NOTICE OF DISQUALIFICATION
Superannuation Industry (Supervision) Act 1993
To:
Vanessa Curry
CARLTON SOUTH VIC 3053
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(2)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 seriousness and number of the contraventions provides grounds for disqualifying you.
The disqualification takes effect on the day on which it is made.
Dated: 9 November 2017
James O’Halloran
Deputy Commissioner of Taxation
Per Colleen Shelton
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 Parliament of Australia to address the need for effective oversight and regulation of the superannuation industry. The Act was introduced to tackle issues of financial misconduct, mismanagement, and breaches of trust within the superannuation sector, aiming to protect the interests of superannuation fund members and beneficiaries. The SISA provides the framework for the regulation of superannuation entities, including trustees, investment managers, and custodians, ensuring that these entities operate within the prescribed legal standards. The enactment of this legislation underscores the policy objective of maintaining the integrity and stability of the superannuation system, which is crucial for the financial security of Australians in their retirement. The SISA empowers the Commissioner of Taxation to disqualify individuals from participating in the management of superannuation entities if they are found to have contravened the provisions of the Act, thereby safeguarding the industry against unfit and improper practices.
Scope and Application
The Superannuation Industry (Supervision) Act 1993 (SISA) applies to individuals and entities involved in the supervision and management of superannuation funds in Australia. Specifically, the Act targets trustees, investment managers, custodians, and responsible officers of superannuation entities. The jurisdiction of the Act extends nationally, applying across the Commonwealth of Australia, and is enforced by the Commissioner of Taxation. The Act includes provisions for disqualifying individuals who have contravened its regulations on one or more occasions if the nature, seriousness, and number of the contraventions warrant such action. The disqualification can be initiated by a delegate of the Commissioner of Taxation, as evidenced by the notice given to Vanessa Curry. Notably, once disqualified, the individual is prohibited from acting in roles such as trustee, investment manager, or custodian of a superannuation entity, with severe penalties for non-compliance, including potential imprisonment for up to two years. The Act allows for the possibility of revocation of the disqualification under certain conditions and provides a mechanism for reconsideration of the decision by the Commissioner within a specified timeframe.
Key Provisions
The Superannuation Industry (Supervision) Act 1993 (SISA) outlines several key provisions, particularly in relation to the disqualification of individuals from managing superannuation entities. According to section 126A, an individual can be disqualified if they contravene the Act, and the severity of these contraventions justifies such a measure. This is evident in the notice to Vanessa Curry (subsection 126A(6)), which states that she has been disqualified due to repeated and serious breaches of the SISA. The disqualification is immediate and takes effect on the date of the notice.
The obligations imposed by the Act on the parties involved are stringent. As outlined in section 126K, it is an offence for a disqualified person to act or be a trustee, investment manager, or custodian of a superannuation entity, or to be a responsible officer or body corporate in such roles. This is to ensure that individuals who have demonstrated unsuitability do not manage superannuation funds, thereby protecting the interests of fund members.
Failure to comply with these provisions can lead to serious consequences. Under section 126K, any disqualified person who knowingly acts in a prohibited capacity can be subject to criminal penalties, including up to two years in jail. This reflects the seriousness with which the Act treats breaches of disqualification orders. Additionally, the notice to Vanessa Curry includes provisions for potential revocation of the disqualification (subsection 126A(5)) and the right to request reconsideration of the decision if dissatisfied (section 344). This ensures that the process is fair and allows for the possibility of rectifying the situation under certain conditions.