NOTICE OF DISQUALIFICATION
Superannuation Industry (Supervision) Act 1993
To:
Mr Vanchai Jayarangsri
BECKENHAM WA 6107
I, Ivan Parrett, a delegate of the Commissioner of Taxation, give you notice as required by subsection 126A(6) of the Superannuation Industry (Supervision) Act 1993 (SIS Act), that I have made a decision to disqualify you from being a trustee or a responsible officer of a body corporate that is a trustee, investment manager or custodian, of a superannuation entity.
I have disqualified you under subsection 126A(1) of the SIS Act as I am satisfied that you have contravened the SIS Act on one or more occasions and the nature and seriousness of the contraventions provides grounds for disqualifying you.
The disqualification order takes effect on the day on which this notice is made.
Dated: 7 May 2013
Ivan Parrett
Assistant Commissioner of Taxation
Note 1:
In accordance with subsection 126A(7) of the SIS Act, particulars of this disqualification notice will be published in the Gazette.
Note 2:
In accordance with subsection 126A(5) of the SIS Act, we may revoke this disqualification order on our own initiative or on written application made by you.
Note 3:
In accordance with section 344 of the SIS Act, 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 of 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 (SIS Act) was enacted to address the need for stringent regulation and supervision within the superannuation industry to protect the interests of superannuation fund members. This legislation was introduced by the Australian Parliament to establish a robust framework for the oversight of superannuation entities, trustees, and related professionals. The policy objective of the Act is to ensure the integrity, efficiency, and soundness of the superannuation system by imposing strict compliance and governance requirements. The Act empowers the Commissioner of Taxation to disqualify individuals from acting as trustees or responsible officers of superannuation entities if there are serious breaches of the Act, thereby safeguarding the financial well-being of superannuation members. The notice provided exemplifies the Act's enforcement mechanism, highlighting the process and implications of disqualification for non-compliance.
Scope and Application
The Superannuation Industry (Supervision) Act 1993 (SIS Act) applies to individuals and entities involved in the administration and management of superannuation entities, including trustees, investment managers, and custodians. The Act has a national reach, applicable across Australia, and its provisions are enforced by the Commonwealth. The Act's application is not limited to specific industries but rather encompasses any person or entity that is involved in the superannuation industry. The notice of disqualification provided to Mr Vanchai Jayarangsri indicates that the Act can be applied to disqualify individuals from serving as trustees or responsible officers of superannuation entities if there is evidence of contraventions of the Act. The geographic jurisdiction of the Act allows it to extend its reach to any part of Australia, ensuring uniform application of superannuation regulations. Exclusions or exemptions from the Act's application are not mentioned in the provided text, though the Act may contain specific provisions elsewhere that address such matters. The disqualification order can be revoked under certain conditions, and the aggrieved party has the right to appeal the decision within 21 days of receiving the notice of the decision.
Key Provisions
The Notice of Disqualification issued under the Superannuation Industry (Supervision) Act 1993 (SIS Act) informs Mr Vanchai Jayarangsri that he has been disqualified from serving as a trustee or responsible officer of a body corporate managing superannuation entities (subsection 126A(6)). This decision was made by Ivan Parrett, a delegate of the Commissioner of Taxation, due to Mr Jayarangsri's contraventions of the SIS Act, which the delegate deemed serious enough to warrant such a disqualification (subsection 126A(1)). The disqualification takes immediate effect upon the issuance of the notice.
The obligations imposed by this Act on the affected parties include compliance with all relevant provisions of the SIS Act. Trustees and responsible officers must ensure they adhere strictly to the legislative requirements governing their conduct and the management of superannuation entities. Failure to comply can lead to serious consequences, including potential disqualification. The Act mandates that trustees and responsible officers must act in the best interests of the members of the superannuation funds they manage, exercising due care, diligence, and skill.
Breaching the provisions of the SIS Act can lead to severe consequences, including criminal charges and substantial penalties. Under the Act, significant contraventions can result in imprisonment, fines, or both. For instance, section 126A(1) of the SIS Act allows for disqualification if the nature and seriousness of the contraventions justify such action. Additionally, the Act includes provisions for the revocation of disqualification orders under subsection 126A(5) and allows for reconsideration of the decision by the Commissioner within 21 days of receiving the notice, as outlined in section 344. The notice also indicates that details of the disqualification will be published in the Gazette, as required by subsection 126A(7).