NOTICE OF DISQUALIFICATION
Superannuation Industry (Supervision) Act 1993
To:
Mr Neil A Slater
MIDDLE PARK VIC 3206
I, James O'Halloran, 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 you have contravened the SISA on one or more occasions and the seriousness of the contravention provides grounds for disqualifying you.
The disqualification takes effect on the day on which it is made.
Dated: 25 September 2017
James O'Halloran
Deputy Commissioner of Taxation
Per Colleen Shelton
Director VIC/TAS
Superannuation Engagement Assurance
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 the effective regulation of the superannuation industry in Australia, ensuring that trustees and other industry participants adhere to high standards of conduct and compliance. This Act provides a comprehensive framework for the supervision of superannuation entities and the regulation of industry participants, thereby protecting the interests of superannuation fund members. The SISA was enacted by the Australian Parliament and its policy objective is to ensure the integrity and efficiency of the superannuation system by regulating the conduct of trustees, investment managers, custodians, and other relevant entities. The Act includes provisions for the disqualification of individuals found to have contravened its requirements, with the seriousness of the contravention providing grounds for such disqualification. This measure is intended to uphold the standards of the superannuation industry and safeguard the financial well-being of superannuation fund members.
Scope and Application
The Superannuation Industry (Supervision) Act 1993 (SISA) applies to individuals and entities within the superannuation industry in Australia, covering the conduct and transactions of trustees, investment managers, custodians, and responsible officers of superannuation entities. This Act has a national jurisdictional reach, encompassing all states and territories within the Commonwealth of Australia. The SISA provides for the disqualification of individuals found to have contravened its provisions, with the seriousness of the contravention being a determining factor in such disqualifications. This legislative framework extends its application through subordinate instruments that may detail specific enforcement mechanisms and procedural aspects of disqualifications. Notably, the Act explicitly prohibits disqualified persons from acting in any capacity that involves the management or oversight of superannuation entities, with severe penalties, including imprisonment, for non-compliance. Furthermore, provisions exist for the reconsideration of disqualification decisions and the potential revocation of such disqualifications under certain conditions.
Key Provisions
The Superannuation Industry (Supervision) Act 1993 (SISA) contains provisions for disqualifying individuals who contravene the Act. In this case, Mr. Neil A Slater has been disqualified under subsection 126A(2) of the SISA by a delegate of the Commissioner of Taxation, James O'Halloran, who has determined that Mr. Slater's contraventions are serious enough to warrant disqualification. This disqualification is effective from the day it is made. The decision to disqualify Mr. Slater is detailed in the Commonwealth Government Notices Gazette as per subsection 126A(7) of the SISA.
The SISA imposes obligations on disqualified individuals to refrain from acting in certain capacities within the superannuation industry. Specifically, section 126K of the SISA prohibits a disqualified person, who is aware of their disqualification, from being or acting as a trustee, investment manager, or custodian of a superannuation entity, or from being a responsible officer or part of a body corporate that serves in these roles for a superannuation entity. This prohibition is intended to prevent disqualified individuals from continuing to influence or manage superannuation funds.
Breach of the prohibitions outlined in section 126K of the SISA constitutes an offence under the Act. The maximum penalty for such an offence is a two-year imprisonment term, underscoring the seriousness with which the law treats violations of these provisions. Additionally, the disqualification may be revoked by the Commissioner on their own initiative or upon a written application by the disqualified individual, as per subsection 126A(5) of the SISA. If Mr. Slater wishes to contest the decision, he can request the Commissioner to reconsider it in writing within 21 days of receiving the notice, as per section 344 of the SISA.