<strong>Period of Effect:</strong> 22/01/2024 to 22/01/2026<br/><strong>Reason:</strong> 40-25 Period during which you may not apply for registration
Suspension
None on record
Termination
<strong>Date of Effect:</strong> 22/01/2024<br/><strong>Reason:</strong> 40-5(1)(b) individual no longer meets registration requirements[POPUP_FOR_DETAILS]<br/><strong>Code breach(es):</strong> <ul><li>30-10(3) - If you receive money or other property from or on behalf of a client, and you hold the money or other property on trust, you must account to your client for the money or other property</li><li>30-10(7) - You must ensure that a tax agent service that you provide, or that is provided on your behalf, is provided competently</li></ul><br/><strong>Registration requirement not met:</strong> <ul><li>20-5(1)(a) Individual has ceased to meet registration requirement that they are a fit and proper person</li></ul><br/><strong>Explanation:</strong> On 7 December 2023, after completing an investigation, the Tax Practitioners Board (TPB) decided to terminate the tax agent registration of Mr Daryl Wood for two years. The TPB found that Mr Wood had failed to comply with subsections 30-10(3) and 30-10(7) of the Code of Professional Conduct (the Code) in the TASA and had ceased to meet the tax practitioner registration requirement under paragraph 20-5(1)(a) of the TASA that he is a fit and proper person.<br>The Board found that Mr Wood had breached subsection 30-10(3) of the Code in that he failed to account to his clients for monies totalling $1,125,410.34 that were paid by the Australian Taxation Office (ATO) into a bank account that he was not a signatory to, and otherwise had no control over.<br>The Board found that Mr Wood had breached subsection 30-10(7) of the Code in that he failed to ensure that a tax agent service that he provided, or that was provided on his behalf, was provided competently, by failing to provide adequate supervision and control over the lodgement of BAS under his registration number during the period 1 January 2020 to 8 December 2022, resulting in client refunds being deposited into a bank account to which he was not a signatory, and otherwise had no control over.<br>The Board determined it was satisfied that Mr. Wood had ceased to meet the tax practitioner registration requirement as required under paragraph 20-5(1)(a) of the TASA to be a fit and proper person on the basis that he:<br>1. Engaged in conduct that breached subsections 30-10(3) and 30-10(7) of the Code.<br>2. Engaged in conduct across multiple years that has resulted in at least $1,125,410.34 of client refunds being paid into a bank account over which he had no control, and little or no oversight, and from which personal and other expenses appear to be paid; and<br>3. Failed to demonstrate insight or accept that he, as the registered tax agent, was responsible for all statements and returns lodged with the Commissioner under his registration, ensuring refunds received on trust from the ATO were paid into an appropriate account held by him, and otherwise accounting to clients.<br><br>Taking into account the above, the Board decided to terminate Mr Wood’s tax agent registration in accordance with paragraph 40-5(1)(b) of the TASA. The Board also determined to impose a period of two years during which Mr Wood was prohibited from applying for registration, from the date the termination of his registration takes effect, in accordance with subsection 40-25(1) of the TASA. <br>