NOTICE OF DISQUALIFICATION
Superannuation Industry (Supervision) Act 1993
To:
MRS DEIRDRE HILL
KIAMA DOWNS NSW 2533
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 nature and seriousness of the contraventions provides grounds for disqualifying you.
The disqualification takes effect on the day on which it is made.
Dated: 21 April 2016
James O’Halloran
Deputy Commissioner of Taxation
Per William Keating
Note 1:
In accordance with subsection 126A(7) of the SIS Act, particulars of this disqualification notice will be published in the Commonwealth Government Notices 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 (SISA) was enacted to address the need for oversight and regulation within the superannuation industry in Australia. This Act was introduced to provide a comprehensive framework to ensure the proper administration and management of superannuation entities, protecting the interests of superannuation fund members. The SISA was enacted by the Parliament of Australia with the policy objective of maintaining the integrity and stability of the superannuation system by imposing regulatory requirements on trustees and other responsible officers. The Act enables the Commissioner of Taxation, through delegates such as James O'Halloran, to disqualify individuals from managing superannuation entities if they have engaged in conduct that breaches the provisions of the Act, thereby safeguarding the financial well-being of superannuation fund members.
Scope and Application
The Superannuation Industry (Supervision) Act 1993 (SISA) applies to individuals and entities involved in the management and supervision of superannuation funds in Australia. Specifically, the Act governs the conduct and operations of trustees and other responsible officers of superannuation entities, ensuring compliance with regulatory standards designed to protect the interests of fund members. The jurisdictional reach of the Act is national, applying across all states and territories of Australia. It targets the conduct and transactions related to superannuation funds, including their establishment, operation, and administration. The Act includes provisions for disqualification of responsible officers who are found to have breached the regulatory requirements, as illustrated in the notice to Mrs Deirdre Hill. The disqualification mechanism is a critical tool for enforcing compliance and maintaining the integrity of the superannuation system. The Act's application can be extended or clarified through subordinate instruments, such as regulations or legislative instruments, which provide detailed operational guidelines and definitions to support the enforcement of the Act. However, the primary exclusions and exemptions within the Act pertain to specific entities and circumstances as delineated in the legislation and its subordinate instruments.
Key Provisions
The primary sections of the Superannuation Industry (Supervision) Act 1993 (SISA) involved in this notice pertain to disqualification of responsible officers of corporate trustees. Section 126A(2) enables the disqualification of individuals found to be responsible officers of corporate trustees who have contravened the Act. The disqualification occurs when the Commissioner is satisfied that the contraventions were significant enough to warrant such action, and the individual was in a responsible position at the time of the contraventions (subsection 126A(6)). The disqualification notice is issued immediately upon the decision to disqualify, as stated in the document.
Under this Act, responsible officers of corporate trustees bear the obligation to ensure compliance with all provisions of the SISA. They must actively oversee the administration and management of the superannuation entities to prevent any contraventions. Their role involves ensuring that all trustees' activities adhere to the legal standards set forth by the Act, thus maintaining the integrity and proper functioning of the superannuation industry.
The Act outlines serious consequences for breaches, particularly for those in responsible positions. Disqualification, as stated in section 126A(2) and enforced in this notice, is a significant penalty for repeated or serious contraventions of the SISA. The notice of disqualification is effective immediately upon issuance, and such notices will be published in the Commonwealth Government Notices Gazette as per subsection 126A(7). Additionally, the Act provides for the possibility of reconsideration by the Commissioner within 21 days of receiving the notice, as outlined in section 344, allowing for a written appeal if the affected individual is dissatisfied with the decision. Failure to comply with these obligations can result in severe repercussions, including loss of professional standing and reputation within the industry.