One tax agent banned and 74 referred to ATO for SMSF failures
A tax agent who lodged more than 170 returns on behalf of self-managed superannuation fund (SMSF) clients falsely claiming they had been independently audited has been deregistered and banned for four years by the Tax Practitioners Board (TPB).
At the same time, the TPB said it had referred 74 tax agents to the Australian Taxation Office (ATO) on the basis of having been involved in similar activity.
The Gold Coast-based tax agent, Edward Mark Purnell-Webb was working within his business structure, Superannuation Administration Specialists (QLD) Pty Ltd.
His banning was announced by the TPB which said it had followed an investigation undertaken by the ATO around more than 170 returns for SMSF clients he claimed had been independently audited.
It said the ATO investigation found no audit had been conducted and, “therefore, the TPB considered that Mr Purnell-Webb had undermined the superannuation system and was no longer trustworthy to perform the functions of a registered tax agent”.
Commenting on the case, TPB chair, Ian Klug said Purnell-Webb had shown himself to be a risk to consumers.
“The TPB has an important role in consumer protection and maintaining the integrity of the tax practitioner profession. Misconduct of this kind undermines the integrity of the entire SMSF regulatory regime,” he said.
“This decision serves as a warning to other tax practitioners who may be thinking of engaging in this kind of egregious behaviour.”
In a separate investigation, the TPB has also reviewed 74 tax agents referring to them by the ATO for potentially reporting incorrect SMSF Auditor Numbers.
Recommended for you
The Reserve Bank of Australia (RBA) has lowered rates to a level not seen since mid-2023.
Financial Services Minister Stephen Jones has shared further details on the second tranche of the Delivering Better Financial Outcomes reforms including modernising best interests duty and reforming Statements of Advice.
The Federal Court has found a company director guilty of operating unregistered managed investment schemes and carrying on a financial services business without holding an AFSL.
The Governance Institute has said ASIC’s governance arrangements are no longer “fit for purpose” in a time when financial markets are quickly innovating and cyber crime becomes a threat.
