Australia’s Tax Practitioners Board (TPB) has cancelled the registration of C&N Southwest Sydney after finding serious breaches in professional conduct and determining that the company no longer met registration requirements.
The tax watchdog’s investigation concluded that C&N Southwest Sydney director Elle Ristevski, along with de facto and shadow director Peter Ristevski, were no longer “fit and proper persons”, a statement said.
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According to the TPB, the Sydney-based company violated 12 provisions of the code of professional conduct.
The investigation found evidence that the business gave false or misleading information to the TPB during its inquiries.
The board also found that false or misleading information had been supplied to the Australian Securities and Investments Commission (ASIC) and the Australian Taxation Office (ATO). The information was used to support clients in appointing ‘straw directors’.
It also found that client refunds had been mixed with company and personal expenditure, before being paid into an account outside the control of the registered director and supervising agent.
In addition, the company allowed “disqualified entity” Peter Ristevski to provide tax agent services through an arrangement.
The TPB described the conduct of the company and its directors as extremely serious. It imposed the maximum five-year period during which the company cannot apply for registration.
TPB chair Peter de Cure said: “The TPB is committed to protecting consumers and maintaining confidence in the tax profession by focusing on high-risk individuals whose conduct poses a risk to the community, the profession and the integrity of the tax system.
“The vast majority of registered tax practitioners comply with their professional obligations and support their clients to meet their personal obligations under taxation and corporate law.
“Tax practitioners who attempt to support clients to evade their obligations will be identified, investigated and sanctioned.”
