NOTICE OF DISQUALIFICATION
Superannuation Industry (Supervision) Act 1993
To:
Mr Noel Juarez
BLACKTOWN NSW 2148
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: 4 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 by the Parliament of Australia to address issues and gaps in the supervision and regulation of the superannuation industry. This legislation was introduced to ensure that trustees and responsible officers of superannuation entities adhere to the stipulated standards of conduct and compliance, thereby protecting the interests of superannuation fund members. The Act empowers the Commissioner of Taxation to disqualify individuals from acting as trustees or responsible officers if there are grounds to believe they have contravened the Act. The policy objective of the SIS Act is to maintain the integrity and stability of the superannuation system by preventing individuals with a history of non-compliance from holding positions of trust and responsibility within the industry.
Scope and Application
The Superannuation Industry (Supervision) Act 1993 (SIS Act) applies to individuals and entities involved in the administration of superannuation funds within Australia, including trustees, investment managers, and custodians of superannuation entities. The Act provides for the regulation and supervision of the superannuation industry to ensure the protection of superannuation benefits. The disqualification provisions, such as those referenced in the notice, apply to individuals who have contravened the provisions of the SIS Act, and the delegate of the Commissioner of Taxation has the authority to disqualify such individuals from being a trustee or a responsible officer of a body corporate that is involved in the management of superannuation entities. The disqualification order has a national reach, applying across Australia, and there are no stated exclusions or exemptions within the notice itself, though the Act may provide for certain exclusions or exemptions in other provisions. The application of the SIS Act may be extended or restricted through subordinate instruments, such as regulations or guidelines, which may provide further detail on the operation of the Act.
Key Provisions
The Superannuation Industry (Supervision) Act 1993 (SIS Act) includes provisions that allow for the disqualification of individuals from holding positions of trust or responsibility within superannuation entities (section 126A). In this case, Mr Noel Juarez has been disqualified by Ivan Parrett, a delegate of the Commissioner of Taxation, under subsection 126A(1) of the SIS Act. This decision was made due to Mr Juarez's contravention of the SIS Act on one or more occasions, which the delegate believes to be serious enough to warrant such action. The disqualification order takes immediate effect as of the date the notice is issued (subsection 126A(6)).
The Act imposes specific obligations on Mr Juarez, primarily prohibiting him from acting as a trustee or responsible officer of a body corporate that manages superannuation funds. This includes roles such as trustee, investment manager, or custodian of a superannuation entity. By virtue of the disqualification, Mr Juarez is legally barred from engaging in activities that involve managing or overseeing superannuation funds, which are critical roles in ensuring the financial well-being and security of superannuation beneficiaries.
Breaching the provisions of the SIS Act that led to this disqualification can result in severe consequences. The Act does not explicitly state the maximum penalties within the notice; however, breaches of the SIS Act can generally lead to substantial fines and, in severe cases, imprisonment. Civil and criminal penalties are designed to enforce compliance and deter future misconduct. Furthermore, the decision to disqualify Mr Juarez can be revoked under certain conditions, such as upon his own written application or at the delegate's discretion (subsection 126A(5)). Additionally, Mr Juarez has the right to request a reconsideration of the disqualification decision within 21 days of receiving the notice, provided he submits a written request outlining his reasons for dissatisfaction (section 344).