Notice of Revocation of Disqualification – Shane Simmons - 31 October 2025

Overview

The Superannuation Industry (Supervision) Act 1993 (SISA) was enacted to provide a comprehensive framework for the supervision of the superannuation industry in Australia. This legislation was introduced to address the need for effective oversight and regulation of entities involved in the superannuation sector, ensuring that the interests of superannuation fund members are protected. The SISA establishes a robust system of regulation, licensing, and compliance to maintain the integrity and stability of the superannuation system. The Act was enacted by the Australian Parliament and its policy objective is to safeguard the financial well-being of superannuation fund members by ensuring that the industry operates with high standards of governance and accountability. As a notifiable instrument, the revocation of a disqualification notice, such as the one issued to Shane Simmons and subsequently revoked by Ben Kelly, Deputy Commissioner of Taxation, is an essential mechanism to maintain the integrity of the superannuation industry.

Scope and Application

The Superannuation Industry (Supervision) Act 1993, as exemplified by the revocation of disqualification notice addressed to Shane Simmons, applies to individuals who have been disqualified from managing superannuation funds. This Act pertains to the regulatory oversight of the superannuation industry in Australia, ensuring compliance with laws designed to protect the interests of superannuation fund members. The legislation operates at the Commonwealth level, providing a uniform regulatory framework across Australia. The revocation of a disqualification order under the Act allows an individual previously barred from managing superannuation funds to resume their duties, subject to compliance with relevant conditions. Exclusions or exemptions from the Act’s provisions are not explicitly detailed in this notice but generally pertain to specific circumstances where the individual’s role and responsibilities are reassessed and approved by the relevant authorities. The application of the Act can be extended or restricted through subordinate instruments, which provide additional regulations and guidelines to ensure effective supervision of the superannuation industry.

Key Provisions

The main operative sections of this document pertain to the revocation of a disqualification order issued under the Superannuation Industry (Supervision) Act 1993 (SISA). According to subsection 126A(5) of the SISA, the delegate of the Commissioner of Taxation, in this case, Ben Kelly, has the authority to revoke a disqualification notice previously issued to an individual. This revocation notice is specifically addressed to Shane Simmons and is dated 31 October 2025 (subsection 126A(6)). The revocation is effective from the date the notice is made, which is also 31 October 2025. The obligations and requirements imposed by the Act on the parties involved are clearly defined. Ben Kelly, as the delegate of the Commissioner of Taxation, must formally notify the disqualified individual, Shane Simmons, of the decision to revoke the disqualification notice. This notification must include specific details such as the date of the revocation and the authority under which it is made (subsection 126A(6)). Additionally, the Act mandates that details of the revocation must be published as a Notifiable Instrument in the Federal Register of Legislation (subsection 126A(7)). This ensures transparency and provides a public record of the revocation. The Act outlines potential consequences for breaches of its provisions. While the specific offences, penalties, or consequences for non-compliance are not detailed in this particular document, the SISA generally provides for both civil and criminal penalties. Civil penalties can include fines and other monetary penalties, while criminal penalties can involve imprisonment, depending on the nature and severity of the breach. The exact penalties are usually specified in other sections of the Act or in subsidiary legislation. However, the revocation notice itself does not specify these penalties but adheres to the procedural requirements set out in the SISA. In conclusion, the document serves as an official notification of the revocation of a disqualification order under the SISA. It outlines the decision-making process and the formal requirements for notifying the affected individual. Additionally, it ensures compliance with the Act by mandating the publication of the revocation notice as a Notifiable Instrument. While the document does not detail specific penalties for non-compliance, it adheres to the broader legal framework established by the SISA.