NOTICE OF DISQUALIFICATION
Superannuation Industry (Supervision) Act 1993
To:
Mr Thinh Paul High
CANLEY VALE NSW 2166
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: 9 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 was enacted by the Parliament of Australia to address significant governance and compliance issues within the superannuation industry. The Act was introduced to provide a robust regulatory framework that ensures the proper management and oversight of superannuation funds, aiming to protect the interests of fund members and maintain the integrity of the superannuation system. The disqualification notice issued under this Act to Mr Thinh Paul High exemplifies its application, where an individual is barred from holding positions of trust or responsibility within superannuation entities due to contraventions of the Act. The policy objective underpinning this legislative measure is to deter misconduct and ensure that those who manage superannuation funds adhere to the highest standards of conduct and compliance.
Scope and Application
The Superannuation Industry (Supervision) Act 1993 applies to a range of persons and entities within the superannuation industry, including trustees, investment managers, and custodians of superannuation entities. The Act imposes responsibilities on these individuals and entities to comply with various provisions aimed at safeguarding the interests of superannuation fund members. The scope of the Act extends nationally, given it is a Commonwealth Act, and therefore applies uniformly across all states and territories of Australia. The Act includes provisions for disqualification of individuals from certain roles if there are breaches of the Act, as demonstrated in the notice to Mr Thinh Paul High, which is a direct application of the legislative authority provided under the Act. Any individual or entity contravening the Act may face penalties, including disqualification from managing superannuation entities. The Act may be further refined or extended through subordinate instruments, such as regulations or guidelines, although the primary legislative text sets out the core obligations and sanctions.
Key Provisions
The primary sections of the Superannuation Industry (Supervision) Act 1993 (SIS Act) relevant to this notice include sections 126A, 126A(1), and 126A(6). Under section 126A(1), the Commissioner of Taxation or their delegate can disqualify an individual from being a trustee or responsible officer of a superannuation entity if they are satisfied that the individual has contravened the SIS Act. The notice given to Mr Thinh Paul High under section 126A(6) specifies that the disqualification takes effect on the date the notice is made. This notice informs Mr High that he has been disqualified from holding any position of trust or responsibility within a superannuation entity due to multiple contraventions of the SIS Act, which the Commissioner considers serious enough to warrant such a measure.
The obligations imposed by the SIS Act on individuals like Mr High include adherence to the Act's provisions, ensuring compliance with all relevant regulations and standards governing superannuation entities. As a trustee or responsible officer, Mr High would be expected to manage funds responsibly, maintain proper records, and ensure that the superannuation entity operates within the legal framework set out by the Act. The Act mandates these individuals to act in the best interests of the members of the superannuation fund, which includes avoiding conflicts of interest and ensuring transparency in their dealings.
Failure to comply with the SIS Act can lead to significant consequences. As stated in the notice, Mr High has been disqualified from any role within a superannuation entity. Additionally, under section 126A(7) of the SIS Act, the particulars of this disqualification will be published in the Gazette, thereby informing the public of his disqualification. The Act also provides a mechanism for Mr High to apply for reconsideration of the decision within 21 days, as outlined in section 344 of the SIS Act. Should he choose to appeal, he must provide written reasons for his dissatisfaction with the decision. The notice serves as a formal warning and highlights the seriousness of the contraventions that led to his disqualification.