NOTICE OF DISQUALIFICATION
Superannuation Industry (Supervision) Act 1993
To:
Mrs My Lien
Springvale VIC 3171
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 (SIS Act), that I have made a decision to disqualify you from being a trustee or 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 SIS Act as I am satisfied that you have contravened the SIS Act 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: 20 May 2014
Alison Lendon
Deputy Commissioner of Taxation
Per Michael Grivell
Note 1:
In accordance with subsection 126A(7) of the SIS Act, particulars of this disqualification notice will be published in the 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 (SIS Act) was enacted to address issues and ensure effective regulation within the superannuation industry in Australia. This legislation was introduced to safeguard the interests of superannuation fund members by establishing a robust regulatory framework. The SIS Act aims to promote confidence in the superannuation system, ensuring that trustees and other responsible officers act in the best interests of fund members, and maintaining the integrity of the industry. The enactment of the SIS Act reflects the Parliament of Australia’s commitment to protecting superannuation fund members through stringent regulatory measures and accountability provisions. The policy objective of the SIS Act is to prevent misconduct and ensure the proper administration of superannuation funds, thus securing the financial well-being of Australians in their retirement years.
Scope and Application
The Superannuation Industry (Supervision) Act 1993 (SIS Act) applies to individuals and entities involved in the administration of superannuation funds in Australia. It specifically targets trustees, responsible officers, trustees of body corporates, investment managers, and custodians of superannuation entities. The disqualification under the Act pertains to those who have contravened the provisions of the SIS Act, and when the nature, seriousness, and number of these contraventions justify such action. The jurisdictional reach of the SIS Act is national, applying across all states and territories of Australia, thus it encompasses both Commonwealth and state regulations. However, the Act may extend or restrict its application through subordinate instruments, which can include regulations or guidelines issued under the authority of the Act. Exclusions or exemptions from the disqualification provisions are not detailed in the notice; however, there may be specific criteria or conditions outlined in the Act itself or in related subordinate legislation that could affect eligibility for such disqualification. The notice serves to inform the affected individual of the decision and the rights available for reconsideration or appeal.
Key Provisions
The Superannuation Industry (Supervision) Act 1993 (SIS Act) includes provisions that allow for the disqualification of individuals who have contravened the Act. Specifically, under section 126A(6), a delegate of the Commissioner of Taxation can issue a notice disqualifying a person from being a trustee or a responsible officer of a superannuation entity. This notice is effective immediately upon issuance, as stipulated in the notice provided to Mrs My Lien. The grounds for such a disqualification are outlined in section 126A(1), which permits the delegate to disqualify an individual if they are satisfied that the person has contravened the SIS Act on one or more occasions, and the nature, seriousness, and number of the contraventions warrant such action.
The obligations imposed by the SIS Act on entities and individuals include adherence to the regulations governing the administration of superannuation funds. Trustees and responsible officers must ensure they are acting within the legal framework, avoiding any actions that could be construed as a contravention of the Act. This includes maintaining proper records, complying with reporting requirements, and ensuring the prudent management of funds. Failure to meet these obligations can lead to serious consequences, including the potential for disqualification under section 126A.
Breaches of the SIS Act can result in significant penalties and consequences. Under the SIS Act, disqualification from acting as a trustee or responsible officer is one such consequence, as seen in the notice to Mrs My Lien. Additionally, section 344 allows for the Commissioner to reconsider a disqualification order if the affected person submits a written request within 21 days of receiving the notice. There may also be further civil or criminal penalties applicable depending on the specific contraventions, although the exact penalties are not detailed in the notice but could include substantial fines or imprisonment as per other sections of the SIS Act.