NOTICE OF DISQUALIFICATION
Superannuation Industry (Supervision) Act 1993
To:
Ms Michele Nowill
LANGWARRIN VIC 3910
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(1) of the SIS Act as I am satisfied that you have contravened the SIS Act on one or more occasions and the nature and seriousness of the contraventions provides grounds for disqualifying you.
The disqualification order takes effect on the day on which this notice is made.
Dated: 6 December 2013
Ivan Parrett
Assistant Commissioner of Taxation
Per
Craig Blair
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 establish a framework for the supervision and regulation of the superannuation industry in Australia. The Act was introduced to address the need for a robust regulatory environment to protect the interests of superannuation fund members, ensuring that funds are managed with integrity and transparency. The Superannuation Industry (Supervision) Act 1993 is a Commonwealth Act, enacted by the Parliament of Australia, with the overarching policy objective of safeguarding the superannuation system and the interests of superannuation fund members. The Act provides the Commissioner of Taxation with the authority to disqualify individuals from performing certain roles within the superannuation industry if there are grounds to believe that they have contravened the provisions of the Act. The disqualification mechanism is a critical tool in enforcing compliance and maintaining the integrity of the superannuation system.
Scope and Application
The Superannuation Industry (Supervision) Act 1993 applies to individuals and entities involved in the superannuation industry, specifically those acting as trustees, investment managers, or custodians of superannuation entities. This Act governs the conduct and transactions within the superannuation industry, ensuring compliance with regulatory standards to protect the interests of superannuation fund members. The geographic reach of the Act is national, applying across the Commonwealth of Australia, including all states and territories. The Act includes provisions for disqualifying individuals from certain roles if they contravene its provisions, as evidenced by the notice of disqualification served to Ms Michele Nowill under subsection 126A(6) of the Act. The Act also provides mechanisms for the revocation of disqualification orders and the reconsideration of decisions by the Commissioner, ensuring a degree of procedural fairness for those affected. Any exclusions, exemptions, or thresholds are determined through subordinate instruments that may further define the scope of the Act's application.
Key Provisions
The Superannuation Industry (Supervision) Act 1993 (SIS Act) includes provisions for the disqualification of individuals from being trustees or responsible officers of superannuation entities. Section 126A(6) provides that a delegate of the Commissioner of Taxation may disqualify an individual under specific circumstances. In the present case, Ms Michele Nowill has been disqualified under subsection 126A(1) of the SIS Act because the delegate is satisfied that she contravened the SIS Act on one or more occasions, and the seriousness of these contraventions warrants the disqualification. This disqualification is effective immediately upon the issuance of the notice.
The obligations imposed on Ms Nowill, as a disqualified individual, are substantial. She is prohibited from serving as a trustee or a responsible officer of any body corporate that functions as a trustee, investment manager, or custodian of a superannuation entity. This restriction is intended to ensure that individuals who have demonstrated a lack of compliance with superannuation laws do not continue to manage or influence superannuation funds, which are critical for the retirement savings of many Australians. The disqualification is a significant punitive measure designed to maintain the integrity of the superannuation system.
Breaching the disqualification order can lead to serious legal consequences. While the specific subsections and penalties are not detailed in the notice, generally, under the SIS Act, contravening the disqualification provisions can result in substantial fines and imprisonment. For instance, under section 132 of the SIS Act, a person who engages in activities while disqualified can face penalties of up to $132,000 for individuals and $660,000 for bodies corporate, along with potential imprisonment terms. These penalties underscore the seriousness with which the law treats breaches of superannuation regulations and the importance of compliance within this sector.