NOTICE OF DISQUALIFICATION
Superannuation Industry (Supervision) Act 1993
To:
Mr Paul Wilson
ENTONE VIC 3194
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(1) of the SISA.
I have disqualified you as I am satisfied that you have contravened the SISA on one or more occasions 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: 26 June 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 (SISA) was enacted to provide a regulatory framework for the supervision of the superannuation industry in Australia, ensuring the protection of superannuation benefits. The SISA addresses the problem of misconduct and mismanagement within the superannuation industry, safeguarding the interests of superannuation fund members. This legislation was enacted by the Parliament of Australia, aiming to promote the proper management of superannuation funds and the efficient operation of the superannuation system. The policy objective of the SISA is to maintain confidence in the superannuation industry by ensuring that trustees and other responsible persons adhere to high standards of conduct and compliance with relevant laws and regulations. This legislative framework allows for the disqualification of individuals found to be in breach of these standards, as demonstrated in the disqualification notice issued to Mr Paul Wilson under the authority of the SISA.
Scope and Application
The Superannuation Industry (Supervision) Act 1993 (SISA) applies to individuals and entities involved in the superannuation industry, including trustees, directors, and employees of superannuation funds. The Act is a Commonwealth statute and has nationwide applicability across Australia, aiming to ensure the proper management and regulation of superannuation funds to protect the interests of fund members. The Act imposes various obligations and restrictions on the conduct of entities and individuals within the superannuation industry, including requirements for governance, financial reporting, and the provision of member benefits. The legislation includes provisions for disqualification of individuals from involvement in the management of superannuation funds if they are found to have contravened the Act. Such disqualifications are serious measures taken to safeguard the integrity and sustainability of the superannuation system. The Act also provides mechanisms for the revocation of disqualifications and the reconsideration of decisions by the Commissioner of Taxation. While the primary focus of the SISA is on the regulation of superannuation funds, it does not apply to certain types of funds, such as public sector superannuation schemes, which are governed by separate legislation. The application and enforcement of the Act may also be extended or refined through subordinate instruments and regulations, ensuring its provisions remain relevant and effective in a changing regulatory environment.
Key Provisions
The Superannuation Industry (Supervision) Act 1993 (SISA) provides for the regulation of superannuation entities, including the power to disqualify individuals who have contravened the Act. Section 126A(6) of the SISA allows a delegate of the Commissioner of Taxation to disqualify an individual from managing such entities if they are satisfied that the individual has contravened the Act and the contraventions warrant disqualification. The notice given to Mr Paul Wilson under subsection 126A(6) specifies that he has been disqualified as a result of multiple contraventions of the SISA.
The obligations imposed on Mr Wilson by the disqualification include ceasing any involvement in the management of superannuation entities immediately upon the notice taking effect, as stipulated in the Act. Additionally, he must not engage in any activities that require him to hold a Financial Services Licence, as his disqualification directly affects his eligibility to manage superannuation funds. Furthermore, the Act mandates that Mr Wilson must comply with any further directions from the Commissioner of Taxation regarding the terms of his disqualification.
Failure to comply with the disqualification can result in serious legal consequences. Under the SISA, contraventions of the Act can lead to civil penalties, including substantial fines. Additionally, criminal offences may apply, leading to imprisonment for up to five years. The severity of the penalties depends on the nature and seriousness of the contraventions that led to the disqualification. It is crucial for Mr Wilson to adhere to the terms of his disqualification to avoid these potential consequences.