NOTICE OF DISQUALIFICATION
Superannuation Industry (Supervision) Act 1993
To:
Mrs Faridah Mohamed
ROWVILLE VIC 3178
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(1) of the SISA 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 order takes effect on the day on which this notice is made.
Dated: 30 May 2014
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 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 to address the need for stringent regulation and supervision within the superannuation industry in Australia. The Act was designed to ensure the protection of superannuation funds and the interests of superannuation fund members by establishing a robust framework for the governance, administration, and oversight of superannuation entities. The SISA is administered by the Australian Taxation Office, acting on behalf of the Commissioner of Taxation, who is responsible for enforcing the provisions of the Act. The policy objective of the Act is to maintain the integrity and stability of the superannuation system by preventing misconduct and ensuring compliance with legislative requirements. The Act provides the Commissioner with the authority to disqualify individuals from holding certain roles within superannuation entities if they have contravened the Act's provisions in a manner that warrants such action.
Scope and Application
The Superannuation Industry (Supervision) Act 1993 (SISA) applies to individuals and entities involved in the supervision and management of superannuation funds within Australia. Specifically, the Act applies to trustees, investment managers, custodians, and responsible officers of body corporates that manage superannuation entities. This legislation has a broad jurisdictional reach as it is a Commonwealth Act, thus applicable across Australia. The Act’s primary objective is to ensure the integrity and efficiency of the superannuation industry by regulating the conduct and practices of those involved. The Act provides the Commissioner of Taxation with the authority to disqualify individuals who contravene its provisions, as evidenced by the disqualification notice issued to Mrs Faridah Mohamed. The disqualification can extend to prohibiting individuals from acting as trustees, investment managers, custodians, or responsible officers of superannuation entities. Additionally, the Act allows for the revocation of disqualification orders and provides avenues for affected parties to seek reconsideration of the decision within a specified timeframe.
Key Provisions
The main operative sections of the Superannuation Industry (Supervision) Act 1993 (SISA) referenced in the notice include subsection 126A(6) which requires the delegate of the Commissioner of Taxation to notify the disqualified individual, and subsection 126A(1) under which the disqualification is made, based on contraventions of the Act. The notice specifies that Mrs Faridah Mohamed has been disqualified from acting as a trustee, investment manager, or custodian of a superannuation entity, or as a responsible officer of a body corporate performing these roles.
The Act imposes several obligations and requirements on the parties it governs, primarily centred around the proper administration and supervision of superannuation entities. This includes ensuring that trustees, investment managers, and custodians comply with legislative requirements to protect the interests of superannuation fund members. Mrs Mohamed, having been found to contravene the Act, has failed to meet these obligations, leading to her disqualification. This is a significant action under the SISA, reflecting the seriousness of the breaches committed.
The notice also details potential consequences for breaches of the SISA. According to the Act, the disqualification of an individual from performing roles within superannuation entities is a substantial measure taken to safeguard the interests of superannuation fund members. In this case, the disqualification of Mrs Mohamed takes effect immediately upon the issuance of the notice. Furthermore, there are provisions for the disqualification to be revoked under certain conditions, and there are avenues for reconsideration of the decision if Mrs Mohamed wishes to contest it. These provisions are outlined in subsections 126A(7) and 344 of the SISA, respectively. The notice concludes by informing Mrs Mohamed of the publication of the disqualification details in the Gazette, as required by law.