79-81 LITTLE OXFORD STREET COLLINGWOOD Victoria 3066
Other records
Expiry date
01/08/2024
Condition
Sanctions
<strong>Period of Effect:</strong> 10/11/2023 to 10/11/2025<br/><strong>Reason:</strong> 30-20 Order[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></ul><br/><strong>Explanation:</strong> On 24 October 2023, after completing an investigation, the Tax Practitioners Board (TPB) determined that White Sky Music Pty Ltd (the Company) had breached the Code of Professional Conduct (the Code) in the Tax Agent Services Act 2009 (TASA). The TPB found that the Company had failed to provide adequate supervision and control of registered BAS agent employee, Damien Luscombe, which allowed him to misappropriate more than $2.1 million directly from the bank accounts of 11 Company clients in 235 transactions between September 2011 and September 2022 through the creation of false documents to provide the appearance of authentic transactions which he used to support his misappropriations.<br><br>The TPB observed that the Company had proactively taken steps to identify the false transactions and reimburse the affected clients for their losses. The TPB also noted that the Company had voluntarily reported this matter to the TPB and police and had made numerous improvements to its policies and procedures.<br><br>Taking into account all of the circumstances, the TPB decided to impose on the Company an order under s 30-20 of the TASA requiring it to:<br>1. continue reviewing and updating its policies and procedures to reduce the likelihood of similar incidents in the future.<br>2. provide appropriate training to staff on compliance with the Code, the Company’s code of conduct and whistleblowing policies and any other relevant policies every six months.<br>3. provide a compliance statement to the TPB every six months for the next two years, confirming it has complied with the above requirements and providing the details of training provided and the names of the staff who were trained.<br>