NOTICE OF DISQUALIFICATION
Superannuation Industry (Supervision) Act 1993 (SISA)
To:
Stephen Lewis Matthews
WESTLEIGH NSW 2120
I, James O’Halloran, 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) and 126A(3) 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.
I am satisfied that you are not a fit and proper person to be a responsible officer of a body corporate that is a trustee of a superannuation entity for the purposes of the SISA.
The disqualification takes effect on the day on which it is made.
Dated: 20 January 2016
James O’Halloran
Deputy Commissioner of Taxation
Per Michael Lazzaroni
Note 1:
In accordance with subsection 126A(7) of the SISA, particulars of this disqualification notice will be published in the Commonwealth Government Notices 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 effective oversight and regulation of the superannuation industry. This legislation was introduced to ensure the proper administration and management of superannuation funds, thereby protecting the interests of superannuation fund members. The SISA provides the Commissioner of Taxation with powers to disqualify individuals from being responsible officers of corporate trustees if they are not deemed fit and proper, particularly in cases where the corporate trustee has contravened the Act. The policy objective of the SISA is to maintain high standards of conduct and compliance within the superannuation industry, ensuring that trustees act in the best interests of their members. The disqualification of an individual under this Act serves as a regulatory measure to uphold these standards and deter non-compliance.
Scope and Application
The Superannuation Industry (Supervision) Act 1993 (SISA) applies to responsible officers of corporate trustees managing superannuation entities, ensuring that individuals overseeing these entities meet certain fitness and propriety standards. This Act specifically targets those who have been found to have contravened the provisions of SISA and who, at the time of such contraventions, were responsible officers of the corporate trustee. The decision to disqualify a person is made when there are serious grounds to believe that they are not fit and proper to continue in their role, given the nature and seriousness of the contraventions. The jurisdictional reach of this Act is national, as it is a Commonwealth Act, applying across Australia. There are no exclusions explicitly stated within the text of this notice, but the application of the Act can be extended or restricted through subordinate instruments such as regulations or guidelines issued by the Commissioner of Taxation. The disqualification of Stephen Lewis Matthews takes immediate effect, highlighting the seriousness with which the Act treats breaches of its provisions.
Key Provisions
The notice issued under subsection 126A(6) of the Superannuation Industry (Supervision) Act 1993 (SISA) informs Stephen Lewis Matthews that he has been disqualified from being a responsible officer of a corporate trustee of a superannuation entity. The decision to disqualify is based on the delegate's satisfaction that the corporate trustee contravened the SISA on multiple occasions while Matthews was a responsible officer, and that the seriousness of these contraventions justifies the disqualification. The disqualification takes immediate effect on the date of the notice.
Under the SISA, the obligations for responsible officers of corporate trustees include ensuring compliance with the Act and its regulations, maintaining proper records, and acting in the best interests of the superannuation entity's members. Failure to meet these obligations can lead to personal disqualification. The Act imposes a stringent standard of conduct on those who manage superannuation funds, as they are expected to uphold the highest standards of integrity and competence.
The Act provides for both civil and criminal consequences for breaches. Under section 126A, a person who contravenes the Act can be disqualified from being a responsible officer, which is a significant restriction on their professional activities. The notice itself also states that the particulars of the disqualification will be published in the Commonwealth Government Notices Gazette, adding a public dimension to the consequences of non-compliance. Additionally, section 344 of the SISA allows the Commissioner to reconsider the disqualification decision if the affected person submits a written request within 21 days, providing reasons for the reconsideration.
In summary, the notice serves to inform Matthews of his disqualification and the reasons behind it, while also outlining the legal framework and potential recourse available under the SISA. The disqualification is a powerful tool used to enforce compliance and maintain the integrity of the superannuation industry.