NOTICE OF DISQUALIFICATION – Trevelyn Thumbiran
Superannuation Industry (Supervision) Act 1993
To:
Trevelyn Thumbiran
KENTHURST NSW 2155
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 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 seriousness of the contraventions provides grounds for disqualifying you.
The disqualification takes effect on the day on which it is made.
Dated: 5 September 2023
Emma Rosenzweig
Deputy Commissioner of Taxation
Per Karen Taylor
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 to address significant issues and gaps in the regulation and supervision of the superannuation industry in Australia. The legislation aimed to ensure that superannuation entities were managed responsibly and in the best interests of their members. The SISA was introduced by the Commonwealth Parliament to provide a robust regulatory framework to oversee the conduct of trustees, investment managers, and custodians within the superannuation industry. The policy objective was to safeguard the retirement savings of Australians by enforcing strict compliance with the regulations, thereby maintaining the integrity and stability of the superannuation system. The Act empowers the Commissioner of Taxation to disqualify individuals who have been involved in serious contraventions of the Act while serving as responsible officers, thereby preventing them from holding positions of responsibility within the industry.
Scope and Application
The Superannuation Industry (Supervision) Act 1993 (SISA) applies to individuals and corporate entities involved in the supervision and administration of superannuation funds, including trustees, investment managers, and custodians. Specifically, the Act imposes obligations and restrictions on responsible officers of corporate trustees who are involved in the management of superannuation entities. The scope of the Act is national, covering the entire Commonwealth of Australia, thereby ensuring consistent regulation of the superannuation industry across state and territory boundaries. The Act provides for the disqualification of individuals from acting in specified roles if they are found to have contravened its provisions, with the disqualification being effective immediately upon issuance. This legislative framework is designed to maintain the integrity and proper functioning of the superannuation system by preventing individuals with a history of serious contraventions from continuing in responsible positions within superannuation entities. Additionally, the Act includes provisions for the publication of disqualification notices in the Commonwealth Government Notices Gazette, enhancing transparency and accountability within the industry.
Key Provisions
The notice of disqualification under subsection 126A(6) of the Superannuation Industry (Supervision) Act 1993 (SISA) informs Trevelyn Thumbiran that they have been disqualified from acting in certain capacities within the superannuation industry. The disqualification stems from a determination that the corporate trustee of one or more superannuation entities has breached the SISA, with Trevelyn Thumbiran being a responsible officer during these contraventions. The seriousness of these contraventions justifies the disqualification, which becomes effective immediately upon issuance of the notice (subsection 126A(2)).
The obligations imposed by the Act on parties such as Trevelyn Thumbiran include compliance with the standards and regulations set forth by the SISA. This involves ensuring that the corporate trustee adheres to all legal requirements and does not engage in any activities that could result in contraventions of the Act. Failure to comply can lead to personal disqualification as a responsible officer, as seen in this case.
The Act also imposes significant penalties for breaches. Under section 126K of the SISA, it is an offence for a disqualified person to continue acting as a trustee, investment manager, or custodian of a superannuation entity, or as a responsible officer. This offence carries a maximum penalty of two years imprisonment. Additionally, the disqualification may be revoked under subsection 126A(5) either on the authority's own initiative or upon a written application by the disqualified person. If Trevelyn Thumbiran is dissatisfied with the disqualification, they have the right to request a reconsideration by the Commissioner within 21 days of receiving the notice, as stipulated in section 344 of the SISA.