Notice of Revocation of Disqualification - Simon P Bartter

Overview

The Superannuation Industry (Supervision) Act 1993 (SISA) was enacted to address the need for oversight and regulation of the superannuation industry in Australia, ensuring that the funds and interests of superannuation account holders are properly managed and safeguarded. This legislation was introduced by the Commonwealth Parliament and aims to maintain the integrity and stability of the superannuation system. The revocation of a disqualification under this Act is a process that allows individuals who have previously been disqualified from participating in the superannuation industry to have their disqualification lifted, provided they meet the criteria set out in the Act. This particular revocation notice, issued by a delegate of the Commissioner of Taxation, signifies the lifting of a disqualification for Simon P Bartter, effective from the date of the notice. The notice is mandated to be published in the Gazette as per subsection 126A(7) of the SISA, ensuring transparency and public record of such administrative actions.

Scope and Application

The Superannuation Industry (Supervision) Act 1993 applies to individuals and entities within the superannuation industry in Australia, regulating their conduct and transactions to ensure the protection of superannuation fund members. This Act applies across the Commonwealth and governs the actions of trustees, directors, and other responsible persons of superannuation funds, including industry and public sector funds. The legislation imposes duties and standards designed to maintain the integrity and financial stability of the superannuation system. However, certain exclusions and exemptions apply, particularly to small APRA funds and self-managed superannuation funds under specific conditions. The Act’s application can be extended or restricted through subordinate instruments, such as regulations or determinations, which may provide further detail or clarification on particular aspects of the legislation. This revocation notice, issued under the authority of the Commissioner of Taxation, demonstrates the Act's enforcement mechanisms in action, ensuring that disqualified persons are properly managed and supervised within the superannuation framework.

Key Provisions

The primary operative sections of the Superannuation Industry (Supervision) Act 1993 (SISA) involved in this notice pertain to the revocation of a disqualification. Specifically, subsection 126A(5) of the SISA allows for the revocation of a disqualification that was previously notified under the Act, while subsection 126A(6) requires that notice of such revocation be given to the disqualified individual (subsection 126A(6)). The notice of revocation in this instance, dated 30 April 2014, informs Simon P Bartter that his disqualification, which was notified on 21 March 2006, has been revoked. The Act imposes specific obligations on the parties it governs, particularly in terms of the notification process. Under subsection 126A(6) of the SISA, it is mandatory for a delegate of the Commissioner of Taxation to provide written notice of the revocation to the individual concerned. This notice must specify the details of the revocation, including the effective date, which in this case is the date of the notice itself (subsection 126A(7)). Furthermore, the Act requires that particulars of this revocation notice be published in the Gazette to ensure transparency and public awareness of such actions. Additionally, the SISA delineates potential consequences for breaches related to the provisions of the Act. While the specific offences, penalties, or consequences are not detailed in this particular notice, the Act generally provides for both civil and criminal penalties for non-compliance. Civil penalties can include fines up to a specified maximum amount, while criminal penalties might involve imprisonment, reflecting the serious nature of the obligations under the Act. These provisions underscore the importance of adhering to the requirements set forth by the SISA to avoid legal repercussions.