NOTICE OF DISQUALIFICATION
Superannuation Industry (Supervision) Act 1993
To:
Ms Michelle Alexander
KILSYTH VIC 3137
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(3) of the SISA.
I have disqualified you as I am satisfied that you are not a fit and proper person to be a trustee, or a responsible officer of a body corporate that is a trustee, of a superannuation entity for the purposes of the SISA.
The disqualification takes effect on the day on which it is made.
Dated: Sixteenth day of March 2015
Alison Lendon
Deputy Commissioner of Taxation
Per Bernard Morrison
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 of governance and oversight within the superannuation industry in Australia. The legislation was introduced to ensure that trustees and responsible officers of superannuation entities are fit and proper persons, thereby safeguarding the interests of superannuation fund members. The SISA aims to maintain the integrity and stability of the superannuation system by imposing qualifications and standards for those in positions of responsibility within the industry. This Act was passed by the Parliament of Australia, reflecting a commitment to protect superannuation savings and promote confidence in the system. The overarching policy objective of the SISA is to ensure that superannuation funds are managed prudently and in the best interests of the members, thereby addressing gaps in previous regulatory frameworks.
Scope and Application
The Superannuation Industry (Supervision) Act 1993 (SISA) applies to individuals and entities involved in the administration of superannuation funds in Australia, ensuring the proper management and regulation of these funds. Specifically, the Act applies to trustees and responsible officers of superannuation entities, holding them to certain standards of conduct and competency to protect the interests of superannuation fund members. The geographic reach of the SISA is nationwide, governing superannuation entities across the Commonwealth of Australia, including states, territories, and external territories. The Act does not explicitly detail exclusions or exemptions; however, it may exclude certain types of superannuation funds or entities not classified as superannuation entities under the Act. The scope of the Act can be further defined or modified through subordinate legislation or regulations, which can clarify application details or introduce additional requirements. The notice of disqualification issued under the SISA serves to inform affected individuals of their status and the legal consequences, while also outlining the pathways for review and potential revocation of the disqualification.
Key Provisions
The Superannuation Industry (Supervision) Act 1993 (SISA) includes provisions for disqualifying individuals who are deemed unfit to serve as trustees or responsible officers of superannuation entities. Under subsection 126A(6) of the SISA, the Commissioner of Taxation, or a delegate such as Alison Lendon, can issue a notice of disqualification. In this particular case, subsection 126A(3) was invoked, resulting in Ms Michelle Alexander's disqualification from holding such positions due to her being deemed not a fit and proper person. This disqualification becomes effective immediately upon the issuance of the notice.
The Act imposes specific obligations on trustees and responsible officers, ensuring that they adhere to standards of competency and integrity. The disqualification under subsection 126A(3) is a direct consequence of failing to meet these standards, as determined by the relevant authority. The obligations include maintaining the highest standards of conduct and ensuring compliance with all regulatory requirements relevant to the superannuation industry.
For breaches of these obligations, the SISA provides for various penalties and consequences. While the notice itself does not specify particular criminal or civil penalties, the authority to disqualify under subsection 126A(3) underscores the seriousness with which the Act treats failures to comply with its provisions. The Act also allows for the revocation of such disqualifications under subsection 126A(5), either on the authority's own initiative or upon application by the disqualified individual. Furthermore, section 344 of the SISA provides a mechanism for reconsideration of the disqualification decision by the Commissioner if the affected individual is dissatisfied with the decision and submits a written request within 21 days of receiving the notice, along with the reasons for the request.