NOTICE OF DISQUALIFICATION
Superannuation Industry (Supervision) Act 1993
To:
Mrs Sharon Medlow-Smith
MURRAY TOWN SA 5841
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 disqualified you under subsection 126A(1) of the SISA.
I have disqualified you 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 takes effect on the day on which it is made.
Dated: 3 July 2015
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 Commonwealth Government Notices 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 robust oversight and regulation within the superannuation industry to ensure the protection of superannuation funds and the rights of members. This Act was introduced by the Australian Parliament and aims to maintain the integrity and stability of the superannuation system. The SISA provides mechanisms for the regulation and supervision of superannuation entities, including the ability to disqualify individuals who have contravened the provisions of the Act. The disqualification powers are intended to deter misconduct and ensure that only those who meet the necessary standards of fitness and propriety are involved in the management of superannuation funds. The Act empowers the Commissioner of Taxation to disqualify individuals who have engaged in serious or repeated breaches of the Act, thereby safeguarding the interests of superannuation members.
Scope and Application
The Superannuation Industry (Supervision) Act 1993 (SISA) applies to individuals and entities involved in the administration of superannuation funds within Australia. The Act is designed to regulate the superannuation industry to ensure that it operates in a responsible and efficient manner, protecting the interests of superannuation fund members. It applies to a broad range of persons and entities, including trustees, directors, and other responsible persons of superannuation funds, as well as other entities involved in the administration or management of superannuation funds. The Act has a national reach across Australia, applying to both Commonwealth and state-regulated superannuation funds. The Act sets out various exclusions and exemptions, such as for certain small APRA-regulated funds and self-managed superannuation funds. The application and enforcement of the Act can be extended or restricted through subordinate instruments, such as regulations and determinations, which provide further detail on specific provisions and requirements. In this instance, the Act has been applied to Mrs Sharon Medlow-Smith, who has been disqualified from participating in the administration of superannuation funds due to contraventions of the Act, as determined by the delegate of the Commissioner of Taxation.
Key Provisions
The Superannuation Industry (Supervision) Act 1993 (SISA) provides for the disqualification of individuals from involvement in superannuation funds and related activities. Section 126A(1) empowers a delegate of the Commissioner of Taxation to disqualify a person if they believe the individual has contravened the SISA and that the nature, seriousness, and number of the contraventions warrant such action. The notice of disqualification, as exemplified in the communication to Mrs Sharon Medlow-Smith, informs the individual that they have been disqualified under this section and the reasons behind the decision. This section also mandates that the disqualification takes immediate effect upon the issuance of the notice, as stated in the document dated 3 July 2015.
The Act imposes several obligations on individuals and entities within its purview. These include compliance with all provisions of the SISA, which govern the operation, management, and financial administration of superannuation funds. For individuals, this means adhering to standards set for conduct, reporting, and transparency. Entities, such as trustees and directors, have specific fiduciary duties and responsibilities to ensure the proper management of superannuation funds, including the protection of members' interests. Failure to meet these obligations can result in disqualification under section 126A.
The SISA also outlines potential offences and consequences for breaches of its provisions. While the specific penalties for contraventions are not detailed in the disqualification notice, the Act provides for both civil and criminal penalties. Civil penalties can include substantial fines, while criminal penalties may involve imprisonment, depending on the severity of the offence. For instance, section 126A(1) specifies that the nature, seriousness, and number of contraventions are critical in determining the appropriateness of disqualification. Additionally, the Act may impose other sanctions such as pecuniary penalties, which are set out in section 137, and corrective measures to ensure compliance and restore the integrity of the superannuation system.