NOTICE OF DISQUALIFICATION
Superannuation Industry (Supervision) Act 1993
To:
Ms Fiona Williams
Mermaid Beach QLD 4218
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 you have contravened the SIS Act on one or more occasions, and at the time of the contraventions you were a trustee for the fund and the 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: This day the 7th day of 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 was enacted to regulate the operations of the superannuation industry, ensuring compliance with standards that protect the interests of superannuation fund members. The Act was introduced to address the need for effective oversight and regulation within the superannuation sector, aiming to prevent misconduct and maintain the integrity of superannuation funds. This legislation was enacted by the Australian Parliament, reflecting a policy objective to safeguard the financial well-being of superannuation fund members by imposing stringent requirements on those managing these funds. The Act provides mechanisms for disqualification of individuals found to have contravened its provisions, thereby ensuring accountability and reinforcing the regulatory framework designed to uphold the standards of the superannuation industry.
Scope and Application
The Superannuation Industry (Supervision) Act 1993 (SIS Act) applies to individuals and entities involved in the administration and management of superannuation funds, including trustees, investment managers, and custodians. The Act is a Commonwealth legislation, hence it has a national jurisdictional reach, applying across Australia. It specifically targets persons who have been found to contravene the provisions of the SIS Act, particularly when such contraventions occur while the individual is acting in a fiduciary capacity for the fund. The notice of disqualification given to Ms Fiona Williams, for example, is grounded on the determination that she contravened the SIS Act on one or more occasions, and the seriousness and number of these contraventions warrant disqualification. This disqualification order is immediate upon the issuance of the notice. The Act also allows for the revocation of such disqualification orders and provides for a reconsideration process for those dissatisfied with the decision. The Act's scope is further extended through subordinate instruments, which may provide additional regulations and guidelines to ensure compliance and proper administration of superannuation funds.
Key Provisions
The Superannuation Industry (Supervision) Act 1993 (SIS Act) includes specific provisions that allow for the disqualification of individuals from roles within superannuation entities, such as trustees or responsible officers of a body corporate that manages superannuation funds. Under subsection 126A(6), a delegate of the Commissioner of Taxation can disqualify an individual if they believe that the individual has contravened the SIS Act and that the seriousness and number of the contraventions warrant such action. This disqualification takes immediate effect upon the issuance of the notice, as stated in the notice to Ms Fiona Williams.
The Act imposes specific obligations on individuals who hold positions within superannuation entities. These individuals must ensure they comply with all provisions of the SIS Act to avoid potential disqualification. Section 126A(1) of the Act allows for disqualification if there is evidence of multiple or serious breaches of the Act. The obligations extend to maintaining the integrity and proper management of superannuation funds, ensuring that all activities comply with legal standards and regulatory requirements.
Breaches of the SIS Act can lead to significant consequences, including disqualification from managing superannuation entities. The disqualification not only bars the individual from their current role but also affects their eligibility for future roles in similar capacities. The Act allows for the possibility of revoking the disqualification order under subsection 126A(5), either on the initiative of the Commissioner or upon written application by the disqualified individual. In addition, section 344 of the Act provides a mechanism for reconsideration of the disqualification decision by the Commissioner if the affected party is dissatisfied with the decision, provided the request is made in writing within 21 days of receiving the notice.