NOTICE OF DISQUALIFICATION – Roslyn Latham
Superannuation Industry (Supervision) Act 1993
To:
Roslyn Latham
PORT MACQUARIE NSW 2444
I, Emma Rosenzweig, 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 subsection 126A(2) of the SISA.
I have disqualified you as I am satisfied that the corporate trustee of one or more superannuation entities has contravened the SISA on one or more occasions, and at the time of the contraventions you were a responsible officer of the corporate trustee and the seriousness of the contraventions provides grounds for disqualifying you.
The disqualification takes effect on the day on which it is made.
Dated: 12 December 2022
Emma Rosenzweig
Deputy Commissioner of Taxation
Per Jaq McDougall
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 to regulate the superannuation industry, ensuring that it operates in a fair, efficient, and transparent manner. This Act was introduced to address the need for oversight and regulation of superannuation entities, trustees, and other associated roles to protect the interests of superannuation members. The SISA was enacted by the Parliament of Australia, reflecting a policy objective to safeguard the financial interests and retirement security of Australians by enforcing strict standards of conduct and compliance within the superannuation industry. The legislation provides for the supervision of superannuation entities, including the disqualification of individuals from acting as trustees or responsible officers if they are found to have contravened the provisions of the Act.
Scope and Application
The Superannuation Industry (Supervision) Act 1993 (SISA) applies to the individuals and entities involved in the management and oversight of superannuation entities in Australia. Specifically, it targets responsible officers of corporate trustees, ensuring they adhere to the regulatory standards set out in the Act. This legislation has a national jurisdictional reach, governing superannuation entities across the Commonwealth, including the states and territories. The Act imposes a disqualification on individuals like Roslyn Latham if they are found to have contravened the Act's provisions while acting in their capacity as responsible officers. Such disqualifications are significant, as they prevent the disqualified person from acting as a trustee, investment manager, or custodian of any superannuation entity. Furthermore, the Act provides for the publication of disqualification notices and stipulates severe penalties, including imprisonment, for those who knowingly contravene the disqualification order. The Act also allows for the reconsideration of disqualification decisions and the potential revocation of such disqualifications under certain conditions.
Key Provisions
The Superannuation Industry (Supervision) Act 1993 (SISA) includes specific provisions for the disqualification of individuals who have been involved in the contravention of the Act. Section 126A(2) allows for the disqualification of individuals when the corporate trustee of one or more superannuation entities has contravened the Act, and the individual was a responsible officer at the time. Section 126A(6) mandates that a delegate of the Commissioner of Taxation must provide written notice of the disqualification, as seen in the notice to Roslyn Latham. The disqualification takes immediate effect upon issuance.
The Act imposes certain obligations and requirements on parties and entities governed by it. Responsible officers of corporate trustees must ensure compliance with the SISA and avoid any actions that could lead to contraventions. They must also be aware of the consequences of such contraventions, including potential disqualification. The Act aims to maintain the integrity and proper functioning of the superannuation industry in Australia.
Failure to comply with the Act can result in criminal and civil consequences. Section 126K of the SISA criminalises the act of a disqualified person continuing to be, or act as, a trustee, investment manager, or custodian of a superannuation entity. This offence is subject to a maximum penalty of two years imprisonment. Additionally, the Act provides mechanisms for the revocation of disqualification and the reconsideration of decisions, offering some recourse for those affected by the disqualification.
The notice to Roslyn Latham is a formal notification of her disqualification under section 126A(2) of the SISA. The notice details the grounds for the disqualification, the immediate effect of the decision, and the potential for future revocation or reconsideration. It also highlights the requirement for disqualified individuals to refrain from acting in prohibited roles within the superannuation industry, with specific penalties for non-compliance as outlined in the Act.