NOTICE OF DISQUALIFICATION
Superannuation Industry (Supervision) Act 1993
To:
Robert Sikaloski
RESERVOIR VIC 3073
I, James O’Halloran, 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 subsection126A(3) of the SISA.
I have disqualified you as I am satisfied that you are not a fit and proper person to be a trustee or a responsible officer of a body corporate that is a trustee, of a superannuation entity for the purposes of the SISA.
The disqualification takes effect on the day on which it is made.
Dated: 6 October 2016
James O’Halloran
Deputy Commissioner of Taxation
Per Bernard Morrison
Note 1:
Under subsection 126A(7) of the SISA, details of this disqualification notice will be published in the Commonwealth Government Notices Gazette.
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 (SISA) was enacted by the Parliament of Australia to provide for the regulation and supervision of the superannuation industry. The Act was introduced to address the need for a robust regulatory framework to ensure the integrity and efficiency of superannuation funds, protecting the interests of superannuation fund members. The policy objective of the SISA is to safeguard the superannuation system, ensuring that trustees and responsible officers act in the best interests of fund members, and to maintain public confidence in 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 are deemed unfit, thus preventing potential misconduct and financial mismanagement within the industry.
Scope and Application
The Superannuation Industry (Supervision) Act 1993 (SISA) applies to individuals and entities involved in the management of superannuation funds, specifically targeting those who are trustees or responsible officers of superannuation entities. The legislation is of Commonwealth reach and its application extends to any person or body corporate that holds a position of trust or responsibility over superannuation funds. The Act does not specify particular industries but rather focuses on the conduct and the suitability of individuals or entities managing superannuation funds. There are no stated exclusions or thresholds within the text provided, but the Act may extend its application through subordinate instruments, which could include regulations or rules further defining the scope and standards for what constitutes being a "fit and proper person" in the context of superannuation management. The disqualification of an individual, such as Robert Sikaloski, is immediate upon notification and is published in the Commonwealth Government Notices Gazette. The Act also imposes significant penalties, including potential jail time, for disqualified persons who continue to act in their former capacities, thereby reinforcing the seriousness of the disqualification.
Key Provisions
The Superannuation Industry (Supervision) Act 1993 (SISA) provides, under subsection 126A(6), a mechanism for the disqualification of individuals deemed unfit to serve as trustees or responsible officers of superannuation entities. In this case, Robert Sikaloski has been disqualified by a delegate of the Commissioner of Taxation, James O’Halloran, due to a determination that he is not a fit and proper person to hold such a position. The disqualification notice, issued under subsection 126A(3), took effect immediately upon issuance.
The SISA imposes certain obligations and requirements on the parties it governs, including trustees and responsible officers of superannuation entities. Trustees and responsible officers must ensure they meet the criteria for fitness and propriety, as failure to do so may result in disqualification. This disqualification notice is a formal notification that Robert Sikaloski is prohibited from acting in any capacity that involves the management or oversight of superannuation funds.
Section 126K of the SISA establishes the legal consequences for individuals who continue to act as trustees, investment managers, custodians, or responsible officers despite being disqualified. Such conduct is deemed an offence, with a maximum penalty of two years imprisonment. This provision underscores the importance of compliance with the SISA’s requirements and the seriousness with which the law treats breaches.
Additionally, the SISA offers avenues for the review and potential revocation of disqualifications. Under subsection 126A(5), the disqualification may be revoked either on the initiative of the Commissioner or upon a written application by the disqualified person. This provides a mechanism for rehabilitation and a chance to demonstrate suitability for future roles. Furthermore, section 344 allows for the reconsideration of the disqualification decision by the Commissioner, provided the request is made in writing within 21 days of receiving the notice, and includes the reasons for dissatisfaction with the decision.