NOTICE OF DISQUALIFICATION
Superannuation Industry (Supervision) Act 1993
To:
Mr Stuart Hollindale
GUANABA QLD 4210
I, James O’Halloran, 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(2) 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 seriousness of the contraventions provides grounds for disqualifying you.
The disqualification takes effect on the day on which it is made.
Dated: 20 January 2016
James O’Halloran
Deputy Commissioner of Taxation
Per Bernard Morrison
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 was enacted to address the need for robust regulation and supervision of the superannuation industry in Australia. The Act was introduced by the Commonwealth Parliament with the policy objective of protecting superannuation funds and ensuring that trustees act in the best interests of fund members. One of the significant measures included in the Act is the ability to disqualify individuals who have acted in a manner that warrants such action, ensuring the integrity and reliability of the superannuation system. The Act aims to maintain public confidence in superannuation by imposing strict standards and penalties for non-compliance, thereby safeguarding the financial interests of superannuation fund members.
Scope and Application
The Superannuation Industry (Supervision) Act 1993 (SISA) applies to individuals and entities involved in the administration of superannuation funds, including trustees, responsible officers, and other relevant personnel within the superannuation industry. The act imposes a range of obligations on these parties to ensure the proper management and regulation of superannuation funds. The jurisdictional reach of the SISA is national, as it is a Commonwealth Act, meaning it applies across Australia and not limited to any particular state or territory. The act provides for the disqualification of individuals who hold responsible positions within corporate trustees found to have contravened the act, as evidenced by the notice of disqualification issued to Mr Stuart Hollindale. The act's provisions also include mechanisms for the revocation of such disqualifications and avenues for appeal or reconsideration by affected parties. The act is supplemented by subordinate instruments which may further clarify or extend its application, although the primary exclusions and exemptions are contained within the act itself.
Key Provisions
The Superannuation Industry (Supervision) Act 1993 (SISA) includes provisions for the disqualification of individuals who are responsible officers of corporate trustees found to have contravened the Act. Specifically, subsection 126A(2) allows for the disqualification of such individuals if they were responsible officers at the time of the contraventions, and the seriousness of the contraventions warrants this action. This disqualification notice is given under subsection 126A(6) and serves to inform the individual that they have been disqualified from holding any position in relation to a superannuation entity. The disqualification takes immediate effect on the day it is issued, as stipulated in the notice.
Under the Act, certain obligations and requirements are imposed on individuals and entities governed by the SISA. A responsible officer of a corporate trustee must ensure compliance with the SISA and take all necessary steps to prevent contraventions. This includes adherence to the Act’s requirements regarding the management and administration of superannuation entities, which includes ensuring proper record-keeping, financial reporting, and compliance with investment standards. Failure to meet these obligations can result in the corporate trustee being found to have contravened the Act, leading to potential disqualification of responsible officers.
Breaches of the SISA can lead to various offences and penalties. Disqualification, as mentioned, is one of the primary consequences for responsible officers found to have contravened the Act. Additionally, the SISA provides for both civil and criminal penalties. For instance, under section 126A, a person who is disqualified may be subject to pecuniary penalties, which can be significant depending on the severity of the contraventions. The Act also empowers the Commissioner of Taxation to seek injunctive relief, which can prevent further breaches and ensure compliance with the SISA. The maximum penalties for certain contraventions can be substantial, with fines reaching up to $100,000 for individuals and $500,000 for bodies corporate, as stipulated in the relevant sections of the Act. These provisions underscore the seriousness with which the SISA treats non-compliance and the importance of adhering to its requirements.