Notice of Disqualification - Ms Kim Maree Curley

Overview

The Superannuation Industry (Supervision) Act 1993 (SISA) was enacted to address issues related to the regulation and supervision of the superannuation industry in Australia. The Act aims to ensure that trustees and other responsible persons in the superannuation industry operate in a manner that protects the interests of superannuation fund members. The enacting body for this Act is the Commonwealth Parliament, with the policy objective being to maintain the integrity and efficiency of the superannuation system. The Act provides mechanisms for the disqualification of individuals who have contravened its provisions, as evidenced by the disqualification notice issued to Ms Kim Maree Curley under subsection 126A(1) of the SISA by James O’Halloran, a delegate of the Commissioner of Taxation, on 9 December 2015. The notice informs Ms Curley of her disqualification due to contraventions of the Act, with particulars of this disqualification set to be published in the Commonwealth Government Notices Gazette. Additionally, the Act allows for the possibility of revocation of such disqualifications and provides a process for reconsideration by the Commissioner within 21 days of receiving the notice of the decision.

Scope and Application

The Superannuation Industry (Supervision) Act 1993 (SISA) applies to individuals and entities involved in the superannuation industry in Australia, aiming to ensure the responsible and ethical administration of superannuation funds. This Act is of Commonwealth jurisdiction, meaning it applies across the entire nation, encompassing all states and territories. The SISA applies to trustees, responsible entities, and other individuals involved in the management and operation of superannuation funds, regulating their conduct and the transactions they undertake. The Act provides the Commissioner of Taxation with the authority to disqualify individuals from managing superannuation funds if they are found to have contravened the provisions of the Act. This disqualification can be imposed if the nature, seriousness, and number of the contraventions provide sufficient grounds for such a measure. The notice of disqualification, as exemplified in the provided Gazette, is issued to the affected individual and is subject to publication in the Commonwealth Government Notices Gazette. Additionally, the Act allows for the possibility of revocation of the disqualification, either at the initiative of the Commissioner or upon a written application by the disqualified individual. Furthermore, affected individuals have the right to request a reconsideration of the disqualification decision within 21 days of receiving the notice, provided they submit a written request outlining their reasons for dissatisfaction.

Key Provisions

The Superannuation Industry (Supervision) Act 1993 (SISA) provides for the disqualification of individuals who have contravened its provisions. Section 126A of the Act allows for the disqualification of a person who has contravened the Act on one or more occasions, where the nature, seriousness, and number of the contraventions provide grounds for disqualification. Under subsection 126A(6), a delegate of the Commissioner of Taxation can issue a notice of disqualification to the affected person, as demonstrated in the notice to Ms Kim Maree Curley. The disqualification takes effect on the date the notice is made. The Act imposes a range of obligations on the parties it governs, including trustees of superannuation funds, who must comply with the requirements set out in the Act and the regulations. These obligations include the proper management and investment of superannuation funds, the provision of information to members, and the payment of contributions. Trustees are also required to hold a valid Australian Financial Services Licence (AFS Licence) and comply with the prudential standards set out in the legislation. Breach of the Act's provisions can result in a range of civil and criminal penalties. Under section 131, a person who contravenes the Act is liable to a penalty of up to $20,200 for each contravention. In addition, under section 132, a person who is disqualified from managing a superannuation fund is prohibited from engaging in activities that involve the management of superannuation funds. Contravention of this prohibition is a criminal offence, punishable by imprisonment for up to five years or a fine of up to $202,000, or both. The Act also provides for the imposition of civil penalties, such as pecuniary penalties and injunctions, for breach of its provisions.