Tax agent gets maximum ban for multi-million dollar tax evasion
Following a recent investigation, the Tax Practitioners Board (TPB) found that tax agent Peter Biantes had attempted to conceal over $35 million dollars of income from the Australian Taxation Office (ATO) through the creation of multiple overseas entities.
Accordingly, the TPB terminated his tax agent registration, and banned him for the maximum period of five years.
In doing so, the TPB found that Mr Biantes had:
- deliberately tried to avoid the tax implications of the sale of a business, intentionally misled the ATO, and obstructed the proper administration of the taxation laws
- made false statements to the TPB in two of his annual declarations and an application for renewal of registration
- repeatedly failed to comply with taxation laws in the conduct of his affairs including in relation to the timeliness and accuracy of his tax returns.
Speaking about the case, Chair of the TPB, Mr Ian Klug AM said, ‘Through serious and repeated misconduct, Mr Biantes attempted to undermine the integrity of the taxation system. Terminating and banning an agent from applying for registration is the firmest sanction that can be imposed by the Board and is never taken lightly. The severity of Mr Biantes’ conduct requires the maximum ban to be imposed.’
Mr Klug continued, ‘The TPB is committed to targeting practitioners who undertake, or facilitate, black economy behaviour and tax evasion through schemes such as offshoring and failing to declare proceeds and profits. Where we discover this behaviour, we will act swiftly and take strong action.’
About the Tax Practitioners Board:
The Tax Practitioners Board 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, Facebook and LinkedIn