NOTICE OF DISQUALIFICATION
Superannuation Industry (Supervision) Act 1993
To:
Mrs Maria Simmons
FIVE DOCK NSW 2046
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: 21 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 to address the need for effective regulation and supervision of the superannuation industry in Australia, ensuring that trustees, investment managers, and custodians of superannuation entities act in the best interests of their members. The Act aims to maintain the integrity and stability of the superannuation system by providing a framework for the supervision, regulation, and enforcement of the industry. The SISA was enacted by the Australian Parliament, with the policy objective of protecting the financial interests of superannuation fund members by ensuring that those responsible for managing superannuation funds are fit and proper persons. The Act empowers the Commissioner of Taxation to disqualify individuals from acting in certain roles within the superannuation industry if they are found to have contravened the provisions of the Act. This disqualification serves as a deterrent and a corrective measure to maintain the high standards expected within the industry.
Scope and Application
The Superannuation Industry (Supervision) Act 1993 applies to individuals and entities involved in the management and oversight of superannuation funds in Australia. Specifically, the Act imposes obligations on trustees, investment managers, custodians, and responsible officers of bodies corporate that engage in these roles within the superannuation industry. This legislation operates across the Commonwealth of Australia, encompassing both state and territory jurisdictions, thereby establishing a uniform regulatory framework for the supervision of superannuation entities. The Act’s jurisdiction extends to any person or entity that is engaged in activities related to superannuation funds, regardless of where they are located within Australia. The Act does not specify any exclusions or exemptions but does provide for certain conditions under which disqualification may occur, particularly for those who contravene its provisions. The Act also allows for the extension or restriction of its application through subordinate instruments, which can include regulations and guidelines issued by the Commissioner of Taxation. These instruments help to clarify and enforce the provisions of the Act, ensuring that it is applied consistently and effectively across the superannuation industry.
Key Provisions
The main operative sections of the Superannuation Industry (Supervision) Act 1993 (SISA) relevant to this notice are sections 126A(6) and 126A(1). Section 126A(6) requires that a delegate of the Commissioner of Taxation must provide a written notice of disqualification to the person being disqualified. This notice must detail the decision to disqualify the individual from certain roles within a superannuation entity, such as a trustee, investment manager, custodian, or responsible officer. Section 126A(1) authorises the disqualification if the delegate is satisfied that the individual has contravened the SISA and that the contraventions warrant such a penalty.
The Act imposes specific obligations on the parties it governs, including trustees, investment managers, custodians, and responsible officers of superannuation entities. These individuals are expected to adhere to the provisions of the SISA to ensure the proper management and oversight of superannuation funds. A breach of these provisions, as evidenced by the contraventions in this case, may lead to disqualification from any role within the superannuation industry. Additionally, section 344 allows the affected individual to request reconsideration of the disqualification decision by the Commissioner within 21 days of receiving the notice, provided they submit a written request outlining the reasons for their dissatisfaction.
Breaching the provisions of the SISA can result in significant consequences. In this instance, the disqualification from roles within the superannuation industry is the primary consequence. Furthermore, under the SISA, the delegate of the Commissioner of Taxation has the authority to revoke this disqualification order either on their own initiative or upon a written application by the disqualified person. Failure to comply with the terms of the SISA can also lead to additional civil or criminal penalties as outlined in other sections of the Act, although the maximum penalties are not specified in this particular notice.