Tax agent termination affirmed
The termination of a Gold Coast tax agent's registration by the Tax Practitioners Board (TPB) has been affirmed by the Administrative Appeals Tribunal (AAT) after repeated failures to comply with tax laws.
The AAT said it was not satisfied that Gregory Brown of GJ Brown and Co was a fit and proper person given his repeated failures to comply with tax laws in both his personal and director's capacities.
Despite being cautioned by the TPB for breaching the Tax Agent Services Act 2009 (TASA), Brown failed to lodge income tax returns and business activity statements by the relevant due dates, and failed to pay tax liabilities as and when they fell due.
Brown had been consequently convicted of six tax offences for failing to lodge, and had failed to comply with court orders requiring rectification of the non-compliance.
TPB chair, Ian Taylor, said: "The TPB must act to protect the public and to maintain the integrity of, and trust in, the profession".
"Whilst the TPB recognises that practitioners may be affected by personal and/or practice issues and will work with them to ensure their compliance with the tax laws, where there is evidence of repeated misconduct we will take strong action, including termination of registration," he said.
Recommended for you
Compared to four years ago when the divide between boutique and large licensees were largely equal, adviser movements have seen this trend shift in light of new licensees commencing.
As ongoing market uncertainty sees advisers look beyond traditional equity exposure, Fidante has found adviser interest in small caps and emerging markets for portfolio returns has almost doubled since April.
CoreData has shared the top areas of demand for cryptocurrency advice but finds investors are seeking advisers who actively invest in the asset themselves.
With regulators ‘raising the bar’ on retirement planning, Lonsec Research and Ratings has urged advisers to place greater focus on sequencing and longevity risk as they navigate clients through the shifting landscape.
