NOTICE OF DISQUALIFICATION – Svitlana Holme - 30 July 2024
Superannuation Industry (Supervision) Act 1993
To:
Svitlana Holme
Edmonton QLD 4869
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’ve disqualified you as I’m 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: 30 July 2024
Emma Rosenzweig
Deputy Commissioner of Taxation
Per Jenny McGuire
Note 1:
Under subsection 126A(7) of the SISA, details of this disqualification notice will be published as a Notifiable Instrument in the Federal Register of Legislation.
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 Parliament of Australia to address significant governance and compliance issues within the superannuation industry. This legislation seeks to protect the interests of superannuation fund members by imposing stringent oversight and regulatory requirements on trustees, investment managers, and custodians of superannuation entities. The Act was introduced to fill a critical gap in ensuring that superannuation funds are managed with the highest standards of integrity and accountability. The policy objective is to safeguard the financial well-being of superannuation fund members by preventing misconduct and ensuring that responsible officers within superannuation entities adhere to the law. The legislative framework established by the SISA includes provisions for disqualifying individuals from performing key roles within superannuation entities if they are found to have engaged in serious misconduct.
Scope and Application
The Superannuation Industry (Supervision) Act 1993 (SISA) applies to responsible officers of corporate trustees in the superannuation industry, ensuring that they adhere to regulatory standards and legal requirements. The Act imposes a disqualification mechanism, as evidenced in the notice to Svitlana Holme, who has been disqualified due to the contravention of the SISA by the corporate trustee of one or more superannuation entities while she was a responsible officer. This legislative measure extends its reach to the national level, applying across Australia, and is overseen by the Commissioner of Taxation. The disqualification is significant as it prohibits the disqualified person from acting in specific capacities within the superannuation sector, such as being a trustee, investment manager, or custodian of a superannuation entity, with serious legal repercussions, including potential imprisonment. The Act also provides mechanisms for disqualification to be revoked and for reconsideration of decisions, ensuring procedural fairness to those affected.
Key Provisions
The Superannuation Industry (Supervision) Act 1993 (SISA) includes specific provisions concerning the disqualification of individuals from certain roles within superannuation entities. Section 126A(2) allows for the disqualification of a person from acting as a responsible officer of a corporate trustee if there is evidence that the corporate trustee has contravened the SISA. In this case, Svitlana Holme has been disqualified under subsection 126A(6) because she was a responsible officer at the time of the contraventions, and the seriousness of the contraventions warranted her disqualification. This disqualification takes effect immediately upon issuance, as stated in the notice dated 30 July 2024.
The obligations imposed on Svitlana Holme by this disqualification are clear and stringent. Under section 126K of the SISA, it is an offence for a disqualified person to act as a trustee, investment manager, custodian, or responsible officer of a superannuation entity. This means that Svitlana is legally prohibited from taking on any role that involves managing or overseeing the financial affairs of a superannuation fund. Failure to comply with this prohibition could lead to severe legal consequences, including potential criminal charges.
Furthermore, the Act provides mechanisms for the potential revocation of a disqualification notice. According to subsection 126A(5) of the SISA, the disqualification can be revoked either on the initiative of the relevant authority or upon a written application by the disqualified person. This provides Svitlana with an opportunity to seek relief if she believes the disqualification was unjust or if circumstances have changed that warrant reconsideration. Additionally, section 344 of the SISA allows Svitlana to request the Commissioner to reconsider the decision within 21 days of receiving the notice, provided she submits a written request explaining why she believes the decision is incorrect. This offers a formal avenue for appeal and potential rectification of what she considers an unjust outcome.