NOTICE OF DISQUALIFICATION
Superannuation Industry (Supervision) Act 1993
To:
MS GLADYS MCKENZIE
LAKEMBA NSW 2195
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(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: 10 March 2015
Alison Lendon
Deputy Commissioner of Taxation
Per Gerard Carney
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 and gaps within the regulation of superannuation entities, ensuring that these entities operate within the legal and ethical standards required to safeguard the interests of superannuation fund members. The SISA was introduced by the Commonwealth Parliament to provide a comprehensive regulatory framework for the supervision of the superannuation industry, aiming to protect the rights and interests of superannuation members by ensuring that trustees and other responsible officers act in the best interests of the members. The policy objective of the Act is to maintain confidence in the superannuation system by ensuring that superannuation funds are managed responsibly and in accordance with the law. The Act provides the Commissioner of Taxation with the authority to disqualify individuals from being responsible officers of superannuation entities if they have contravened the provisions of the Act in a manner that warrants such action.
Scope and Application
The Superannuation Industry (Supervision) Act 1993 (SISA) applies to a broad range of entities and individuals involved in the superannuation industry, including trustees, responsible officers, and other associated entities. This federal legislation governs the operation of superannuation funds within Australia, ensuring compliance with regulatory standards and safeguarding the interests of superannuation fund members. The act applies to any corporate trustee of a superannuation entity and any individual acting as a responsible officer of such entities, which includes roles such as directors, executives, or anyone with significant decision-making powers within the trustee organisation. The geographic reach of the SISA is national, extending to all superannuation entities and their officers operating within Australia. The act includes provisions for disqualification of responsible officers if they are found to have contravened the act, as evidenced by the notice of disqualification issued to Ms. Gladys McKenzie. The notice indicates that the disqualification is applicable from the date of issuance. Furthermore, the SISA may extend its application through subordinate instruments, such as regulations or guidelines, which can provide additional detail or clarification on specific provisions within the act.
Key Provisions
The Superannuation Industry (Supervision) Act 1993 (SISA) contains various provisions concerning the supervision and regulation of superannuation entities. Section 126A(2) allows the Commissioner of Taxation to disqualify individuals from being responsible officers of corporate trustees if they have contravened the Act. In this instance, section 126A(6) mandates that a notice of disqualification must be given to the affected person, as demonstrated in the notice sent to Ms Gladys McKenzie of Lakemba, NSW. Section 126A(7) further requires that particulars of this disqualification be published in the Commonwealth Government Notices Gazette, ensuring transparency and public notification of such actions.
Under the SISA, responsible officers of corporate trustees bear significant obligations, including adherence to all provisions of the Act and ensuring the proper administration of superannuation entities. This includes compliance with financial, reporting, and operational standards set out in the Act. The obligations extend to preventing contraventions and taking corrective actions when issues arise. Failure to meet these obligations can result in personal disqualification and potential legal consequences for the entity.
Breaching the SISA can lead to severe penalties, both civil and criminal. For individuals found guilty of contraventions, section 126A(2) permits disqualification from holding responsible positions within superannuation entities. Additionally, under section 344, the Commissioner may impose financial penalties, which can vary based on the severity and frequency of the breaches. In some cases, criminal charges may be pursued, leading to fines or imprisonment, depending on the nature of the offence. The maximum penalties are not specified in this notice but can be found in the relevant sections of the SISA.