NOTICE OF DISQUALIFICATION
Superannuation Industry (Supervision) Act 1993
To:
Mrs Shauna Grivell
NAIRNE SA 5252
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(2) of the SIS Act as I am satisfied that the corporate trustee has contravened the SIS Act on one or more occasions, and at the time of the contraventions you were a responsible officer of the corporate trustee and the nature, seriousness and number of the contraventions provides grounds for disqualifying you.
The disqualification order takes effect on the day on which this notice is made.
Dated: 7 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 was enacted to address the need for stringent oversight and regulation within the superannuation industry, aiming to protect the interests of superannuation fund members by ensuring that trustees and responsible officers act with integrity and compliance. This Act was introduced by the Commonwealth Parliament and is a critical legislative framework designed to maintain high standards of conduct and compliance in the management of superannuation funds. The policy objective of the Act is to safeguard the financial well-being of superannuation fund members by imposing strict regulatory measures on trustees and responsible officers, including the power to disqualify individuals found to have breached the Act's provisions. This legislative approach is intended to deter non-compliance and to provide a robust mechanism for enforcing the standards necessary to maintain trust and confidence in the superannuation system.
Scope and Application
The Superannuation Industry (Supervision) Act 1993 (SIS Act) applies to individuals and corporate bodies that act as trustees, investment managers, or custodians of superannuation entities. This legislation encompasses a wide range of entities, including companies, partnerships, and individuals who are responsible officers of such bodies. The Act extends its jurisdiction across the Commonwealth of Australia, thereby impacting superannuation practices on a national level. The scope of the Act includes the regulation of the conduct and transactions within the superannuation industry to ensure compliance with the standards set forth to protect the interests of superannuation fund members. The Act includes provisions for disqualifying individuals from holding positions of responsibility in superannuation entities if they are found to have contravened its provisions, as demonstrated in the notice to Mrs Shauna Grivell. Additionally, the Act allows for the extension and restriction of its application through subordinate instruments, such as regulations and guidelines, to adapt to the evolving landscape of the superannuation industry.
Key Provisions
The Superannuation Industry (Supervision) Act 1993 (SIS Act) contains provisions that enable the Commissioner of Taxation to disqualify individuals from acting as trustees or responsible officers of superannuation entities. Specifically, section 126A(6) mandates the issuance of a notice of disqualification when certain conditions are met, as seen in the notice provided to Mrs Shauna Grivell. Under section 126A(2) of the SIS Act, the decision to disqualify a person is based on their involvement with a corporate trustee that has contravened the Act, where the individual was a responsible officer at the time of the contraventions, and the nature, seriousness, and number of the contraventions justify the disqualification. The disqualification order becomes effective on the date the notice is issued.
The Act imposes specific obligations on the parties it governs, requiring transparency and accountability. Trustees and responsible officers of superannuation entities must adhere to the provisions of the SIS Act and ensure that their conduct and the conduct of the entities they manage comply with the law. The notice to Mrs Grivell highlights the Commissioner’s role in monitoring compliance and taking action when necessary. It is also noted that this disqualification order will be published in the Gazette as per subsection 126A(7) of the SIS Act. Additionally, section 344 of the Act provides a mechanism for Mrs Grivell to request a reconsideration of the decision if she is dissatisfied with the outcome.
In terms of consequences for breach, the SIS Act sets out both civil and criminal penalties. For civil penalties, the Act may impose fines that can be significant, depending on the severity and nature of the contravention. Criminal penalties can include imprisonment, reflecting the seriousness of the offences. The maximum penalties are determined by the specific provisions of the Act that have been breached and are detailed in the relevant sections. The disqualification itself is a severe consequence, effectively barring the individual from participating in the management of superannuation entities, thereby protecting the interests of superannuation fund members.