NOTICE OF DISQUALIFICATION – William Jenkinson – 5 June 2024
Superannuation Industry (Supervision) Act 1993
To:
William Jenkinson
BIGGERA WATERS QLD 4216
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’ve disqualified you as I’m 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 number and seriousness of the contraventions provides grounds for disqualifying you.
The disqualification takes effect on the day on which it is made.
Dated: 5 June 2024
Emma Rosenzweig
Deputy Commissioner of Taxation
Per Antonio Macolino
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 (SISA) was enacted to address significant gaps in the oversight and regulation of superannuation entities within Australia, ensuring the protection of superannuation funds and the rights of superannuation fund members. This Act was introduced by the Australian Parliament to provide a comprehensive regulatory framework governing the administration, investment, and performance of superannuation funds. The policy objective is to maintain the integrity and stability of the superannuation system, safeguarding the financial interests and retirement security of participants. A critical aspect of this legislative framework is the ability to disqualify individuals who have acted irresponsibly or breached the Act's provisions, ensuring that those entrusted with managing superannuation funds adhere to the highest standards of conduct and compliance.
Scope and Application
The Superannuation Industry (Supervision) Act 1993 (SISA) applies to any individual or corporate trustee of a superannuation entity, and to responsible officers of such entities, within the Commonwealth of Australia. This Act is designed to ensure compliance and proper management of superannuation funds, which are critical to the retirement savings of many Australians. Specifically, it applies to conduct and transactions that involve the governance, management, or administration of superannuation entities, with the aim of protecting the interests of superannuation fund members. The Act extends its reach to all superannuation entities, irrespective of their location within Australia, ensuring a consistent regulatory framework across the nation. However, certain entities or individuals may be exempt from specific provisions of the Act, depending on their nature and the type of superannuation services they provide. Additionally, the Act can be extended or restricted through subordinate instruments, allowing for detailed regulations that further clarify its application. These regulations can include specific requirements for reporting, auditing, and governance of superannuation entities.
Key Provisions
The Superannuation Industry (Supervision) Act 1993 (SISA) provides various provisions related to the supervision and regulation of the superannuation industry in Australia. In this case, the notice of disqualification issued to William Jenkinson pertains to subsection 126A(6) of the SISA, where he has been disqualified from acting as a responsible officer of a corporate trustee due to repeated contraventions of the SISA by the corporate trustee (subsection 126A(2)). The disqualification takes immediate effect upon the notice being issued. According to section 126K of the SISA, it is an offence for a disqualified person to act as a trustee, investment manager, or custodian of a superannuation entity, or to be a responsible officer of such an entity. The maximum penalty for committing this offence is two years in jail. Additionally, under subsection 126A(5) of the SISA, the disqualification can be revoked by the delegate of the Commissioner of Taxation either on their own initiative or upon a written application by the disqualified person. If Mr. Jenkinson is not satisfied with the disqualification decision, he can request a reconsideration by the Commissioner within 21 days of receiving the notice, as outlined in section 344 of the SISA.