NOTICE OF DISQUALIFICATION – Van Cuom Le
Superannuation Industry (Supervision) Act 1993
To:
Van Cuom Le
MOUNT PRITCHARD NSW 2170
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: 4 February 2022
Emma Rosenzweig
Deputy Commissioner of Taxation
Per Nichola Wood-Smith
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 effective supervision and regulation of the superannuation industry in Australia. The Act aims to protect the interests of superannuation fund members by ensuring the proper management and administration of funds. One of the key provisions of the SISA is the ability to disqualify individuals who have acted in a manner that justifies such action, ensuring the integrity and accountability of those involved in the supervision of superannuation entities. The Act was introduced to fill a gap in the regulation of the superannuation industry, providing a legislative framework to manage and oversee the activities of trustees, investment managers, and custodians of superannuation entities to safeguard the interests of members.
Scope and Application
The Superannuation Industry (Supervision) Act 1993 (SISA) applies to individuals and corporate trustees involved in the management of superannuation entities, which include industry and retail superannuation funds. This Act operates on a Commonwealth level, extending its jurisdictional reach across Australia to ensure consistent regulation of superannuation practices. The Act applies to responsible officers of corporate trustees, such as Van Cuom Le, when they are involved in the contravention of the SISA. The disqualification of a responsible officer occurs when there is evidence of serious contraventions of the Act while the individual was in their position, leading to a formal notice and subsequent disqualification. The Act allows for the disqualification to be potentially revoked under certain conditions, either through a written application by the disqualified individual or at the discretion of the Commissioner. Additionally, the Act includes provisions for the publication of disqualification notices in the Commonwealth Government Notices Gazette and outlines the penalties for acting as a trustee or responsible officer while disqualified, which includes a maximum penalty of two years imprisonment.
Key Provisions
The Superannuation Industry (Supervision) Act 1993 (SISA) contains several key provisions relevant to the disqualification of individuals from participating in superannuation activities. Specifically, section 126A(2) and subsection 126A(6) empower the Commissioner of Taxation to disqualify individuals who are responsible officers of a corporate trustee and have been involved in the contravention of the Act. In this case, the delegate of the Commissioner, Emma Rosenzweig, has exercised this power under subsection 126A(6) and issued a notice of disqualification to Van Cuom Le, effective immediately upon its issuance.
The Act imposes certain obligations on parties involved with superannuation entities. For instance, responsible officers of corporate trustees must ensure compliance with the SISA to avoid personal disqualification. Additionally, section 126K mandates that disqualified individuals refrain from acting as trustees, investment managers, or custodians of superannuation entities, or from being responsible officers of such entities. Failure to adhere to these obligations can result in serious legal consequences.
Breaching the provisions of the SISA, particularly by acting in a prohibited capacity while disqualified, is an offence under section 126K. This offence carries a maximum penalty of two years imprisonment, highlighting the seriousness with which the Act regards non-compliance. Moreover, subsection 126A(5) allows for the potential revocation of a disqualification notice either at the initiative of the Commissioner or upon written application by the disqualified person.
Should Van Cuom Le wish to contest the disqualification, section 344 provides a mechanism for reconsideration. Any request for reconsideration must be submitted in writing within 21 days of receiving the notice and should include the reasons for dissatisfaction with the decision. This provision ensures that affected individuals have an opportunity to challenge the decision through an internal review process.