NOTICE OF DISQUALIFICATION
Superannuation Industry (Supervision) Act 1993
To:
Tohuia Tupou
FAIRFIELD NSW 2165
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(1) of the SISA.
I have disqualified you as I am satisfied that you have contravened the SISA on one or more occasions and the seriousness of the contraventions provides grounds for disqualifying you.
The disqualification takes effect on the day on which it is made.
Dated: 9 September 2019
James O’Halloran
Deputy Commissioner of Taxation
Per Mark Webberley
Note 1:
Under subsection 126A(7) of the SISA, details of this disqualification notice will be published in the Commonwealth Government Notices Gazette.
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 Commonwealth Parliament to address the need for stringent oversight and regulation of the superannuation industry in Australia. This legislation aimed to safeguard the interests of superannuation fund members by ensuring the responsible and ethical management of their funds. The SISA introduced measures to maintain high standards of conduct among trustees, investment managers, and custodians, thereby mitigating risks and protecting members from potential financial harm. The Act's policy objective is to ensure that superannuation entities are managed with integrity and in the best interests of members, which is reflected in its provisions for disqualification of individuals who breach its standards. This legislative framework is essential for maintaining public confidence in the superannuation system and ensuring the long-term financial security of Australian retirees.
Scope and Application
The Superannuation Industry (Supervision) Act 1993 (SISA) applies to individuals and entities involved in the supervision and management of superannuation funds within Australia, including trustees, investment managers, and custodians. This act operates on a national level and is enforced by the Commissioner of Taxation, who has the authority to disqualify individuals from participating in the administration of superannuation entities if they are found to have contravened the provisions of the Act. The disqualification can be imposed if the Commissioner is satisfied that the contraventions are serious enough to warrant such a penalty. The disqualification immediately takes effect upon issuance and includes a prohibition on acting as a trustee, investment manager, or custodian of a superannuation entity, with significant legal consequences for non-compliance, including potential imprisonment. The Act also provides mechanisms for the reconsideration of disqualification decisions and the potential revocation of such disqualifications under certain conditions.
Key Provisions
The Superannuation Industry (Supervision) Act 1993 (SISA) outlines provisions for the disqualification of individuals involved in the superannuation industry. Section 126A(1) permits a delegate of the Commissioner of Taxation to disqualify an individual if they are satisfied that the individual has contravened the Act and the seriousness of the contraventions warrants disqualification. Section 126A(6) mandates that a notice of disqualification must be given to the individual, as exemplified in the notice given to Tohuia Tupou. This notice includes the grounds for disqualification and states that the disqualification takes effect immediately upon issuance.
The SISA imposes specific obligations on disqualified individuals, as noted under section 126K. It is an offence for a disqualified person, who is aware of their disqualification, to act as a trustee, investment manager, or custodian of a superannuation entity or to be a responsible officer or a body corporate in such a role. This prohibition is intended to prevent disqualified individuals from continuing to influence or manage superannuation funds, thereby protecting the interests of fund members.
Breach of these provisions can lead to serious consequences. Under section 126K, the maximum penalty for an offence is two years imprisonment. This criminal penalty underscores the gravity with which the Act treats violations of the disqualification rules. Additionally, section 344 provides a mechanism for individuals to request reconsideration of the disqualification decision if they believe it to be unjust. This request must be made in writing within 21 days of receiving the notice and must articulate the reasons for dissatisfaction with the decision.
The Act also includes provisions for the potential revocation of disqualification. According to subsection 126A(5), the disqualification may be revoked either on the initiative of the delegate or upon a written application by the disqualified individual. This provision allows for flexibility and the possibility of reinstatement, provided certain conditions are met and the grounds for disqualification no longer apply.