Unit 4, 7-9 Grand Plaza Drive Browns Plains Queensland 4118
Other records
Expiry date
01/05/2025
Condition
Sanctions
None on record
Appeal
Board decision
CXL Reason
Disqualification
<strong>Period of Effect:</strong> 12/12/2023 to 12/12/2027<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> 12/12/2023<br/><strong>Reason:</strong> 40-15(1)(b) company no longer meets registration requirements[POPUP_FOR_DETAILS]<br/><strong>Code breach(es):</strong> <ul><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><li>30-10(9) - You must take reasonable care in ascertaining a client's state of affairs, to the extent that ascertaining the state of those affairs is relevant to a statement you are making or a thing you are doing on behalf of the client</li></ul><br/><strong>Registration requirement not met:</strong> <ul><li>20-5(3)(a) Company has ceased to meet registration requirement that each director is a fit and proper person</li><li>20-5(3)(e) Company has ceased to meet registration requirement that it maintains professional indemnity insurance that meets the Board's requirements</li></ul><br/><strong>Explanation:</strong> On 24 October 2023, after completing an investigation, the Tax Practitioners Board (the Board) decided to terminate the tax agent registration of Down the Line Accounting Pty Ltd (the Company). The Board found that the Company breached subsections 30-10(7) and 30-10(9) of the Code of Professional Conduct (the Code) in the TASA.<br>The Board found that the Company beached the Code by:<br>1. preparing and lodging an ITR on behalf of a client which contained research and development (R&D) claims and a tax offset without conducting any checks or obtaining any relevant substantiation, which was subsequently audited by the Australian Taxation Office (ATO) and resulted in the client being subject to a determination that they were not entitled to the deduction, resulting in a tax shortfall<br>2. failing to ensure that a tax agent service that the Company provided or that was provided on the Company’s behalf was provided competently in relation to work-related expense (WRE) claims made in the ITRs it lodged for 19 clients resulting in compliance action by the ATO finding the WRE claims did not have sufficient nexus, and/or could not be substantiated and resulted in tax shortfalls and in some cases, penalties being imposed on the clients.<br>The Board also found the Company failed to meet the requirement that each director is a fit and proper person under paragraph 20-5(3)(a) of the TASA, as the Board found the Company’s sole director was not a fit and proper person. The Board also found the Company has failed to maintain professional indemnity insurance (PII) that meets Board requirements. <br>Accordingly, the Board decided to terminate Down the Line Accounting Pty Ltd’s registration as a tax agent in accordance with subparagraph 60-125(2)(b)(ii) and paragraph 40-15(1)(b) of the TASA. The Board also determined to impose a period of four years during which it is prohibited from re-applying for registration, from the date the termination of its registration takes effect, in accordance with subsection 40-25(1) of the TASA.<br>