NOTICE OF DISQUALIFICATION
Superannuation Industry (Supervision) Act 1993
To:
MRS THI LE THU DANG
ST JOHNS PARK NSW 2176
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: 25 March 2014
Alison Lendon
Deputy Commissioner
Per Craig Blair
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 a regulatory framework governing the administration, management, and supervision of superannuation funds in Australia. This legislation was introduced to ensure that superannuation funds are managed in a manner that is fair and responsible, protecting the interests of fund members. The SISA is administered by the Australian Taxation Office (ATO) and other relevant authorities, with a policy objective of maintaining the integrity and stability of the superannuation industry. The Act provides mechanisms for the regulation of trustees, investment managers, and custodians of superannuation entities, and includes provisions for disqualification of individuals who contravene the Act. This disqualification process is designed to uphold the standards of professional conduct and ethical behaviour within the superannuation industry, thereby safeguarding the financial security of superannuation fund members.
Scope and Application
The Superannuation Industry (Supervision) Act 1993 (SISA) applies to individuals and entities involved in the supervision and management of superannuation entities, including trustees, investment managers, custodians, and responsible officers of body corporates fulfilling such roles. The Act's jurisdiction extends across Australia, as it is a Commonwealth Act, meaning it applies nationally. The Act's application is not limited by geographic boundaries within Australia, thus it has a broad reach across various states and territories. This disqualification notice issued under the Act serves to exclude the named individual from acting in the aforementioned capacities due to breaches of the Act, as determined by the delegate of the Commissioner of Taxation. The Act allows for the extension or restriction of its application through subordinate instruments, providing flexibility in its enforcement and scope. Any exclusions, exemptions, or thresholds are typically detailed within the Act itself or through related regulations, ensuring clarity on who is subject to its provisions.
Key Provisions
The Superannuation Industry (Supervision) Act 1993 (SISA) outlines the framework for the regulation of the superannuation industry in Australia. Specifically, section 126A(6) empowers a delegate of the Commissioner of Taxation to disqualify individuals from acting as trustees, investment managers, or custodians of superannuation entities, or as responsible officers of related corporate bodies. The decision to disqualify a person is made when there is evidence of contraventions of the SISA, where the nature, seriousness and number of these contraventions justify such a measure. This disqualification order becomes effective immediately upon the issuance of the notice, as stated in the document.
The Act imposes clear obligations on the parties it governs. Trustees, investment managers, custodians, and responsible officers of superannuation entities must adhere strictly to the provisions of the SISA to avoid disqualification. Any actions or omissions that contravene the Act can potentially lead to disqualification. The delegate of the Commissioner of Taxation has the authority to make this decision based on the evidence of contraventions, ensuring that only those who meet the statutory standards can participate in the administration of superannuation funds.
Breaching the SISA can have serious consequences. Section 126A(1) explicitly states that disqualification is a potential outcome when there is a contravention of the Act. The notice of disqualification, such as the one issued to Mrs Thi Le Thu Dang, serves as formal notification of this penalty. Moreover, section 126A(7) mandates that details of such disqualifications be published in the Gazette. Additionally, under section 344, any person affected by the disqualification decision has the right to request a reconsideration from the Commissioner within 21 days of receiving the notice, providing reasons for such a request. Failure to comply with these provisions can result in severe civil and potentially criminal consequences, with penalties as outlined by the Act.