NOTICE OF DISQUALIFICATION
Superannuation Industry (Supervision) Act 1993
To:
Ms Anona Graham
NICHOLLS ACT 2913
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 subsection126A(2) of the SISA.
I have disqualified you as I am satisfied that the corporate trustee of one or more superannuation entities has contravened the SISA on one or more occasions, and at the time of the contraventions you were a responsible officer of the corporate trustee 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: 9 April 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 issues within the supervision of the superannuation industry in Australia, ensuring compliance and protection of superannuation funds. This Act was introduced by the Australian Parliament to provide a regulatory framework aimed at maintaining the integrity and proper management of superannuation entities. One of the key policy objectives of the SISA is to safeguard the interests of superannuation fund members by holding responsible officers accountable for the compliance of corporate trustees with the Act's provisions. The Act empowers the Commissioner of Taxation to disqualify individuals from being responsible officers if they are found to have contravened the Act, thereby preventing those who do not uphold the required standards from managing superannuation funds.
Scope and Application
The Superannuation Industry (Supervision) Act 1993 (SISA) applies to responsible officers of corporate trustees who manage superannuation entities, encompassing individuals and entities involved in the administration of superannuation funds within Australia. The act's jurisdictional reach is national, applying across all states and territories under the Commonwealth. The disqualification provisions of the act allow for the removal of responsible officers who have been involved in significant contraventions of the act, thereby ensuring the integrity and proper management of superannuation funds. This particular disqualification notice addresses Ms. Anona Graham, indicating that she has been disqualified due to her role in corporate trustee contraventions. The disqualification is effective immediately upon issuance, and provisions exist for potential revocation or reconsideration of the decision. Additionally, the act mandates the publication of such disqualification notices in the Commonwealth Government Notices Gazette, ensuring transparency and accountability within the superannuation industry.
Key Provisions
The main operative sections of the notice provided under the Superannuation Industry (Supervision) Act 1993 (SISA) are subsections 126A(2) and 126A(6). Under subsection 126A(2), the Commissioner of Taxation has the power to disqualify a responsible officer of a corporate trustee if they are satisfied that the corporate trustee has contravened the SISA. Subsection 126A(6) requires that the Commissioner must give written notice of the disqualification to the affected individual. In this case, the notice was given to Ms Anona Graham, indicating that she has been disqualified from holding a responsible officer position under the SISA.
The Act imposes several obligations on the parties it governs. Primarily, it places a duty on responsible officers of corporate trustees to ensure that their entities comply with the SISA. This includes adhering to the various provisions of the Act that govern the operation of superannuation entities, such as financial reporting, member benefits, and governance standards. The notice explicitly states that Ms Graham was a responsible officer at the time of the contraventions, highlighting her accountability for the corporate trustee's compliance with the SISA.
The consequences of breaching the SISA can be severe, as outlined in the notice. Subsection 126A(2) of the SISA provides the Commissioner with the authority to disqualify an individual from holding a responsible officer position if certain conditions are met. For Ms Graham, this means she is prohibited from holding any responsible officer position in a superannuation entity. The notice also mentions that particulars of this disqualification will be published in the Commonwealth Government Notices Gazette, ensuring transparency and public record of the disqualification. Additionally, section 344 of the SISA allows for a reconsideration of the decision if Ms Graham is dissatisfied with the disqualification, provided she makes a written request within 21 days of receiving the notice. Failure to comply with the SISA can thus lead to disqualification, public notice, and potential reconsideration, all of which are clearly defined within the legislative framework.