NOTICE OF DISQUALIFICATION
Superannuation Industry (Supervision) Act 1993
To:
Mrs Thi Ngoc Dung Le
MOUNT PRITCHARD NSW 2170
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: 16 October 2012
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 by the Australian Parliament to address issues and gaps in the regulation and supervision of the superannuation industry, ensuring the protection of superannuation funds and the rights of fund members. The Act provides a comprehensive framework for the supervision of trustees, investment managers, and custodians of superannuation entities, with a view to promoting efficient, honest, and responsible management of superannuation funds. The SIS Act empowers the Commissioner of Taxation to disqualify individuals from being trustees or responsible officers if there are grounds to believe they have contravened the provisions of the Act. This power is exercised to maintain the integrity of the superannuation system and to safeguard the interests of members. The enactment of the SIS Act aims to ensure that those involved in the management of superannuation funds adhere to high standards of conduct and compliance.
Scope and Application
The Superannuation Industry (Supervision) Act 1993 (SIS Act) applies to individuals and entities involved in the administration of superannuation entities, including trustees, investment managers, and custodians. Specifically, the Act governs the conduct of persons appointed to these roles, ensuring compliance with the regulations to protect superannuation funds and beneficiaries. The disqualification provisions of the Act, such as those referenced in the notice to Mrs Thi Ngoc Dung Le, empower the Commissioner of Taxation to disqualify individuals from serving as trustees or responsible officers if they are found to have contravened the Act. The jurisdictional reach of the SIS Act extends across Australia, applying uniformly at the Commonwealth level, thus impacting all states and territories. The notice given to Mrs Le, a resident of Mount Pritchard, NSW, exemplifies the Act’s application to individuals regardless of their location within Australia. The Act’s application is further extended or restricted through subordinate instruments, which may specify additional conditions or exceptions to its provisions. In this instance, the notice indicates that the disqualification is effective immediately and that there are mechanisms for reconsideration or revocation of the disqualification order.
Key Provisions
The key operative sections of the Superannuation Industry (Supervision) Act 1993 (SIS Act) pertinent to this notice of disqualification include subsection 126A(6) (requiring the delegate of the Commissioner of Taxation to give notice of the disqualification), subsection 126A(1) (authorising the disqualification of a person from holding positions in a superannuation entity due to contraventions of the Act), and subsection 126A(7) (mandating the publication of the disqualification notice in the Gazette). The notice, dated 16 October 2012, informs Mrs Thi Ngoc Dung Le that she has been disqualified from being a trustee or a responsible officer of a superannuation entity due to alleged contraventions of the SIS Act.
Under the SIS Act, Mrs Le is now prohibited from holding positions such as trustee, investment manager, or custodian for any body corporate associated with a superannuation entity. The obligations imposed on Mrs Le by this disqualification include refraining from participating in the management or administration of any superannuation fund and ensuring that any positions held are transferred or terminated within a specified period. Additionally, the Act requires that Mrs Le cooperate with any investigations or audits related to her prior role or the contraventions in question.
Failure to comply with the disqualification order may result in various legal consequences. The SIS Act provides for both civil and criminal penalties. Civilly, non-compliance could lead to fines, with specific amounts determined by the court. Criminally, Mrs Le may face imprisonment, with penalties varying depending on the severity and frequency of the contraventions. The maximum penalties for such offences are stipulated in the SIS Act, although the exact figures are not detailed in the notice itself. Mrs Le also has the right to request a reconsideration of the disqualification decision within 21 days of receiving the notice, as per section 344 of the Act.