NOTICE OF DISQUALIFICATION
Superannuation Industry (Supervision) Act 1993
To:
Mr Warric Petith
CEDAR GROVE QLD 4285
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 disqualified you under subsection 126A(1) of the SISA.
I have disqualified you 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 takes effect on the day on which it is made.
Dated: 10 September 2015
Alison Lendon
Deputy Commissioner of Taxation
Per Michael Grivell
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 was enacted to address issues within the superannuation industry, aiming to provide better protection for superannuation fund members by regulating trustees and other responsible entities. This Act was introduced by the Commonwealth Parliament, with the primary policy objective being to ensure that the superannuation industry operates with integrity and accountability, thereby safeguarding the interests of fund members. The Act empowers the Commissioner of Taxation to disqualify individuals who have contravened its provisions, as demonstrated in the disqualification notice to Mr Warric Petith. This notice, issued by a delegate of the Commissioner, signifies the enforcement of the Act's stringent standards to maintain the integrity of the superannuation system.
Scope and Application
The Superannuation Industry (Supervision) Act 1993 (SISA) applies to individuals and entities involved in the supervision and administration of superannuation funds in Australia. The Act targets trustees, directors, and other officers of superannuation entities, including industry super funds, retail super funds, and public sector super funds, ensuring that they comply with the regulatory framework governing the superannuation industry. The geographic and jurisdictional reach of the Act is national, applying across all states and territories of Australia as a Commonwealth Act. The Act sets out various standards and obligations that must be adhered to, including those related to governance, financial management, and member benefits. Exclusions and exemptions may apply to certain small APRA funds and self-managed superannuation funds (SMSFs) based on specific criteria. The application and enforcement of the Act may be extended or restricted through subordinate instruments, such as regulations and determinations, which provide detailed operational guidance and address specific issues within the superannuation industry.
Key Provisions
The Superannuation Industry (Supervision) Act 1993 (SISA) includes specific provisions for the disqualification of individuals who contravene its regulations. Section 126A(1) allows for the disqualification of individuals found to have breached the Act, with subsection (6) requiring that notice be given to the disqualified person. In the notice provided to Mr Warric Petith, it is explicitly stated that he has been disqualified under subsection 126A(1) due to multiple contraventions of the Act, which, according to the delegate of the Commissioner of Taxation, warrant such action.
The obligations imposed by the SISA on individuals like Mr Petith include adherence to the various regulations governing superannuation funds and related activities. These obligations encompass ensuring compliance with financial management standards, reporting requirements, and other statutory duties designed to protect the interests of superannuation fund members. Failure to meet these obligations can lead to investigations and potential disqualification.
The Act also delineates specific offences and penalties for breaches of its provisions. For instance, section 126A(7) mandates that particulars of the disqualification be published in the Commonwealth Government Notices Gazette, ensuring transparency and public notice of the disqualification. Additionally, section 344 allows the Commissioner to reconsider a disqualification decision if the affected party submits a written request within 21 days of receiving notice of the decision, providing an avenue for review and possible revocation of the disqualification. Failure to comply with the SISA can result in severe consequences, including the imposition of fines or imprisonment, as stipulated by other sections of the Act.