C/- Talbots Pty Limited 379 Kent Street SYDNEY New South Wales 2001
Other records
Expiry date
01/06/2024
Condition
Sanctions
None on record
Appeal
Board decision
CXL Reason
Disqualification
<strong>Period of Effect:</strong> 02/02/2024 to 02/02/2029<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> 02/02/2024<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(11) - You must not knowingly obstruct the proper administration of the taxation laws</li><li>20-15(a) Fit and Proper - good fame, integrity and character</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) terminated the tax agent registration of Mr Peter Gregory Scott and prohibited him from applying for registration for a period of five years. Mr Scott was found to have breached subsections 30-10(1), 30-10(2), 30-10(7), and 30-10(11) of the Code of Professional Conduct (the Code) in the Tax Agent Services Act 2009 (TASA). The TPB also determined that Mr Scott no longer satisfied the registration requirements because he was not a fit and proper person. <br><br>The TPB found that Mr Scott breached the Code by:<br>(a) in his personal capacity, lodging income tax returns (ITRs) that resulted in tax shortfalls and ATO penalties.<br>(b) in his capacity as sole director of two entities, causing the companies to incorrectly claim or over-report GST credits when lodging their business activity statements (BAS), which were subsequently audited by the ATO and resulted in tax shortfalls and penalties being applied.<br>(c) taking steps to prevent and obstruct the Commissioner from learning of the true amounts referred to above. <br>(d) Failing to pay multiple individual taxation debts totalling over $1.6 million as and when they fell due<br>(e) In his capacity as director of several companies, causing those companies to fail to pay their taxation debts as and when they fell due<br>(f) In his capacity as sole director of two entities, causing the companies to not comply with their superannuation employer obligations and failing to lodge multiple statements to the Commissioner by their respective dates <br>(g) In his capacity as a director of 15 other related companies or corporate trustees, causing those entities to fail to lodge ITRs and/ or BAS by their respective due dates and causing those entities to fail to pay ATO taxation debts as and when they fell due.<br>(h) In his capacity as sole director of Talbots Pty Ltd, a registered tax agent company, failing to ensure the tax service was provided competently by:<br>i. preparing and lodging an ITR for a client containing deductions that the ATO subsequently found the client was not entitled to or were incorrectly classified. <br>ii. preparing and lodging 12 quarterly BAS for a client, which the ATO subsequently amended, resulting in a tax shortfall and that client’s company’s GST registration being cancelled because it found it was not carrying on a business.<br>iii. preparing and lodging 14 quarterly BAS for a client with GST Credits, which the ATO subsequently disallowed due to that client not holding any tax invoices for the reported purchases at the time of lodgement. <br><br>The TPB also determined that Mr Scott had ceased to meet the registration requirement under paragraph 20-5(1)(a) of the TASA that he is a fit and proper person on the basis that he:<br>1. engaged in conduct that breached the Code as detailed above;<br>2. caused Talbots Pty Ltd to engage in conduct that breached subsections 30-10(1), 30-10(2), 30(10)(7) and 30-10(11) of the Code;<br>3. has been found by the ATO on multiple separate occasions to have knowingly obstructed the proper administration of taxation laws;<br>4. has demonstrated a comprehensive and persistent failure to comply with his taxation obligations and to cause multiple entities of which he is, or was at the relevant times, director or trustee, to comply with taxation obligations across a number of years, through the accrual of significant taxation debts individually and for related entities;<br>5. is not a person whom the Commissioner, clients and the public could have confidence that he would perform the functions of a registered tax practitioner honestly and with integrity.<br><br>Having regard to the breaches set out above, the TPB decided to terminate Mr Scott’s registration in accordance with subparagraph 60-125(2)(b)(ii) and paragraph 40-5(1)(b) of the TASA. Taking into consideration the seriousness of Mr Scott’s conduct the TPB also determined in accordance with subsection 40-25(1) of the TASA that Mr Scott be prohibited from re-applying for registration under the TASA for a period of five years from the date the termination of his registration takes effect.<br>