NOTICE OF DISQUALIFICATION
Superannuation Industry (Supervision) Act 1993
To:
Philip Cook
ST LEONARDS TAS 7250
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, seriousness and number of the contraventions provides grounds for disqualifying you.
The disqualification order takes effect on the day on which this notice is made.
Dated: 22 January 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 was enacted to provide for the prudential supervision of superannuation funds, ensuring they are managed efficiently, honestly, and in the best interests of members. This legislation was introduced to address the need for a robust regulatory framework governing the administration of superannuation funds in Australia. The Act was enacted by the Parliament of Australia with the policy objective of safeguarding the interests of superannuation fund members by establishing rigorous standards for the operation and management of superannuation entities. The notice of disqualification provided under the Act highlights the serious consequences of contravening its provisions, reinforcing the importance of compliance to maintain the integrity of the superannuation industry. The issuance of such notices serves as a deterrent to potential breaches and ensures that individuals found to be in violation of the Act face appropriate disciplinary action.
Scope and Application
The Superannuation Industry (Supervision) Act 1993 applies to individuals and entities involved in the superannuation industry, including trustees, investment managers and custodians of superannuation entities. The Act operates on a national level and its provisions extend across the Commonwealth of Australia, with its reach encompassing the entire superannuation industry. The Act's scope includes the conduct and transactions of those within its jurisdiction, ensuring compliance with stringent regulatory standards. However, the Act does not specify any particular exclusions, exemptions, or thresholds within the text provided. The application and enforcement of the Act may be extended or restricted through subordinate instruments, allowing for adjustments and clarifications as necessary. The decision to disqualify an individual, as evidenced by the notice to Philip Cook, demonstrates the Act's capacity to act decisively against those who contravene its provisions.
Key Provisions
The Superannuation Industry (Supervision) Act 1993 (SIS Act) is a key piece of legislation in Australia that regulates the operation of superannuation funds. Section 126A(6) mandates the Commissioner of Taxation to notify individuals, such as Philip Cook, when they are disqualified from holding positions such as a trustee or a responsible officer in entities managing superannuation funds. This notification process is crucial as it informs the affected individual of the decision and the reasons behind it, as seen in the notice to Philip Cook from Ivan Parrett, a delegate of the Commissioner. Section 126A(1) of the Act provides the basis for disqualifying an individual from such roles if they are found to have contravened the Act on one or more occasions, with the severity of the contraventions being a key consideration.
Under the SIS Act, entities like trustees, investment managers, and custodians are required to comply with stringent standards to ensure the integrity and proper management of superannuation funds. These entities must adhere to the provisions outlined in the Act, which include maintaining adequate records, ensuring transparency in dealings, and complying with fiduciary duties. The obligations imposed by the Act are designed to protect the interests of superannuation fund members and to ensure that the funds are used for their intended purpose. The notice to Philip Cook indicates that his disqualification stems from breaches of these obligations, underscoring the importance of compliance.
The consequences of breaching the SIS Act are severe. Section 126A(7) allows for the publication of the disqualification notice in the Gazette, ensuring that the decision is made public and can affect the individual's professional standing. Additionally, section 344 provides a mechanism for the affected person to request a reconsideration of the decision within 21 days of receiving the notice. Failure to comply with the Act can also lead to further legal actions and penalties, although the specific penalties are not detailed in the notice itself. The notice, however, indicates that the disqualification order is effective immediately, highlighting the seriousness with which the Act treats non-compliance.