NOTICE OF DISQUALIFICATION
Superannuation Industry (Supervision) Act 1993
To:
MISS MY TRINH DO
CLAYTON SOUTH VIC 3169
I, Ivan Parrett 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 seriousness of the contraventions provides grounds for disqualifying you.
The disqualification order takes effect on the day on which this notice is made.
Dated: 17 April 2013
Ivan Parrett
Assistant Commissioner of Taxation
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 issues and gaps within the regulation of the superannuation industry in Australia. The legislation was introduced by the Australian Parliament to ensure the protection of superannuation funds and the interests of superannuation fund members. The SIS Act provides the Commissioner of Taxation with the authority to disqualify individuals from holding positions such as trustee or responsible officer in entities managing superannuation funds if they have breached the provisions of the Act and the seriousness of the contraventions justifies such action. This mechanism is designed to maintain the integrity and proper administration of superannuation entities. The Act aims to safeguard the financial security of Australians by ensuring that those responsible for managing superannuation funds adhere to the regulatory standards set out by the legislation.
Scope and Application
The Superannuation Industry (Supervision) Act 1993 (SIS Act) applies to individuals and entities involved in the management of superannuation entities, including trustees, investment managers, and custodians. The Act is designed to ensure the proper administration and supervision of superannuation funds within Australia, and its provisions cover a wide range of conduct and transactions related to superannuation entities. The geographic reach of the SIS Act is national, applying across the Commonwealth of Australia, including states, territories, and all relevant entities operating within these jurisdictions. The disqualification provisions under subsection 126A(6) of the SIS Act allow for the removal of individuals from their roles as trustees or responsible officers if they are found to have contravened the Act, particularly when the seriousness of the contraventions warrants such action. The disqualification order is effective from the date of the notice, and particulars of the disqualification may be published in the Gazette as required by the Act. There are also provisions for the revocation of the disqualification order and the reconsideration of decisions by the Commissioner of Taxation.
Key Provisions
The Superannuation Industry (Supervision) Act 1993 (SIS Act) includes provisions for the disqualification of individuals who have contravened the Act in a manner that warrants such a penalty. Specifically, section 126A (subsection 126A(6)) requires the Commissioner of Taxation to issue a notice of disqualification to any person who has been disqualified from holding positions such as trustee or responsible officer of a body corporate involved in superannuation entities. This decision is made when the Commissioner is satisfied that the individual has breached the SIS Act and the seriousness of the breach justifies disqualification. The disqualification takes immediate effect upon the issuance of the notice, as indicated in the document dated 17 April 2013.
The obligations imposed by the SIS Act on the affected parties, such as Miss My Trinh Doc, include compliance with all provisions of the Act to avoid potential disqualification. As a trustee or responsible officer of a superannuation entity, Miss Doc is required to adhere strictly to the regulations set forth by the SIS Act. This involves ensuring proper management and administration of superannuation funds, transparency in dealings, and adherence to ethical standards. Any failure to comply with these obligations can lead to investigations, which, if found to be in breach, may result in disqualification.
The SIS Act also outlines consequences for breaches of its provisions. Under section 126A, an individual found to have contravened the Act can be disqualified from holding certain positions within superannuation entities. This is a significant penalty as it directly affects the individual's professional capacity and reputation. Furthermore, subsection 126A(7) mandates that particulars of such disqualification orders be published in the Gazette, thereby making the disqualification public knowledge. Additionally, section 344 provides a recourse for the affected individual to request a reconsideration of the disqualification decision within 21 days of receiving notice, provided they submit a written request outlining the reasons for their dissatisfaction.