NOTICE OF DISQUALIFICATION – Paul Andrew Holmes - 30 April 2025
Superannuation Industry (Supervision) Act 1993
To:
Paul Andrew Holmes
TULLAMARINE VIC 3043
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’ve disqualified you as I’m 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: 30 April 2025
Emma Rosenzweig
Deputy Commissioner of Taxation
Per Pamela Vincent
Note 1:
Under subsection 126A(7) of the SISA, details of this disqualification notice will be published as a Notifiable Instrument in the Federal Register of Legislation.
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 was enacted to address issues related to the supervision and regulation of the superannuation industry in Australia, aiming to protect the interests of superannuation fund members by ensuring that trustees, investment managers, and custodians comply with their obligations. This Act empowers the Commissioner of Taxation to disqualify individuals from performing certain roles within superannuation entities if they have contravened the Act's provisions. The disqualification serves as a deterrent to maintain the integrity and stability of the superannuation system. The Parliament of Australia enacted this legislation to provide a robust framework for the supervision of superannuation entities, ensuring compliance with regulatory standards and safeguarding the financial well-being of superannuation fund members. The policy objective is to maintain high standards of governance and accountability within the superannuation industry to protect the interests of superannuation fund members and maintain public confidence in the system.
Scope and Application
The Superannuation Industry (Supervision) Act 1993 (SISA) applies to responsible officers of corporate trustees in the superannuation industry, particularly targeting those who are implicated in the contravention of the Act’s provisions. The jurisdictional reach of this Act is Commonwealth-wide, meaning it applies across Australia, and its application extends to any corporate trustee and their responsible officers involved in the administration of superannuation entities. The disqualification provisions of the SISA, such as those applied in the case of Paul Andrew Holmes, are intended to ensure that individuals who have been part of multiple contraventions of the Act are barred from participating in the superannuation industry in a responsible capacity. Notably, this disqualification becomes effective immediately upon notice and is subject to potential revocation under certain conditions. Furthermore, the Act stipulates that it is an offence for a disqualified person to continue acting in a responsible capacity within the superannuation industry, with the potential penalty of up to two years imprisonment for such an offence. This legislative framework underscores the serious consequences of non-compliance within the superannuation sector.
Key Provisions
The main operative sections of the Superannuation Industry (Supervision) Act 1993 (SISA) in this context are sections 126A(2) and 126A(6). Section 126A(2) allows for the disqualification of individuals who are responsible officers of corporate trustees of superannuation entities if the corporate trustee has contravened the Act. Section 126A(6) mandates that a notice of disqualification be given to the affected individual, detailing the grounds for disqualification.
The Act imposes specific obligations on responsible officers of corporate trustees of superannuation entities, including adherence to the provisions of the SISA. If a corporate trustee contravenes the Act and the responsible officer was aware of the contravention, the responsible officer can be disqualified under section 126A. Additionally, the Act requires that details of the disqualification be published as a Notifiable Instrument in the Federal Register of Legislation under section 126A(7).
The SISA also outlines penalties and consequences for breaches. Under section 126K, it is an offence for a disqualified person to act as a trustee, investment manager, or custodian of a superannuation entity, or to be a responsible officer of such a body. The maximum penalty for this offence is two years imprisonment. Furthermore, the disqualification may be revoked under section 126A(5) either on the initiative of the Commissioner or upon a written application by the disqualified person. If a person affected by the disqualification decision is not satisfied, they may request a reconsideration from the Commissioner within 21 days of receiving the notice, as per section 344 of the SISA.