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Cheating tax agent gets maximum ban

Cheating tax agent gets maximum ban

A Victorian tax agent had his registration terminated and was banned for the maximum five years after investigations by the Tax Practitioners Board (TPB) revealed he dishonestly obtained his registration. Once registered he engaged in more serious misconduct. 

Mr Srinivasarao Jakkampudi, sole director and supervising tax agent of Truecare Solutions Pty Ltd (Truecare), asked his employee to complete written assessments so he could dishonestly satisfy the qualifications required for registration in 2020. He then went on to commit a string of breaches as a registered tax agent. 

Between 2020 and 2021, Mr Jakkampudi lodged multiple client tax returns through Truecare containing false and unsubstantiated information, including claiming incorrect amounts of business losses and work-related expense deductions. The claims he made were wrong and his failure to check his clients’ circumstances resulted in amendments and penalties being imposed on them. 

Mr Jakkampudi also failed to meet the ATO lodgement dates for Truecare, further demonstrating a pattern of negligent behaviour. 

Responding to the case, Chair of the TPB, Mr Ian Klug AM said, ‘Mr Jakkampudi was wilful in his deceit and deliberate in his conduct – this will not be tolerated. Most tax practitioners do the right thing, but where there are transgressions that put the integrity of the tax system and the reputation of the tax profession at risk, the TPB will act firmly and swiftly.’

Mr Klug stressed that taking down dishonest tax agents is especially important now that Australians are in the middle of tax time. 

‘Over 88% of consumers have high levels of trust in their tax practitioners – we need to protect this consumer confidence, especially at this time of the year when people’s tax affairs are often at the forefront. If you know someone doing the wrong thing, report them to us so we can take the necessary steps to protect the community,’ Mr Klug said.

To report a dishonest or unregistered tax practitioner, submit a complaint with the TPB.

About the Tax Practitioners Board

The TPB regulates tax practitioners in order to protect consumers. The TPB aims to assure the community that tax practitioners meet appropriate standards of professional and ethical conduct. Follow us on Twitter_@TPB_gov_au, LinkedIn and Facebook.

Thursday, September 9, 2021