NOTICE OF DISQUALIFICATION
Superannuation Industry (Supervision) Act 1993 (SISA)
To:
MR RICHARD HAYTER
CHAPEL HILL QLD 4069
I, Alison Lendon, a delegate of the Commissioner of Taxation, give you notice as required by subsection 126A(6) of the SISA, that I have disqualified you under subsections 126A(2) and 126A(3) of the SISA.
I have disqualified you as I am satisfied that the corporate trustee of one or more superannuation entities has contravened the SISA on one or more occasions, and at the time of the contraventions you were a responsible officer of the corporate trustee and the nature and seriousness of the contraventions provides grounds for disqualifying you.
I also have disqualified you as I am satisfied that you are not a fit and proper person to be a trustee, or a responsible officer of a body corporate that is a trustee, of a superannuation entity for the purposes of the SISA.
The disqualification takes effect on the day on which it is made.
Dated: 21 August 2015
Alison Lendon
Deputy Commissioner of Taxation
Per Michael Lazzaroni
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 regulate the superannuation industry in Australia, addressing issues related to the proper management and supervision of superannuation entities. The Act aims to protect the interests of superannuation fund members by ensuring that trustees and responsible officers adhere to stringent standards of conduct and compliance. The SISA is administered by the Australian Parliament and seeks to maintain the integrity of the superannuation system by imposing disqualifications on individuals who fail to meet the required standards of fitness and propriety. The legislation provides a mechanism for disqualifying individuals who have contravened the SISA or who are deemed unfit to manage superannuation funds. This is evident in the case of Mr. Richard Hayter, who has been disqualified under subsections 126A(2) and 126A(3) of the SISA for being a responsible officer during contraventions by the corporate trustee and for being unfit to hold such a position. The disqualification is effective immediately and may be subject to revocation or reconsideration under specific provisions of the Act.
Scope and Application
The Superannuation Industry (Supervision) Act 1993 (SISA) applies to responsible officers of corporate trustees that manage superannuation entities. The Act imposes various obligations and standards on these individuals and entities to ensure the proper management and supervision of superannuation funds. The Act’s jurisdiction covers the entire Commonwealth of Australia, ensuring a uniform regulatory framework across all states and territories. The legislation includes provisions for disqualification of individuals who are deemed unfit or have contravened the Act's requirements, as evidenced by the notice issued to Mr Richard Hayter. The disqualification process outlined in the SISA includes the ability for the Commissioner to revoke the disqualification upon application or initiative and provides an avenue for reconsideration if the affected party is dissatisfied with the decision. The notice to Mr Hayter specifies that he has been disqualified due to contraventions by the corporate trustee he was associated with, as well as his own unfitness to hold such a position, highlighting the stringent measures in place to maintain the integrity of the superannuation industry.
Key Provisions
The Superannuation Industry (Supervision) Act 1993 (SISA) provides a framework for the regulation of superannuation entities and their officers. Under section 126A, the Commissioner of Taxation has the power to disqualify individuals from being trustees or responsible officers of superannuation entities. The notice issued to Mr Richard Hayter under subsection 126A(6) informs him that he has been disqualified due to his role as a responsible officer of a corporate trustee that contravened the SISA, and because he is deemed not to be a fit and proper person to hold such a position. The disqualification is effective immediately upon issuance of the notice.
The obligations imposed by the SISA on responsible officers and trustees of superannuation entities are significant. They are required to comply with the various provisions of the Act, including those relating to the administration and management of superannuation funds. Failure to meet these obligations can result in the entity being liable for penalties and the responsible officer facing disqualification. Trustees and responsible officers must ensure that they are aware of their duties and responsibilities under the SISA to avoid potential contraventions.
Breaches of the SISA can result in both civil and criminal consequences. For example, under section 126A, the Commissioner can disqualify individuals from being trustees or responsible officers if they are found to be unfit or if they have contravened the Act. The maximum penalties for contraventions of the SISA can include substantial fines for both individuals and the corporate entities they represent. In addition to financial penalties, individuals may also face criminal charges, which can result in imprisonment. The seriousness of the contraventions and the nature of the breach will determine the specific penalties imposed.