NOTICE OF DISQUALIFICATION
Superannuation Industry (Supervision) Act 1993
To:
Vicki Lymberatos
DIAMOND CREEK VIC 3089
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(3) of the SISA.
I have disqualified you as I am satisfied that you are not a fit and proper person to be a trustee or a responsible officer of a body corporate that is a trustee, of a superannuation entity for the purposes of the SISA.
The disqualification takes effect on the day on which it is made.
Dated: 13 January 2017
James O'Halloran
Deputy Commissioner of Taxation
Per Jason Friend
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 provide a regulatory framework for the supervision of the superannuation industry in Australia, addressing issues of governance, accountability, and financial management within superannuation entities. The SISA was introduced to ensure the protection of superannuation funds and the interests of fund members, thereby maintaining confidence in the superannuation system. This legislation was enacted by the Parliament of Australia, reflecting the Commonwealth's commitment to overseeing and regulating the superannuation industry effectively. The overarching policy objective of the SISA is to safeguard the integrity and stability of the superannuation system by ensuring that those involved in the management and oversight of superannuation entities meet high standards of fitness and propriety.
Scope and Application
The Superannuation Industry (Supervision) Act 1993 applies to trustees, responsible officers, and entities involved in the administration of superannuation entities within Australia. This legislation ensures the proper governance and management of superannuation funds, aiming to protect the interests of fund members. The Act imposes a requirement for individuals to be deemed fit and proper persons to perform certain roles within the superannuation industry, and it grants the Commissioner of Taxation the authority to disqualify individuals from acting as trustees or responsible officers if deemed unfit. The disqualification can be enforced nationally, as it falls under Commonwealth legislation. Exclusions and exemptions are not explicitly stated in this context; however, the Act allows for the extension or restriction of its application through subordinate instruments. The disqualification of an individual, such as Vicki Lymberatos in this case, is immediate upon the issuance of the notice, and such disqualifications are published in the Commonwealth Government Notices Gazette to ensure transparency and accountability. Furthermore, the Act criminalises the act of a disqualified person continuing to serve in restricted capacities, with significant penalties, including up to two years imprisonment.
Key Provisions
The main operative sections of the Superannuation Industry (Supervision) Act 1993 (SISA) pertinent to this disqualification notice are subsections 126A(3) and 126A(6). Under subsection 126A(3), the Commissioner of Taxation can disqualify a person from being a trustee or a responsible officer of a superannuation entity if they determine that the person is not a fit and proper person to hold such a role. The notice provided to Vicki Lymberatos under subsection 126A(6) specifies that she has been disqualified from these roles due to concerns regarding her suitability. The disqualification takes immediate effect from the date of the notice, which is 13 January 2017.
The Act imposes several obligations and requirements on the disqualified individual and other parties involved. For instance, the notice of disqualification, as provided to Vicki Lymberatos, must detail the reasons for the disqualification and inform the individual of their rights to request reconsideration or seek revocation of the disqualification. Furthermore, under section 126K of the SISA, it is an offence for a disqualified person to act as a trustee, investment manager, custodian, or responsible officer of a superannuation entity if they are aware of their disqualification. This provision underscores the importance of compliance with the disqualification order to avoid legal repercussions.
Breaches of the disqualification provisions under the SISA can result in significant penalties. Specifically, under section 126K, a disqualified person who knowingly acts in any capacity that they are barred from can face criminal charges. The maximum penalty for such an offence is imprisonment for up to two years. Additionally, the disqualification details will be published in the Commonwealth Government Notices Gazette as per subsection 126A(7) of the SISA, further ensuring public awareness of the disqualification. For Vicki Lymberatos, this means that any actions taken in contravention of her disqualification could result in serious legal consequences.