NOTICE OF DISQUALIFICATION
Superannuation Industry (Supervision) Act 1993
To:
Ms Natalie A Snell
BRIGHTON VIC 3186
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(2) of the SISA as I am satisfied that the corporate trustee of a superannuation entity 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 order takes effect on the day on which this notice is made.
Dated: 22 October 2014
Alison Lendon
Deputy Commissioner
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 (SIS Act) was enacted to address the need for robust oversight and regulation of the superannuation industry in Australia. The Act was introduced by the Commonwealth Parliament to ensure that superannuation funds are managed efficiently, effectively, and in the best interests of the members. The SIS Act establishes the framework for the supervision of superannuation entities and aims to protect the rights of members by ensuring that trustees and responsible officers adhere to high standards of conduct and compliance. The Act provides the Commissioner of Taxation with the authority to disqualify individuals from being trustees or responsible officers of superannuation entities if they are found to have contravened the provisions of the Act. This legislative measure serves to maintain the integrity and stability of the superannuation system, safeguarding the retirement savings of Australians.
Scope and Application
The Superannuation Industry (Supervision) Act 1993 applies to individuals and entities involved in the supervision of superannuation funds within Australia, including trustees, investment managers and custodians. This legislation has a nationwide reach, applying across the Commonwealth of Australia. The Act applies to persons who hold positions of responsibility within these entities, such as trustees or responsible officers, and governs their conduct and compliance with legislative requirements. In this instance, the Act has been invoked to disqualify Ms. Natalie A Snell from serving as a trustee or a responsible officer due to breaches of the Act by the corporate trustee she was associated with, reflecting the Act's intent to safeguard the integrity of superannuation funds. The Act's scope extends to the publication of disqualification notices in the Gazette and provides mechanisms for the revocation of disqualification orders and reconsideration of decisions by affected parties.
Key Provisions
The Superannuation Industry (Supervision) Act 1993 (SIS Act) includes specific provisions that allow for the disqualification of individuals from holding certain roles within superannuation entities. Section 126A(6) provides that a delegate of the Commissioner of Taxation can disqualify an individual from being a trustee or a responsible officer if the individual is connected to a corporate trustee that has contravened the SIS Act. This disqualification is predicated on the delegate being satisfied that the nature, seriousness and number of the contraventions justify such a decision. In this case, the notice issued to Ms Natalie A Snell under subsection 126A(2) indicates that she has been disqualified from holding these roles because she was a responsible officer of a corporate trustee that contravened the SIS Act on multiple occasions.
The obligations imposed by the SIS Act on individuals like Ms Snell include the requirement to adhere to all provisions of the Act. As a responsible officer, Ms Snell had the duty to ensure that the corporate trustee complied with the SIS Act. Failure to discharge this duty, as evidenced by the contraventions, has led to her disqualification. The Act further mandates that any contraventions must be reported and rectified, with oversight and enforcement by the Commissioner of Taxation or their delegates. This ensures that superannuation entities operate within legal boundaries, protecting the interests of superannuation fund members.
Breaches of the SIS Act can lead to severe consequences, both civil and criminal. For instance, under section 126A, an individual who is disqualified from managing superannuation entities can face legal repercussions. The Act does not specify a maximum penalty for disqualification in this context, but it is a significant sanction that can affect an individual's professional standing and reputation. Additionally, the Act provides avenues for review and reconsideration of such decisions, allowing affected parties to seek reconsideration from the Commissioner within 21 days of receiving the disqualification notice, as outlined in section 344. This offers a safeguard against potential overreach or error in the disqualification process.