Notice of Disqualification - Mrs Ionie Woodman

Overview

The Superannuation Industry (Supervision) Act 1993 was enacted by the Parliament of Australia to regulate the superannuation industry, ensuring compliance and protection of superannuation funds. This Act was introduced to address the need for robust oversight and management of superannuation entities to safeguard the interests of superannuation fund members. The Act aims to maintain the integrity and efficiency of the superannuation system by imposing obligations on trustees, investment managers, and custodians of superannuation entities and by providing mechanisms for the enforcement of these obligations. The notice to Mrs Ionie Woodman, detailing her disqualification from being a trustee or responsible officer under the Act, exemplifies the enforcement mechanisms provided by the legislation to address serious contraventions of the Act's provisions.

Scope and Application

The Superannuation Industry (Supervision) Act 1993 (SIS Act) applies to individuals and entities involved in the management of superannuation entities, including trustees, investment managers, and custodians. This legislation imposes obligations on these entities to ensure the proper administration and management of superannuation funds. The SIS Act extends its jurisdiction throughout Australia, applying at the national level to ensure consistent regulation and oversight of the superannuation industry. The Act includes provisions that allow for the disqualification of individuals from acting as trustees or responsible officers if they are found to have contravened its provisions, with the seriousness of the contravention being a key factor in such decisions. The notice provided to Mrs Ionie Woodman under the authority of a delegate of the Commissioner of Taxation, outlines a disqualification order made in accordance with subsection 126A(6) of the SIS Act due to contraventions of the Act. The disqualification order is effective from the date of the notice and may be subject to revocation or reconsideration under specific sections of the SIS Act. Additionally, the Act mandates the publication of particulars of such disqualification orders in the Gazette.

Key Provisions

The notice of disqualification issued to Mrs Ionie Woodman under subsection 126A(6) of the Superannuation Industry (Supervision) Act 1993 (SIS Act) informs her that she has been disqualified from holding positions as a trustee or responsible officer in entities such as trustee, investment manager or custodian of superannuation funds. This disqualification stems from the delegate's satisfaction that she has contravened the SIS Act on one or more occasions, with the seriousness of these contraventions warranting her disqualification. The order is effective from the date of the notice, 20 November 2013. The SIS Act imposes specific obligations on individuals such as Mrs Woodman who are involved in the management of superannuation entities. These include adherence to the provisions of the Act to ensure the proper administration and investment of superannuation funds. Failure to comply with these provisions can result in penalties, including disqualification from managing such funds. The Act also mandates that the delegate of the Commissioner of Taxation must notify the affected party of the decision to disqualify them, as seen in this notice to Mrs Woodman. Breaching the SIS Act can lead to severe consequences, including the disqualification of individuals from managing superannuation entities, as outlined in the notice. Under subsection 126A(7) of the SIS Act, particulars of such disqualification orders are published in the Gazette. Additionally, the disqualification order may be revoked under subsection 126A(5) either on the initiative of the delegate or upon a written application by Mrs Woodman. If she is dissatisfied with the decision, she has the right to request the Commissioner to reconsider it within 21 days of receiving the notice, as stipulated in section 344 of the SIS Act.