NOTICE OF DISQUALIFICATION
Superannuation Industry (Supervision) Act 1993
To:
MR WADE MULCAHY
BRONTE NSW 2024
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(2) of the SISA as I am satisfied that the corporate trustee of a superannuation entity 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.
The disqualification order takes effect on the day on which this notice is made.
Dated: 4 July 2014
Alison Lendon
Deputy Commissioner of Taxation
Per Gerard Carney
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 by the Parliament of Australia to address issues and gaps within the regulation of superannuation funds, aiming to ensure that trustees, investment managers, and custodians operate with integrity and in the best interests of their beneficiaries. The Act provides a comprehensive framework for the oversight and administration of superannuation entities, with a particular focus on the disqualification of individuals who engage in misconduct or breaches of the regulatory requirements. This legislative measure was introduced to safeguard the interests of superannuation fund members by preventing unfit individuals from holding positions of responsibility within the superannuation industry. The Act empowers the Commissioner of Taxation to disqualify individuals from acting in certain capacities within superannuation entities if there are grounds to believe that such individuals have contravened the provisions of the SISA.
Scope and Application
The Superannuation Industry (Supervision) Act 1993 (SISA) applies to individuals and entities involved in the administration and management of superannuation funds, including trustees, investment managers, custodians, and responsible officers of corporate trustees. The Act encompasses the conduct and transactions of these entities and individuals within the superannuation industry across Australia, extending its reach to the Commonwealth level. The Act's provisions can be extended or restricted through subordinate instruments, allowing for a more tailored application in specific circumstances. In the case of Mr Wade Mulcahy, the disqualification under subsection 126A(2) of the SISA was due to his role as a responsible officer of a corporate trustee that contravened the Act, with the disqualification taking immediate effect upon notice. The Act also provides mechanisms for the reconsideration of disqualification decisions and the potential revocation of such disqualifications, either by the authority or upon application by the affected party.
Key Provisions
The main operative sections of the Superannuation Industry (Supervision) Act 1993 (SISA) in this context are sections 126A(2), 126A(6), and 126A(7). Section 126A(2) allows for the disqualification of an individual from performing certain roles within the superannuation industry if there is a contravention of the Act by the corporate trustee, and the individual was a responsible officer at the time of the contravention. Section 126A(6) requires the delegate of the Commissioner of Taxation to notify the individual of the decision to disqualify them. Section 126A(7) mandates the publication of particulars of the disqualification notice in the Gazette.
The Act imposes specific obligations and requirements on the parties it governs. For individuals holding roles such as trustee, investment manager, or custodian of a superannuation entity, or serving as a responsible officer of a body corporate that holds these roles, compliance with the SISA is mandatory. Any contravention of the Act by the corporate trustee, while the individual is serving as a responsible officer, can lead to disqualification under the provisions of section 126A(2). Furthermore, the delegate of the Commissioner of Taxation is required to notify the individual of such a decision in accordance with section 126A(6), and to publish particulars of the disqualification notice in the Gazette as per section 126A(7).
In terms of consequences for breach, the Act allows for the disqualification of individuals from performing certain roles within the superannuation industry if they have contravened the Act while serving as a responsible officer of a corporate trustee. The disqualification order takes effect immediately upon the issuance of the notice. Additionally, section 344 of the SISA provides a mechanism for the Commissioner to reconsider the decision if the affected individual makes a written request within 21 days of receiving the notice of the decision, provided the request includes the reasons for reconsideration.