NOTICE OF DISQUALIFICATION – SHAUN PRAKISCH
Superannuation Industry (Supervision) Act 1993
To:
SHAUN PRAKISCH
CLAREMONT MEADOWS NSW 2747
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: 14 September 2023
Emma Rosenzweig
Deputy Commissioner of Taxation
Per Ravi Narayanan
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 Australian Parliament to address the need for regulation and oversight within the superannuation industry. This Act provides the legislative framework to ensure the proper management and supervision of superannuation entities, aiming to protect the interests of superannuation fund members. The disqualification notice issued under this Act highlights its role in preventing individuals who have demonstrated a serious breach of the Act from holding responsible positions within superannuation entities. The policy objective is to maintain integrity within the superannuation industry by ensuring that only suitably qualified and compliant individuals manage superannuation funds, thereby safeguarding the financial security of superannuation members. The disqualification of Shaun Prakisch is an example of this legislative intent in action, reinforcing the Act's commitment to upholding high standards of conduct within the sector.
Scope and Application
The Superannuation Industry (Supervision) Act 1993 (SISA) applies to individuals and corporate trustees involved in the administration of superannuation entities in Australia. The Act covers the financial conduct of trustees, their responsible officers, and other related entities, ensuring compliance with statutory obligations designed to protect superannuation funds. The Act's jurisdictional reach extends across the Commonwealth, impacting all superannuation entities operating within Australia. This disqualification notice specifically targets Shaun Prakisch, who has been disqualified due to his role as a responsible officer during instances where the corporate trustee of one or more superannuation entities contravened the SISA. The notice indicates that the disqualification is effective immediately, prohibiting Mr. Prakisch from acting as a trustee, investment manager, or custodian of any superannuation entity. Additionally, the Act includes provisions for the publication of such disqualification notices in the Commonwealth Government Notices Gazette and outlines severe penalties, including up to two years imprisonment, for any disqualified person who continues to engage in the prohibited conduct.
Key Provisions
The Superannuation Industry (Supervision) Act 1993 (SISA) includes several provisions that govern the disqualification of individuals from managing superannuation entities. Specifically, section 126A(2) allows for the disqualification of responsible officers of corporate trustees who are found to have contravened the SISA, with subsection 126A(6) requiring the Commissioner of Taxation to notify the individual in question. This notice, as demonstrated in the document, informs Shaun Prakisch that he has been disqualified under these provisions because he was a responsible officer when the corporate trustee contravened the SISA.
The Act imposes certain obligations on the parties it governs, such as requiring responsible officers to ensure compliance with the SISA. If a corporate trustee contravenes the Act, any responsible officer at the time of the contravention may face disqualification. This disqualification is intended to prevent individuals involved in serious contraventions from continuing to manage superannuation entities.
In terms of consequences for breach, section 126K of the SISA outlines that it is an offence for a disqualified person to act as a trustee, investment manager, or custodian of a superannuation entity. This offence carries a maximum penalty of two years imprisonment, as stated in Note 2 of the document. Furthermore, under subsection 126A(5), the disqualification may be revoked either by the Commissioner of Taxation on their own initiative or upon written application by the disqualified person. Additionally, section 344 of the SISA provides an avenue for reconsideration of the disqualification decision by the Commissioner, provided the request is made in writing within 21 days of receiving the notice of the decision.