NOTICE OF DISQUALIFICATION
Superannuation Industry (Supervision) Act 1993
To:
Ms Agafia Hunt
SOUTH WINDSOR NSW 2756
I, Ivan Parrett 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(3) of the SIS Act as I am satisfied that you are not a fit and proper person to be a trustee, investment manager, custodian or a responsible officer of a body corporate that is a trustee, investment manager or custodian of a superannuation entity for the purposes of the SIS Act.
The disqualification order takes effect on the day on which this notice is made.
Dated: 31 January 2014.
Ivan Parrett
Assistant Commissioner of Taxation
Per Bernard Morrison
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 was enacted to regulate the superannuation industry in Australia, addressing the need for oversight and accountability to ensure the protection of superannuation funds. The Act was introduced by the Commonwealth Parliament to address issues of misconduct, mismanagement, and financial instability within the superannuation industry, with the overarching policy objective of safeguarding the retirement savings of Australians. This legislation empowers the Commissioner of Taxation to disqualify individuals from holding positions of responsibility within superannuation entities if they are deemed unfit or improper to manage such funds. The Act aims to maintain the integrity and reliability of the superannuation system, thereby protecting the financial interests of superannuation fund members.
Scope and Application
The Superannuation Industry (Supervision) Act 1993 (SIS Act) applies to trustees, investment managers, custodians, and responsible officers of body corporates that manage superannuation entities. This Act, which operates within the Commonwealth jurisdiction, mandates the disqualification of individuals deemed unfit to manage superannuation funds. The application of the Act extends to all entities involved in the management of superannuation funds across Australia. The Act includes provisions for exclusions and exemptions, though specific exclusions are not detailed within the provided text. The disqualification powers of the Act may be extended or restricted through subordinate instruments, allowing for tailored enforcement actions as deemed necessary by the Commissioner of Taxation. The notice given to Ms Agafia Hunt under this Act illustrates the application of its disqualification provisions, reflecting the Act’s intent to maintain the integrity and proper management of superannuation funds.
Key Provisions
The Superannuation Industry (Supervision) Act 1993 (SIS Act) includes specific provisions that govern the disqualification of individuals from certain roles within superannuation entities. Section 126A(6) requires that if a delegate of the Commissioner of Taxation decides to disqualify an individual from being a trustee or a responsible officer of a body corporate involved in superannuation, a formal notice must be provided to the individual. This section ensures that the individual is formally informed of the decision and the reasons behind it. The decision to disqualify an individual is made under subsection 126A(3) of the Act if the delegate is satisfied that the individual is not a fit and proper person for such roles.
Under the SIS Act, the obligations imposed on the parties governed by these provisions are significant. Trustees, investment managers, custodians, and responsible officers of superannuation entities must adhere to strict standards of fitness and propriety. They are expected to act with integrity, competence, and in the best interests of the superannuation fund members. The disqualification order itself, once issued, requires the individual to cease all activities related to their role immediately. This ensures that potentially unfit individuals are removed from positions of trust and responsibility within the superannuation industry.
Breaches of the provisions outlined in the SIS Act can result in serious consequences. If an individual continues to act as a trustee, investment manager, custodian, or responsible officer despite being disqualified, they may be subject to civil or criminal penalties. The maximum penalties for such breaches can include substantial fines and, in some cases, imprisonment. Additionally, the disqualification order itself is a significant consequence, reflecting the seriousness of the decision to deem an individual unfit for such roles. The notice also includes provisions for the revocation of the disqualification order under certain circumstances, as well as the right to request reconsideration of the decision by the Commissioner within 21 days of receiving the notice.