Association of Chartered Certified Accountants Australia and New Zealand *
Registration date
01/08/2008
Status
Address
U 4, 12 BURTON ST CANNINGTON Western Australia 6107
Other records
Expiry date
01/08/2023 (but continues to be registered until renewal application is determined by the Board)
Condition
Sanctions
None on record
Appeal
Board decision
CXL Reason
Disqualification
<strong>Period of Effect:</strong> 22/01/2024 to 22/01/2028<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(1) - You must act honestly and with integrity</li><li>30-10(2) - You must comply with the taxation laws in the conduct of your personal affairs</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><li>30-10(8) - You must maintain knowledge and skills relevant to the tax agent services that you provide</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><li>30-10(10) - You must take reasonable care to ensure that taxation laws are applied correctly to the circumstances in relation to which you are providing advice to a client</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 Dr Michael Nwokeiwu after finding that he had ceased to meet the tax practitioner registration requirement that he is a fit and proper person. The TPB also determined that Dr Nwokeiwu had engaged in conduct that breached the Code of Professional Conduct (the Code) in the Tax Agent Services Act 2009 (TASA).<br>The TPB concluded that Dr Nwokeiwu had breached the Code, and was no longer a fit and proper person, on the basis that he:<br>• made false and misleading statements to the Commissioner of Taxation by failing to correctly report income, GST and fringe benefits tax in the income tax returns and business activity statements (BAS) for himself and a related trust across the 2019 and 2020 financial years, resulting in a total tax shortfall exceeding $177,000. <br>• made false declarations to the TPB in numerous annual declarations and applications for tax agent registration renewal for himself and his related tax agent companies, Mun Accountants & Tax Advisers Pty Ltd and Aussie Tax Professionals Pty Ltd, by failing to declare overdue and outstanding tax lodgements for himself and his related entities.<br>• dishonestly preparing and lodging BAS that included unsubstantiated or inflated payments for wages for, and altering the operations of, Aussie Tax Professionals Pty Ltd, of which he was director, in an attempt to obtain JobKeeper and Cash Flow Boost payments that he knew or ought to have known that company was not eligible for.<br>• applied to the ATO for JobKeeper payments on behalf of a partnership of which he was a partner, and trust of which he was trustee, when he knew or ought to have known those entities did not meet the eligibility criteria for those payments.<br>• failed to lodge a total of 27 income tax returns, 78 business activity statements and four fringe benefits tax returns for himself and his related entities by their respective due dates.<br>• failed to pay his income tax debt as and when it fell due.<br>• failed to take reasonable care and ensure tax agent services were provided competently, and ensure taxation laws were applied correctly by failing to correctly report income and GST for two companies that were clients of his practice, resulting an increase in tax payable by those companies totalling more than $320,000.<br>• failed to maintain his knowledge and skills in relation to the tax agent services he provides by failing to undertake the required number of hours of continuing professional education between July 2018 and August 2023.<br>In making its decision, the TPB considered that Dr Nwokeiwu’s conduct showed a level of competence that is well below the standard expected of a registered tax practitioner and that poses a significant risk to the integrity of the taxation system and to consumers of tax practitioner services. <br>The TPB determined it was appropriate in the circumstances to impose a period of four years during which Dr Nwokeiwu is not able to reapply for tax agent registration.<br>Dr Nwokeiwu has applied to the Administrative Appeals Tribunal (AAT) for a review of the TPB’s decision, which is currently under consideration. On 28 March 2024, the AAT decided to refuse Dr Nwokeiwu’s application for a stay of the implementation of the Board’s decision. <br>