NOTICE OF DISQUALIFICATION
Superannuation Industry (Supervision) Act 1993
To:
Mrs Vaiasini Fonua
CHESTER HILL NSW 2162
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 subsection126A(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 nature and seriousness of the contraventions provides grounds for disqualifying you.
The disqualification takes effect on the day on which it is made.
Dated: 14 March 2018
James O'Halloran
Deputy Commissioner of Taxation
Per Colleen Shelton
Director
Superannuation Engagement and Assurance
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 issues of mismanagement, improper conduct, and breaches of trust within the superannuation industry. This Act was introduced to provide robust oversight and regulation to ensure the integrity and accountability of superannuation entities, thereby protecting the interests of superannuation fund members. The legislation was enacted by the Commonwealth Parliament, reflecting a policy objective to maintain public confidence in the superannuation system by enforcing stringent standards on those involved in the management and administration of superannuation funds. The Act aims to deter misconduct by imposing significant penalties and the potential for disqualification of individuals found to have contravened its provisions.
Scope and Application
The Superannuation Industry (Supervision) Act 1993 (SISA) is a Commonwealth statute that applies to individuals and entities involved in the management of superannuation funds. This Act applies to trustees, investment managers, custodians, and other responsible officers of superannuation entities, as well as to the bodies corporate that operate in this capacity. The SISA is intended to ensure that superannuation funds are managed in a responsible and transparent manner, and it establishes a framework for the regulation and oversight of these entities. The Act has a national reach, applying across Australia to any entity or individual managing superannuation funds, regardless of where they are based. The Act also extends its reach through subordinate instruments, which may include regulations and rules designed to further specify the obligations and standards required under the primary legislation. Certain exclusions and exemptions may apply under specific circumstances, but these are not outlined in the disqualification notice itself and would need to be examined in the full text of the Act or related regulations.
Key Provisions
The primary operative sections of the Superannuation Industry (Supervision) Act 1993 (SISA) in this context are sections 126A and 126K. Section 126A(1) allows for the disqualification of an individual who contravenes the SISA, and section 126A(6) mandates the giving of notice of such disqualification. This notice, as specified in section 126A(7), will be published in the Commonwealth Government Notices Gazette. Section 126K sets out the offence of acting in a specified capacity while disqualified and the corresponding penalties.
The Act imposes several obligations on individuals and entities it governs. Firstly, it requires that any individual found to have contravened the SISA must be disqualified. The notice of disqualification, as per section 126A(6), must be given in writing and detail the grounds for the disqualification. Additionally, under section 126K, disqualified individuals are prohibited from acting as trustees, investment managers, or custodians of a superannuation entity, or as responsible officers or body corporates in such roles. This prohibition is crucial for maintaining the integrity of superannuation entities and protecting the interests of members.
The Act also delineates significant consequences for breach of its provisions. Section 126K specifies that it is an offence for a disqualified person to be, or act as, a trustee, investment manager, or custodian of a superannuation entity, or to be a responsible officer or body corporate in such roles. The maximum penalty for this offence, as stated, is two years imprisonment. This severe penalty underscores the importance of compliance with the Act's requirements and the potential ramifications of non-compliance.
Further, the Act provides avenues for reconsideration and potential revocation of disqualification. Under subsection 126A(5), the disqualification can be revoked either on the initiative of the authorities or following a written application by the disqualified individual. Additionally, under section 344, any person affected by the disqualification decision can request the Commissioner to reconsider the decision in writing within 21 days of receiving the notice. This provision allows for a review process, ensuring that the decision-making is fair and that any errors can be rectified.