NOTICE OF DISQUALIFICATION
Superannuation Industry (Supervision) Act 1993
To:
MR SIPILI SEUALA
SADLIER NSW 2168
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 made a decision to disqualify you from being, or acting as:
a trustee, investment manager or custodian of a superannuation entity
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 SISA 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 order takes effect on the day on which this notice is made.
Dated: 25 March 2014
Alison Lendon
Deputy Commissioner of Taxation
Per Michael Marando
Note 1:
In accordance with subsection 126A(7) of the SISA, particulars of this disqualification notice will be published in the 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 address the need for robust regulation and supervision of the superannuation industry in Australia, aiming to protect the interests of superannuation fund members by ensuring the integrity, efficiency, and soundness of the industry. This legislation was introduced by the Australian Parliament to provide a comprehensive regulatory framework that governs the conduct of trustees, investment managers, custodians, and other entities involved in the superannuation sector. The policy objective of the Act is to safeguard the financial wellbeing of superannuation fund members by enforcing high standards of professional conduct and financial management within the industry. The Act empowers the Commissioner of Taxation to take actions such as disqualifying individuals from participating in the superannuation industry if they have contravened the provisions of the Act in a manner that justifies such action.
Scope and Application
The Superannuation Industry (Supervision) Act 1993 (SISA) applies to individuals and entities involved in the management of superannuation funds in Australia. Specifically, the Act governs the conduct of trustees, investment managers, custodians, and responsible officers of superannuation entities. Its jurisdiction spans the entire Commonwealth of Australia, ensuring a uniform regulatory framework across all states and territories. The Act does not explicitly state exclusions or thresholds for its application, but it primarily targets those who are directly involved in the administration and oversight of superannuation funds. The Act’s scope can be further extended or restricted through subordinate instruments, which may include regulations or guidelines that provide additional detail or clarification on specific provisions. The disqualification process outlined in the Act serves to protect the interests of superannuation fund members by ensuring that only fit and proper persons manage these funds.
Key Provisions
The Superannuation Industry (Supervision) Act 1993 (SISA) contains several key sections that govern the supervision of superannuation entities and the disqualification of individuals from roles within these entities. Under section 126A, the Commissioner of Taxation is empowered to disqualify individuals from acting as trustees, investment managers, custodians, or responsible officers of a body corporate if they are found to have contravened the SISA in a manner that warrants such action. This decision is communicated to the individual through a formal notice, as demonstrated in the provided notice to Mr. Sipili Seulalasdlier.
The obligations and requirements imposed by the Act on the parties it governs are primarily centred around compliance with the SISA. Individuals and entities must adhere to the various provisions of the Act, which include regulations on the management and administration of superannuation funds. The Act sets out standards for conduct, disclosure, and reporting, among other things, that trustees, investment managers, custodians, and responsible officers must follow. Failure to comply with these standards can lead to the imposition of disqualification, as seen in the notice provided to Mr. Seulalasdlier.
The SISA also outlines the consequences for breaches of its provisions. Section 126A(1) of the Act allows for the disqualification of individuals found to have contravened the Act, as evidenced by the notice of disqualification issued to Mr. Seulalasdlier. Additionally, the Act provides for the publication of disqualification notices in the Gazette under section 126A(7), ensuring transparency and public awareness of such actions. Furthermore, individuals who are dissatisfied with a disqualification decision have the right to request a reconsideration from the Commissioner within 21 days, as stipulated in section 344 of the Act. This process allows for an opportunity to challenge the decision on the grounds of dissatisfaction and the provision of reasons for the request. The potential revocation of a disqualification order is also noted, as per section 126A(5), which permits either the Commissioner or the disqualified individual to initiate this process.