A tax agent has had their registration terminated after the Board Conduct Committee (BCC) found multiple breaches of the Code of Professional Conduct (Code). 

Our investigations revealed that the tax agent failed to provide evidence to the Tax Practitioners Board (TPB) that they were currently covered by a valid professional indemnity (PI) insurance policy. This was despite the tax agent advising the TPB on multiple occasions that they would update their PI insurance details and provide a copy of their certificate. As a result, the BCC determined that they had breached Code item 13 by failing to maintain current and valid PI insurance that meets the TPB’s requirement. 

The BCC also found that the tax agent breached Code item 2, as they did not comply with the taxation laws in the conduct of their personal tax affairs. They failed to pay tax debts totalling more than $85,000 when they fell due (or enter into an approved payment plan). Additionally, in their capacity as the sole director for a company, they failed to pay tax debts of over $35,000 when they fell due (or enter into an approved payment plan). 

As the TPB’s role is to ensure consumer protection, without valid PI insurance details, the BCC had no choice but to terminate the tax agent’s registration The TPB cannot allow a tax agent to continue practising and putting the public at risk.