NOTICE OF DISQUALIFICATION
Superannuation Industry (Supervision) Act 1993
To:
Ronald Snowball
MOUNT ISA CITY QLD 4825
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, or acting as:
a trustee, investment manager or custodian of a superannuation entity
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 contravention provides grounds for disqualifying you.
The disqualification order takes effect on the day on which this notice is made.
Dated: 28 January 2015
Alison Lendon
Deputy Commissioner of Taxation
Per Gerard Carney
Note 1:
In accordance with subsection 126A(7) of the SISA, particulars of this disqualification notice will be published in the Gazette.
Note 2:
In accordance with subsection 126A(5) of the SISA, we may revoke this disqualification on our own initiative or on written application made by you.
Note 3:
In accordance with section 344 of the SISA, 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 after 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 by the Parliament of Australia to address the need for rigorous oversight and regulation of the superannuation industry, aiming to protect the interests of superannuation fund members and beneficiaries. This legislation provides a framework for the supervision and regulation of superannuation entities, including trustees, investment managers, and custodians. The enactment of SISA aimed to address issues such as mismanagement, fraud, and other malpractices within the superannuation industry, thereby ensuring the financial security of retirement savings. The Act empowers the Commissioner of Taxation to disqualify individuals from acting in certain capacities within the superannuation industry if they are found to have contravened the Act. The disqualification serves as a punitive measure to deter non-compliance and uphold the integrity of the superannuation system. The policy objective underlying the SISA is to safeguard the superannuation savings of Australians by ensuring that those managing these funds adhere to high standards of conduct and accountability.
Scope and Application
The Superannuation Industry (Supervision) Act 1993 (SISA) applies to individuals and entities involved in the supervision and administration of superannuation funds within Australia. Specifically, the Act applies to trustees, investment managers, custodians, and responsible officers of bodies corporate that serve in these roles for superannuation entities. This means that the legislation targets those who have a fiduciary responsibility towards superannuation fund members, ensuring compliance with the regulatory framework designed to protect members’ retirement savings. The geographic reach of the SISA is national, as it applies across all states and territories in Australia. The Act does not specify any exclusions or exemptions, thereby ensuring a broad application to all relevant persons and entities. The SISA may extend or restrict its application through subordinate instruments, such as regulations or guidelines issued by the Commissioner of Taxation, ensuring flexibility in its enforcement and adaptation to new developments in the superannuation industry.
Key Provisions
The Superannuation Industry (Supervision) Act 1993 (SISA) contains several key provisions that govern the disqualification of individuals from certain roles within the superannuation industry. Section 126A(6) mandates that a delegate of the Commissioner of Taxation must give written notice to the disqualified person, specifying the decision to disqualify them from being a trustee, investment manager, custodian of a superannuation entity, or a responsible officer of such roles within a body corporate (subsection 126A(1)). This particular notice to Ronald Snowball, dated 28 January 2015, informs him that he has been disqualified from these roles due to contraventions of the SISA.
The Act imposes specific obligations on individuals and entities involved in superannuation management. Trustees, investment managers, custodians, and responsible officers must adhere to the legislative requirements to maintain their eligibility to perform their roles. These obligations include compliance with financial regulations, proper management of superannuation funds, and transparency in their operations. The disqualification of Ronald Snowball under subsection 126A(1) signifies a failure to meet these obligations, resulting from repeated or particularly serious contraventions of the SISA.
In terms of penalties and consequences, the Act allows for the disqualification of individuals who have breached its provisions. This disqualification is immediate upon the issuance of the notice, as stated in the notice to Ronald Snowball. Under section 126A(7) of the SISA, the particulars of such disqualification notices are published in the Gazette, ensuring transparency and public notification. Additionally, the disqualification can be revoked either by the delegate's own initiative or upon a written application from the disqualified individual, as per subsection 126A(5). For those dissatisfied with the decision, section 344 of the SISA provides a mechanism for requesting a reconsideration of the decision within 21 days of receiving the notice, provided that the request is made in writing and includes the reasons for the dissatisfaction.