NOTICE OF DISQUALIFICATION
Superannuation Industry (Supervision) Act 1993
To:
MR STEPHEN GOODWIN
BRADBURY NSW 2560
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 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 address issues within the supervision and regulation of the superannuation industry. The Act aims to protect the interests of superannuation fund members by ensuring that trustees and responsible officers adhere to high standards of conduct and compliance. The SIS Act empowers the Commissioner of Taxation to disqualify individuals from holding positions as trustees or responsible officers of superannuation entities if there are significant contraventions of the Act. This legislative measure is designed to maintain the integrity and stability of the superannuation system by removing individuals who have demonstrated a pattern of non-compliance or misconduct. The Act's policy objective is to safeguard the financial well-being of superannuation fund members by ensuring that those who manage these funds are fit and proper persons.
Scope and Application
The Superannuation Industry (Supervision) Act 1993 applies to trustees and responsible officers of superannuation entities, ensuring compliance with the standards governing the management and administration of superannuation funds. The Act covers individuals and entities that act as trustees, investment managers, or custodians of superannuation entities, with the purpose of protecting the interests of superannuation fund members. The Act's jurisdiction extends nationally across Australia, as it is a Commonwealth Act, ensuring a uniform regulatory framework for superannuation entities regardless of state or territory boundaries. The Act provides for the disqualification of individuals who contravene its provisions, as evidenced by the notice served to Mr. Stephen Goodwin, which was issued by a delegate of the Commissioner of Taxation. This notice demonstrates the application of the Act to individuals who have breached its provisions, leading to their disqualification from managing superannuation entities. The Act also provides for the revocation of disqualification orders and the reconsideration of decisions by the Commissioner, ensuring that there are avenues for appeal and rectification for those affected by the disqualification process.
Key Provisions
The key operative sections of the Superannuation Industry (Supervision) Act 1993 (SIS Act) involved in this notice of disqualification include subsection 126A(6) (paragraph 1), which mandates the issuance of a notice when a decision is made to disqualify an individual from being a trustee or a responsible officer of a superannuation entity, and subsection 126A(1) (paragraph 2), which provides the grounds for such a disqualification based on contraventions of the SIS Act. The notice specifies that the disqualification is effective from the date of the notice (paragraph 3).
The Act imposes certain obligations and requirements on the parties it governs (paragraph 4). Trustees and responsible officers must comply with all provisions of the SIS Act to avoid potential disqualification. This includes adhering to fiduciary duties, ensuring proper management and investment of superannuation funds, and maintaining necessary licenses and registrations. The Act also mandates transparent reporting and disclosure practices to protect the interests of superannuation fund members (paragraph 5).
Breach of the SIS Act can result in serious consequences, including disqualification from managing superannuation entities (paragraph 6). According to subsection 126A(7) (paragraph 7), particulars of the disqualification notice will be published in the Gazette. Subsection 126A(5) (paragraph 8) allows for the possibility of revoking the disqualification order either by the delegate of the Commissioner of Taxation or upon written application by the disqualified person. Additionally, section 344 (paragraph 9) provides a mechanism for the affected person to request a reconsideration of the decision within 21 days of receiving notice, provided that reasons for the request are clearly stated. Failure to comply with the Act may also expose individuals to potential civil or criminal penalties, although specific penalties are not detailed in the notice itself (paragraph 10).