NOTICE OF DISQUALIFICATION
Superannuation Industry (Supervision) Act 1993
To:
Ms Ngoc Chi Nguyen
CAMPSIE NSW 2194
I, Ivan Parrett, 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(1) of the SIS Act as I am satisfied that you have contravened the SIS Act on one or more occasions and the nature and seriousness of the contraventions provides grounds for disqualifying you.
The disqualification order takes effect on the day on which this notice is made.
Dated: 9 October 2012
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 was enacted by the Parliament of Australia to address the need for stringent regulation and oversight within the superannuation industry. This legislation aims to protect the interests of superannuation fund members by ensuring the industry operates with integrity, competence, and efficiency. The Act provides the framework for the supervision of superannuation entities and the disqualification of individuals from certain roles if they fail to meet the required standards. The policy objective behind the Act is to safeguard the retirement savings of Australians by preventing misconduct and ensuring the responsible management of superannuation funds. The Act empowers the Commissioner of Taxation to disqualify individuals from acting as trustees or responsible officers of superannuation entities if they have contravened the provisions of the Act, as evidenced by the disqualification notice issued to Ms Ngoc Chi Nguyen on 9 October 2012.
Scope and Application
The Superannuation Industry (Supervision) Act 1993 (SIS Act) applies to individuals and entities involved in the supervision of superannuation funds, including trustees, investment managers, and custodians of superannuation entities. The Act is a Commonwealth legislation and its provisions are enforceable across Australia. The Act imposes obligations on trustees, investment managers, and custodians to ensure compliance with standards set out in the legislation to protect the interests of superannuation fund members. The disqualification provisions of the Act enable the Commissioner of Taxation to disqualify individuals from acting as trustees or responsible officers if they are found to have contravened the Act. The disqualification order is effective immediately upon issuance and may be revoked under certain conditions. The Act also provides for the publication of disqualification notices in the Gazette and allows for reconsideration of the decision by the Commissioner if the affected person is dissatisfied with the outcome. The Act's application is not limited to specific industries or transactions but rather applies broadly to any person or entity involved in the management of superannuation funds.
Key Provisions
The primary operative sections relevant to this notice are subsection 126A(6) and subsection 126A(1) of the Superannuation Industry (Supervision) Act 1993 (SIS Act). Under subsection 126A(6), the delegate of the Commissioner of Taxation, Ivan Parrett, has provided Ms Ngoc Chi Nguyen with a notice of disqualification. This notice informs her that she has been disqualified from holding positions as a trustee or responsible officer in entities that manage superannuation funds. This disqualification is based on the determination under subsection 126A(1), which allows for such action if there is satisfaction that she has contravened the SIS Act in a manner that justifies the disqualification. The order takes immediate effect from the date of the notice.
The obligations and requirements imposed on Ms Ngoc Chi Nguyen by this Act include refraining from serving as a trustee or responsible officer for any body corporate involved in the management of superannuation entities. This requirement is critical to uphold the integrity and proper management of superannuation funds. Additionally, she must comply with any conditions set forth by the Commissioner of Taxation if the disqualification order is subject to review or revocation.
Failure to adhere to the disqualification can lead to significant legal consequences. The Act does not specify particular offences or penalties directly in this notice; however, general provisions within the SIS Act allow for severe penalties. These can include fines and imprisonment for breaches of the Act, reflecting the seriousness with which the legislation treats non-compliance. The maximum penalties for contraventions of the SIS Act can vary, but they are designed to deter improper conduct within the superannuation industry. Additionally, any attempt to circumvent the disqualification by continuing to act in the prohibited capacity can result in further penalties and legal action.