NOTICE OF DISQUALIFICATION
Superannuation Industry (Supervision) Act 1993
To:
Mr Quan A Vu
NOBLE PARK VIC 3174
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 (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: 14th March 2014
Alison Lendon
Deputy Commissioner of Taxation
Per Ian Ross
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 to address the need for robust oversight and regulation of the superannuation industry in Australia. The Act was introduced by the Commonwealth Parliament to ensure the proper management and supervision of superannuation funds, protecting the interests of superannuation members and beneficiaries. The policy objective of the Act is to provide a framework that maintains the integrity and efficiency of the superannuation system, ensuring compliance and accountability within the industry. The Act empowers the Commissioner of Taxation to disqualify individuals from holding responsible positions in superannuation entities if they have contravened the provisions of the Act, as evidenced by the disqualification notice issued to Mr Quan A Vu, reflecting the Act's intent to enforce compliance and maintain the standards of the superannuation sector.
Scope and Application
The Superannuation Industry (Supervision) Act 1993 (SIS Act) governs the operations and oversight of the superannuation industry in Australia, aiming to protect the interests of superannuation fund members. This Act applies to individuals and entities involved in the management and administration of superannuation funds, including trustees, responsible officers, trustees of body corporates, investment managers, and custodians. The Act’s jurisdiction extends nationally, applying uniformly across the Commonwealth of Australia, including its states and territories. The Act’s provisions are designed to ensure compliance with stringent standards of conduct and governance in the superannuation sector, with a particular focus on preventing and addressing breaches that could harm fund members. The Act provides for disqualification of individuals from managing superannuation entities if they have contravened its provisions in a manner that warrants such action, as illustrated in the disqualification notice to Mr Quan A Vu. The Act’s application is comprehensive, but it may be further specified or restricted through subordinate instruments, which can include regulations and other legislative instruments.
Key Provisions
The main operative sections in this notice are subsections 126A(1) and 126A(6) of the Superannuation Industry (Supervision) Act 1993 (SIS Act). Subsection 126A(1) allows the delegate of the Commissioner of Taxation to disqualify a person from being a trustee or a responsible officer of a superannuation entity if certain conditions are met. Subsection 126A(6) mandates that a notice of disqualification must be provided to the person being disqualified, detailing the reasons for the decision. In this case, Mr Quan A Vu has been disqualified because the delegate, Alison Lendon, is satisfied that he has contravened the SIS Act on multiple occasions and the gravity of these contraventions justifies the disqualification. The disqualification is effective from the date the notice is issued.
The obligations imposed on Mr Quan A Vu by this Act include refraining from acting as a trustee or responsible officer for any body corporate that is a trustee, investment manager, or custodian of a superannuation entity. This prohibition is immediate and enforceable from the moment the notice is served. Additionally, the Act mandates that the delegate provide a detailed notice of disqualification, as seen in this document, ensuring transparency and informing Mr Quan A Vu of the reasons behind the decision.
In terms of potential consequences for breach, the Act does not explicitly state penalties within the notice itself. However, further contravention of the SIS Act by a disqualified person can lead to additional legal consequences, including civil or criminal penalties as prescribed by the Act. The seriousness of the contraventions, which led to the disqualification, suggests that any subsequent breaches could result in significant repercussions, both legally and financially. The Act provides avenues for reconsideration and potential revocation of the disqualification order, but these do not negate the immediate effect of the disqualification.