NOTICE OF DISQUALIFICATION
Superannuation Industry (Supervision) Act 1993
To:
Mr Tien Dung Mai
KURRALTA PARK SA 5037
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) 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 nature, seriousness and number of the contraventions provides grounds for disqualifying you.
The disqualification takes effect on the day on which it is made.
Dated: 19 May 2016
James O’Halloran
Deputy Commissioner of Taxation
Per Michael Grivell
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 to provide a regulatory framework to ensure the proper management and supervision of superannuation funds in Australia. This Act addresses the problem of inadequate oversight and management within the superannuation industry, which can lead to financial instability and breaches of trust. The SISA was introduced by the Australian Parliament with the policy objective of protecting the interests of superannuation fund members by ensuring that trustees and responsible officers comply with the legislative requirements. The Act empowers the Commissioner of Taxation to disqualify individuals from being responsible officers if they are found to have engaged in conduct that warrants such action, ensuring that the superannuation industry operates with integrity and accountability.
Scope and Application
The Superannuation Industry (Supervision) Act 1993 (SISA) applies to responsible officers of corporate trustees of superannuation entities, encompassing individuals who are entrusted with significant duties and responsibilities in managing the affairs of these entities. The Act’s jurisdiction extends nationally, covering all superannuation entities and their trustees across Australia. The notice of disqualification, as exemplified in the case of Mr. Tien Dung Mai, is issued under the authority of the Commissioner of Taxation and is effective immediately upon issuance. This Act provides a mechanism to disqualify individuals from holding responsible positions if there is a contravention of the Act by the corporate trustee, particularly when the nature, seriousness, and number of such contraventions warrant such action. The notice, once issued, is subject to publication in the Commonwealth Government Notices Gazette as per the Act’s provisions. The disqualification can be appealed or potentially revoked under certain conditions, ensuring there is a procedural safeguard for the affected individuals.
Key Provisions
The Superannuation Industry (Supervision) Act 1993 (SISA) outlines specific provisions for the disqualification of individuals who are responsible officers of corporate trustees in superannuation entities. Under section 126A(6), a delegate of the Commissioner of Taxation may disqualify an individual if they are satisfied that the corporate trustee has contravened the SISA on one or more occasions, and the individual was a responsible officer at the time of the contraventions. The disqualification takes immediate effect upon issuance, as stated in subsection 126A(2). This notice, dated 19 May 2016, serves to inform Mr. Tien Dung Mai of his disqualification under these provisions due to the nature, seriousness, and number of the contraventions committed by the corporate trustee for which he was responsible.
The Act imposes certain obligations on responsible officers of corporate trustees. These include adherence to the legal and regulatory requirements set forth in the SISA, which govern the administration, investment, and performance of superannuation entities. Responsible officers must ensure compliance with these provisions to avoid any potential contraventions that could lead to personal disqualification or other sanctions against the corporate trustee. Under section 344, any person affected by a disqualification decision may request a reconsideration from the Commissioner within 21 days of receiving the notice, provided that the request is in writing and includes the reasons for the dissatisfaction.
The SISA also specifies the potential consequences for breach of its provisions. For responsible officers, a significant consequence is the possibility of disqualification under section 126A. This disqualification means that the individual cannot hold a responsible position in any superannuation entity. Furthermore, as noted in Note 1, the particulars of such disqualification will be published in the Commonwealth Government Notices Gazette. Additionally, subsection 126A(5) provides for the potential revocation of the disqualification either on the initiative of the delegate or upon written application by the disqualified individual. The Act does not explicitly detail financial penalties or other sanctions for contraventions, but the disqualification itself serves as a significant deterrent and consequence.