administration and management of superannuation entities, including trustees, investment managers and custodians. The Act covers a broad range of conduct and transactions related to the management of superannuation funds and seeks to ensure the proper administration and regulation of the superannuation industry. The disqualification provisions under subsection 126A(1) of the SIS Act apply to individuals who have contravened the Act in a manner that justifies their disqualification from being a trustee or a responsible officer of a body corporate that is involved in the management of superannuation entities. The Act applies nationally across Australia, given its Commonwealth status. Exclusions, exemptions, or thresholds are not explicitly mentioned in this context, but the Act may extend or restrict its application through subordinate instruments. This particular notice to Mr Joseph C Ryan is a specific application of these general provisions, imposing a disqualification from involvement in superannuation management due to contraventions of the SIS Act.
Key Provisions
The Superannuation Industry (Supervision) Act 1993 (SIS Act) provides mechanisms for disqualifying individuals from holding positions such as trustee or responsible officer in superannuation entities. Under section 126A(6), a delegate of the Commissioner of Taxation can disqualify an individual if they are satisfied that the individual has contravened the SIS Act in a manner warranting such a measure. This disqualification takes immediate effect upon the issuance of the notice, as highlighted in the notice provided to Mr Joseph C Ryan on 14 January 2014. The disqualification is based on the grounds that Mr Ryan has contravened the SIS Act on multiple occasions, and the seriousness and frequency of these contraventions justify the disqualification.
The Act imposes obligations on individuals disqualified under section 126A(1) of the SIS Act to refrain from engaging in activities that would make them a trustee or responsible officer of a superannuation entity. For Mr Joseph C Ryan, this means he cannot participate in the management or administration of superannuation entities, including serving as a trustee, investment manager, or custodian. The disqualification is designed to protect the interests of superannuation fund members by ensuring that those with a history of non-compliance do not influence or control the management of superannuation assets.
Breaching the terms of the disqualification order can lead to significant consequences. Section 126A(8) of the SIS Act specifies that any individual who acts in contravention of a disqualification order is guilty of an offence. The Act does not explicitly state the maximum penalty for such offences, but given the context of superannuation regulation, penalties could be severe, potentially including fines and imprisonment. Additionally, under section 344 of the SIS Act, if Mr Ryan is dissatisfied with the disqualification decision, he has the right to request the Commissioner to reconsider the decision within 21 days of receiving the notice. This reconsideration process provides an opportunity for Mr Ryan to present his case and potentially have the disqualification order revoked.