NOTICE OF DISQUALIFICATION
Superannuation Industry (Supervision) Act 1993
To:
Mr Richard Grice
WAIKIKI WA 6169
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: 29 October 2012
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 address the need for regulation and oversight of the superannuation industry in Australia, ensuring that trustees and responsible officers act in the best interests of superannuation fund members. This Act, passed by the Australian Parliament, aims to maintain the integrity of the superannuation system and protect the interests of superannuation fund members by providing a framework for the supervision and regulation of the industry. The notice provided under this Act informs individuals of their disqualification from holding positions of responsibility within superannuation entities due to contraventions of the Act, with provisions for potential revocation and review of such disqualifications.
Scope and Application
The Superannuation Industry (Supervision) Act 1993 (SIS Act) applies to individuals and entities involved in the supervision and management of superannuation funds, specifically targeting trustees, investment managers, and custodians. The Act is designed to ensure the proper administration and compliance of superannuation entities, and it extends its application across the Commonwealth of Australia. The disqualification powers under subsection 126A of the SIS Act allow for the exclusion of individuals from roles as trustees or responsible officers if there are grounds to believe they have contravened the Act. The decision to disqualify Mr Richard Grice from his position was made by a delegate of the Commissioner of Taxation, Ivan Parrett, based on substantiated evidence of contraventions that warrant such action. The disqualification is effective immediately upon the issuance of the notice, and particulars of this decision will be published in the Gazette. Furthermore, the Act provides avenues for reconsideration and potential revocation of the disqualification order, ensuring procedural fairness and the right to be heard.
Key Provisions
The key provision of this notice is the disqualification order made under subsection 126A(1) of the Superannuation Industry (Supervision) Act 1993 (SIS Act). This subsection allows for the disqualification of individuals from being a trustee or a responsible officer of a body corporate that is a trustee, investment manager or custodian, of a superannuation entity if certain conditions are met. Here, Mr Richard Grice has been disqualified due to multiple contraventions of the SIS Act.
The obligations imposed on Mr Grice by this disqualification order are quite stringent. Firstly, he is prohibited from acting as a trustee or responsible officer in any capacity for any superannuation entity. This includes managing or handling the investments, assets, or funds of superannuation entities, ensuring compliance with the Act’s stringent regulatory framework. His responsibilities and duties as outlined in his previous roles are now void, and he must cease any related activities immediately.
Failure to comply with this disqualification order can result in serious consequences. While the exact nature of potential offences and penalties are not detailed in the notice, the SIS Act generally provides for both civil and criminal penalties for breaches. Civil penalties can include fines up to $21,000 for individuals and significantly higher amounts for body corporates, while criminal penalties can include imprisonment terms and additional fines. The seriousness of these consequences underscores the importance of adhering to the disqualification order and the broader requirements of the SIS Act.