The TPB has terminated the registration of tax agent Peter Moltoni and banned him from re-applying for registration for the maximum five years.
The enforcement action comes after Mr Moltoni was linked to a company in the Virgin Islands holding US$21 million, following litigation in relation to that company.
An ensuing ATO audit resulted in amendments of over $33 million against him, with the Supreme Court of Western Australia dismissing an application by Mr Moltoni for a stay of recovery action by the Deputy Commissioner of Taxation.
Mr Moltoni became bankrupt in October 2018 with debts exceeding $36 million.
The TPB said Mr Moltoni had also failed to disclose to the board his adverse circumstances, in breach of his requirements under the Tax Agent Services Act 2009.
TPB chair Ian Klug said the banning comes as a warning to practitioners who engage in tax evasive schemes.
“Tax practitioners involved in offshore tax avoidance or evasion fail their legal and ethical responsibilities,” Mr Klug said.
“They undermine public trust in honest tax advisers and can expose themselves and their clients to significant penalties and potential criminal sanctions.
“This case is also a call to action, for those practitioners involved in tax avoidance or evasion schemes to review their circumstances and those of their clients and ensure full disclosure to the TPB and to the ATO.”
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Jotham Lian
Jotham Lian is the news editor of Accountants Daily, the leading source of breaking news, analysis and insight for Australian accounting professionals.
With a focus on breaking news and exclusive analysis, Jotham keeps Accountants Daily readers up to date with company moves, tax updates and essential business and client strategy.
Before joining the team in 2017, Jotham wrote for a range of national mastheads including the Sydney Morning Herald, and Channel NewsAsia.
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