NOTICE OF DISQUALIFICATION
Superannuation Industry (Supervision) Act 1993
To:
Mrs Rachael Lauano
PRESTONS NSW 2170
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: 17 June 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 to regulate the superannuation industry in Australia, ensuring that the interests of superannuation fund members are protected. This legislation addresses the problem of inadequate supervision and management within the superannuation industry, aiming to maintain the integrity and efficiency of the system. The Act was passed by the Parliament of Australia and includes provisions for the regulation of trustees, investment managers, and custodians of superannuation entities. The policy objective is to safeguard the retirement savings of Australians by imposing stringent compliance and governance standards on entities within the superannuation sector. The Act empowers the Commissioner of Taxation to disqualify individuals from holding responsible positions within these entities if they are found to have contravened the provisions of the Act, as demonstrated in the disqualification notice issued to Mrs Rachael Lauano under subsection 126A(6) of the SIS Act.
Scope and Application
The Superannuation Industry (Supervision) Act 1993 (SIS Act) applies to individuals and entities involved in the management and administration of superannuation entities, including trustees, investment managers, and custodians. The Act aims to protect the interests of superannuation fund members by regulating the conduct of those involved in the superannuation industry. The geographic and jurisdictional reach of the Act is national, applying across Australia, including the Commonwealth, states, and territories. The Act extends its application through subordinate instruments that provide further details and regulations on specific aspects of superannuation governance and compliance. Exclusions or exemptions from the Act's provisions are limited and generally pertain to specific circumstances outlined in the Act or related regulations. In this instance, the notice of disqualification under subsection 126A(6) of the SIS Act pertains to Mrs Rachael Lauano, who has been disqualified from serving as a trustee or a responsible officer due to contraventions of the Act, with the disqualification taking effect immediately upon the notice being made.
Key Provisions
The primary operative sections of the notice are found within subsection 126A(6) and subsection 126A(1) of the Superannuation Industry (Supervision) Act 1993 (SIS Act). Subsection 126A(6) mandates that a delegate of the Commissioner of Taxation must provide a notice of disqualification to the individual concerned, detailing the reasons and the effect of the disqualification. Under subsection 126A(1), the delegate is empowered to disqualify an individual from holding a position as a trustee or responsible officer of a superannuation entity if they are satisfied that the individual has contravened the SIS Act and that such contraventions justify the disqualification. The disqualification order takes immediate effect upon issuance of the notice.
The Act imposes several obligations on the parties it governs. Trustees and responsible officers of superannuation entities must adhere to the provisions of the SIS Act to avoid potential disqualification. This includes compliance with all legal and regulatory requirements pertinent to the management of superannuation funds. The delegate of the Commissioner of Taxation has the authority to monitor and enforce compliance, and to disqualify individuals who breach the Act.
There are civil and criminal consequences for breaching the provisions of the SIS Act. Section 126A allows for the disqualification of individuals from managing superannuation entities, as evidenced in the notice issued to Mrs Rachael Lauano. Such disqualification can have significant implications for the individual's professional career and reputation within the superannuation industry. Additionally, further breaches or non-compliance may lead to more severe penalties, including fines and potential imprisonment, depending on the nature and severity of the contravention. The specific penalties are not detailed in the notice but are outlined in other sections of the SIS Act.