NOTICE OF DISQUALIFICATION – Vanessa Jensen – 29 May 2024
Superannuation Industry (Supervision) Act 1993
To:
Vanessa Jensen
BANORA POINT NSW 2486
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(1) of the SISA.
I’ve disqualified you as I’m satisfied that you’ve contravened the SISA on one or more occasions and the seriousness of the contraventions provides grounds for disqualifying you.
The disqualification takes effect on the day on which it is made.
Dated: 29 May 2024
Emma Rosenzweig
Deputy Commissioner of Taxation
Per Jaq McDougall
Note 1:
Under subsection 126A(7) of the SISA, details of this disqualification notice will be published as a Notifiable Instrument in the Federal Register of Legislation..
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 was enacted to address the need for robust oversight and regulation of the superannuation industry in Australia, ensuring that superannuation entities operate in the best interests of their members. This Act, established by the Commonwealth Parliament, aims to protect the superannuation savings of Australians by setting standards for the governance, operation, and disclosure of superannuation funds. One of the key mechanisms within this Act is the ability to disqualify individuals who have breached the Act's provisions, which is intended to maintain the integrity and reliability of the superannuation system. The Act includes provisions for the publication of disqualification notices and the imposition of penalties for continued involvement in the management of superannuation entities by disqualified individuals.
Scope and Application
The Superannuation Industry (Supervision) Act 1993 (SISA) applies to individuals and entities involved in the administration and management of superannuation funds in Australia. This includes trustees, investment managers, and custodians of superannuation entities, as well as responsible officers and corporate bodies that assume these roles. The Act has a national jurisdictional reach, extending across the Commonwealth of Australia and governing conduct and transactions related to superannuation funds. Notably, the Act imposes disqualifications on individuals found to have contravened its provisions, prohibiting them from acting in certain capacities within the superannuation industry. The disqualification takes immediate effect upon issuance, and details of such notices are published as Notifiable Instruments in the Federal Register of Legislation. Additionally, the Act provides for the revocation of disqualifications under certain conditions and allows for the Commissioner to reconsider decisions made by delegates, offering a recourse for those dissatisfied with the initial determination.
Key Provisions
The key provisions of the Superannuation Industry (Supervision) Act 1993 (SISA) relevant to this notice of disqualification are found in sections 126A and 126K. Under section 126A(1), the delegate of the Commissioner of Taxation has the authority to disqualify an individual from performing certain roles within the superannuation industry if they are satisfied that the individual has contravened the SISA and the seriousness of the contraventions warrants such a disqualification. This notice of disqualification (subsection 126A(6)) is issued to Vanessa Jensen, indicating that she has been disqualified under subsection 126A(1) due to contraventions of the SISA.
The Act imposes several obligations and requirements on individuals such as Vanessa Jensen. Firstly, as outlined in section 126K, a disqualified person must not act as, or be, a trustee, investment manager, or custodian of a superannuation entity. Additionally, a disqualified person must not act as, or be, a responsible officer or a body corporate that is a trustee, investment manager, or custodian of a superannuation entity. These obligations are critical to maintaining the integrity and compliance of the superannuation industry.
Failure to comply with these obligations can result in serious consequences. According to section 126K, it is an offence for a disqualified person who is aware of their disqualification to act in any of the prohibited roles. The maximum penalty for committing this offence is imprisonment for up to two years. This underscores the seriousness with which the SISA treats breaches of its provisions, particularly in the context of superannuation management.
Moreover, the notice includes provisions for the disqualification to be published as a Notifiable Instrument in the Federal Register of Legislation (subsection 126A(7)). This public notice serves to inform the industry and the public about the disqualification, thereby deterring potential breaches. Furthermore, Vanessa Jensen has the option to apply for the revocation of her disqualification under subsection 126A(5), either on her own initiative or through a written application. If dissatisfied with the disqualification, she can also request the Commissioner to reconsider the decision within 21 days of receiving notice (section 344). This provides a formal avenue for appeal and review of the decision.