NOTICE OF DISQUALIFICATION
Superannuation Industry (Supervision) Act 1993
To:
Ross Campbell
PERTH WA 6000
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 and seriousness of the contraventions provides grounds for disqualifying you.
The disqualification order takes effect on the day on which this notice is made.
Dated: 20 May 2013
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 (SIS Act) was enacted to ensure that the superannuation industry is regulated to protect the interests of superannuation fund members. The Act was introduced to address the need for oversight and accountability in the management of superannuation funds, ensuring that trustees and responsible officers act in the best interests of fund members. This legislation is overseen by the Parliament of Australia, with the policy objective of maintaining the integrity and stability of the superannuation system. The Act empowers the Commissioner of Taxation to disqualify individuals from holding certain positions within superannuation entities if they are found to have contravened the provisions of the Act. This disqualification is a significant measure aimed at preventing individuals with a history of non-compliance from managing superannuation funds, thereby safeguarding the financial well-being of fund members.
Scope and Application
The Superannuation Industry (Supervision) Act 1993 (SIS Act) applies to trustees, responsible officers, and other persons or entities involved in the administration of superannuation funds, including trustees, investment managers, or custodians of superannuation entities. This Act operates at the Commonwealth level, thereby extending its jurisdictional reach across Australia. The Act specifically targets the conduct of individuals and entities within the superannuation industry, ensuring compliance with the regulatory standards set forth to protect the interests of superannuation fund members. The disqualification of a person such as Ross Campbell from acting as a trustee or responsible officer is a direct application of the Act’s provisions, reflecting its serious intent to enforce compliance and maintain the integrity of superannuation fund management. Any person who is affected by such a disqualification decision has the right to request a reconsideration of the decision within 21 days of receiving notice. Subordinate instruments may further extend or clarify the application of the Act, though the primary legislation itself establishes the fundamental framework and scope of its reach.
Key Provisions
The notice of disqualification issued under the Superannuation Industry (Supervision) Act 1993 (SIS Act) addresses Ross Campbell, a resident of Perth, WA. Pursuant to subsection 126A(6) of the SIS Act, Ivan Parrett, a delegate of the Commissioner of Taxation, informs Ross that he has been disqualified from serving as a trustee or responsible officer of any body corporate that manages superannuation entities such as trustees, investment managers, or custodians. This decision has been made because Ivan is satisfied that Ross has contravened the SIS Act on multiple occasions, with the nature and seriousness of these contraventions warranting his disqualification. The disqualification order comes into effect immediately upon the issuance of this notice, as stated in the notice itself.
Under the SIS Act, the primary obligations imposed on individuals like Ross include adherence to the legislative provisions governing the superannuation industry. As a trustee or responsible officer, Ross would have been expected to comply with fiduciary duties, manage funds prudently, and act in the best interests of the beneficiaries. Any breaches of these duties or the specific provisions of the SIS Act could result in significant consequences, as evidenced by this disqualification order.
The SIS Act stipulates various offences and penalties for contraventions, which can result in both civil and criminal consequences. In Ross's case, his disqualification is a direct result of his contraventions of the Act. The Act allows for the disqualification of individuals found to have breached its provisions, effectively barring them from any role in the management of superannuation entities. This serves as a deterrent to non-compliance and ensures the integrity and proper functioning of the superannuation industry. Additionally, the Act provides avenues for appeal and reconsideration, as noted in section 344, allowing affected parties to challenge the decision within a specified period.