NOTICE OF DISQUALIFICATION
Superannuation Industry (Supervision) Act 1993
To:
MR JUSTIN KERI PIRINI
NORTH BOOVAL QLD 4304
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: 19 September 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 (SIS Act) was enacted by the Parliament of Australia to regulate the superannuation industry and protect the interests of superannuation fund members. The SIS Act was introduced to address issues and gaps in the regulation of superannuation funds, ensuring that trustees and responsible officers act in the best interests of members and comply with legislative requirements. The policy objective of the Act is to maintain the integrity and stability of the superannuation system. The Act provides a framework for the supervision of trustees, investment managers, and custodians of superannuation entities, including the power to disqualify individuals who have contravened the Act from holding positions of responsibility. The Act aims to ensure that those managing superannuation funds do so with the highest standards of care and competence.
Scope and Application
The Superannuation Industry (Supervision) Act 1993 applies to individuals and entities involved in the management and administration of superannuation entities, including trustees, investment managers, and custodians. The Act encompasses the conduct and transactions of these entities, with a focus on ensuring compliance with regulatory standards and safeguarding the interests of superannuation fund members. The legislation applies across Australia, reflecting its national scope and the critical importance of maintaining trust and integrity within the superannuation industry. The disqualification provisions under subsection 126A(1) of the Act permit the delegate of the Commissioner of Taxation to disqualify individuals from acting as trustees or responsible officers if they are found to have contravened the Act in a manner warranting such action. The disqualification order is immediate, with effect from the date of notice, as illustrated in the case of Mr. Justin Keri Piriani. The Act also allows for the revocation of disqualification orders and provides avenues for reconsideration and appeal, ensuring due process and fairness.
Key Provisions
The Superannuation Industry (Supervision) Act 1993 (SIS Act) provides the legal framework for the supervision of superannuation entities. In this case, the key operative section referenced is section 126A, which outlines the circumstances under which an individual can be disqualified from holding certain positions within a superannuation entity. Specifically, subsection 126A(6) requires the Commissioner of Taxation or their delegate to provide written notice of the disqualification, as seen in the notice issued to Mr. Justin Keri Pirini. The disqualification in this instance is pursuant to subsection 126A(1), which allows for the disqualification if the Commissioner is satisfied that the individual has contravened the SIS Act and the nature and seriousness of the contraventions justify such action.
The SIS Act imposes specific obligations on trustees and responsible officers of superannuation entities, including compliance with all applicable provisions of the Act. This encompasses duties such as proper management of superannuation funds, adherence to investment standards, and ensuring that the interests of members are protected. The disqualification notice indicates that Mr. Pirini has failed to meet these obligations, leading to the decision to disqualify him. The obligations are not limited to avoiding contraventions but also include maintaining high standards of conduct and financial management within the superannuation environment.
Failure to comply with the requirements of the SIS Act can result in significant consequences. Under the Act, contraventions of its provisions can lead to both civil and criminal penalties. The specific penalties are not detailed in the notice but can include fines and imprisonment for criminal offences, as well as civil penalties for breaches of the Act's provisions. In this case, the disqualification from holding positions within superannuation entities serves as a direct consequence of the contraventions. Additionally, the notice informs Mr. Pirini of the possibility of revoking the disqualification order under subsection 126A(5) and provides avenues for reconsideration of the decision under section 344 of the SIS Act.