NOTICE OF DISQUALIFICATION
Superannuation Industry (Supervision) Act 1993
To:
Rana Meiana Te Whetu
OXENFORD QLD 4210
I, Alison Lendon, 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 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 SISA as I am satisfied that you have contravened the SISA 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: 11 April 2014
Alison Lendon
Assistant Commissioner of Taxation
Per Craig Blair
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 (SISA) was enacted to establish a regulatory framework for the supervision and administration of superannuation entities, aiming to protect the interests of superannuation fund members by ensuring that trustees and responsible officers act in the best interests of fund members and comply with the law. The SISA was introduced to address the need for stringent oversight and regulation of the superannuation industry, given the significant impact that superannuation funds have on the financial well-being of Australians. This Act was enacted by the Australian Parliament with the policy objective of enhancing the governance and accountability of superannuation entities to maintain the integrity and sustainability of the superannuation system. 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, ensuring that those entrusted with managing superannuation funds adhere to high standards of conduct and compliance.
Scope and Application
The Superannuation Industry (Supervision) Act 1993 applies to trustees, responsible officers, and other entities involved in the administration of superannuation funds in Australia. This legislation encompasses individuals and corporate bodies that serve as trustees, investment managers, or custodians of superannuation entities, ensuring compliance with stringent regulatory standards. The Act extends its jurisdictional reach across the entire Commonwealth of Australia, thus applying uniformly regardless of state or territory boundaries. The Act also provides mechanisms for exclusions or exemptions, where specific provisions allow for certain entities or individuals to be excluded from its purview under particular circumstances. The Act's scope can be further extended or restricted through subordinate legislation, enabling the creation of regulations that refine and specify the application of the primary Act. These regulations may address various aspects of superannuation fund management, including investment strategies, trustee responsibilities, and reporting requirements.
Key Provisions
The Superannuation Industry (Supervision) Act 1993 (SISA) provides the legislative framework for overseeing and regulating the superannuation industry in Australia. The primary sections relevant to this disqualification notice are subsection 126A(1) and subsection 126A(6). Under subsection 126A(1), the Commissioner of Taxation is empowered to disqualify an individual from holding certain roles within superannuation entities if there are substantial grounds to believe that the individual has contravened the SISA. Subsection 126A(6) mandates that a notice of such disqualification must be provided to the individual concerned, detailing the reasons for the decision and the effective date of the disqualification.
The Act imposes specific obligations on trustees, investment managers, and custodians of superannuation entities. These roles are subject to stringent regulatory requirements aimed at ensuring the proper management and safeguarding of superannuation funds. Trustees and responsible officers must comply with the fiduciary duties and statutory obligations outlined in the SISA, including the duty to act in the best interests of the members and to manage the funds prudently. The Act also mandates regular reporting and disclosure requirements to maintain transparency and accountability within the superannuation industry.
Failure to comply with the provisions of the SISA can result in significant consequences. Under subsection 126A(1), disqualification from holding key roles within a superannuation entity is a potential outcome. Additionally, breaches of the SISA may lead to civil or criminal penalties. For example, subsection 126A(4) specifies that a person who contravenes the Act may be liable for a civil penalty of up to $100,000 for each contravention, as outlined in section 13GA of the Act. Criminal penalties may also apply, depending on the nature and severity of the offence, with potential imprisonment terms specified under the relevant sections of the SISA. The specific penalties and consequences will depend on the exact nature of the contraventions committed by the individual.