NOTICE OF DISQUALIFICATION – Ms Sharon Hardy
Superannuation Industry (Supervision) Act 1993
To:
MS SHARON HARDY
YAKAMIA WA 6330
I, Emma Rosenzweig, 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 number of the contraventions provides grounds for disqualifying you.
The disqualification takes effect on the day on which it is made.
Dated: 10 March 2023
Emma Rosenzweig
Deputy Commissioner of Taxation
Per Donna Williams
Note 1:
Under subsection 126A(7) of the SISA, details of this disqualification notice will be published in the Commonwealth Government Notices Gazette.
Note 2:
Under section 126K of the SISA, it is an offence for a disqualified person, who knows that he or she is a disqualified person, to be, or act as a:
› trustee, investment manager or custodian of a superannuation entity
› responsible officer or a body corporate that is a trustee, investment manager or custodian, of a superannuation entity
The maximum penalty for committing this offence is two years jail.
Note 3:
Under subsection 126A(5) of the SISA, we may revoke this disqualification on our own initiative or on your written application.
Note 4:
Under section 344 of the SISA, if you are affected by this decision and are not satisfied with it, you can ask the Commissioner to reconsider the decision. This request must be made in writing within 21 days of receiving notice of this decision and must give the reasons you think the decision is wrong.
Overview
The Superannuation Industry (Supervision) Act 1993 (SISA) was enacted to address the need for effective regulation and oversight of the superannuation industry in Australia. The Act was introduced by the Australian Parliament to ensure the proper management and administration of superannuation entities, safeguarding the interests of superannuation fund members. The policy objective of the SISA is to maintain the integrity, efficiency, and stability of the superannuation system, ensuring that trustees, investment managers, and custodians act in the best interests of their members. This notice of disqualification under subsection 126A(6) of the SISA is issued to Ms Sharon Hardy, a responsible officer of a corporate trustee who has contravened the Act on multiple occasions, resulting in her disqualification from acting in any capacity related to superannuation entities. The disqualification aims to uphold the integrity of the superannuation system by preventing individuals with a history of non-compliance from participating in the management of superannuation funds.
Scope and Application
The Superannuation Industry (Supervision) Act 1993 (SISA) applies to responsible officers of corporate trustees who manage superannuation entities, impacting their eligibility to continue in their roles if they are found to have contravened the Act. The disqualification notice issued under this Act, as in the case of Ms Sharon Hardy, signifies that she has been disqualified due to her involvement in multiple contraventions while serving as a responsible officer. This disqualification applies nationwide, affecting her ability to be involved in the management of superannuation entities across Australia. The Act's jurisdictional reach is comprehensive, given it is a Commonwealth Act. However, it is worth noting that the Act allows for the possibility of revocation of disqualification either on the initiative of the authorities or through a written application by the disqualified person. Additionally, the Act imposes a criminal offence on disqualified persons who continue to act in the specified roles, with penalties including up to two years imprisonment. The Act also provides a mechanism for reconsideration of the disqualification decision by the Commissioner within 21 days of the notice being received.
Key Provisions
The notice of disqualification provided under subsection 126A(6) of the Superannuation Industry (Supervision) Act 1993 (SISA) informs Ms Sharon Hardy that she has been disqualified from acting as a trustee, investment manager, or custodian of a superannuation entity, or as a responsible officer of a corporate trustee. This disqualification arises from her association with a corporate trustee that has contravened the SISA on multiple occasions, which, according to the legislation, warrants her disqualification. The disqualification takes immediate effect upon the issuance of the notice.
The Act imposes several obligations on Ms Hardy, primarily that she must refrain from acting in any capacity related to superannuation entities. This includes not acting as a trustee, investment manager, or custodian of a superannuation entity, or as a responsible officer of a corporate trustee. This restriction is intended to prevent her from participating in the management of superannuation funds and thereby maintain the integrity and compliance of superannuation entities. Additionally, under section 126K, it is an offence for a disqualified person to act in any of these capacities, with the potential for a two-year jail sentence for each offence.
In the event of a breach of the disqualification, Ms Hardy may face severe legal consequences. Under section 126K of the SISA, knowingly acting in any capacity prohibited to her is an offence, carrying a maximum penalty of two years imprisonment. This highlights the seriousness with which the Act regards compliance with disqualification orders. Furthermore, the disqualification can be revoked under subsection 126A(5) either on the initiative of the Commissioner or upon a written application by Ms Hardy. If Ms Hardy is dissatisfied with the decision, she has the right to request reconsideration from the Commissioner within 21 days of receiving the notice, as outlined in section 344.