The Tax Practitioners Board (TFB) announced this morning that it had terminated the tax agent registration of Peter Moltoni, following an investigation into the Perth accountant’s ties to a shell company in the British Virgin Islands.
Previously, Business News had reported that Mr Moltoni had been ordered to pay $34.5 million in taxes stemming from an investigation of a $21 million payment made by former client Pankaj Oswal to Sinclair Strategies Ltd.
The Supreme Court of Western Australia had denied Mr Moltoni a stay on recovering the money in August 2018, with the agent declaring bankruptcy two months later.
In addition to the payment, the board also cited Mr Moltoni’s failure to disclose his adverse circumstances, saying he was in breach of requirements to do so under the Tax Agent Services Act 2009.
Speaking on behalf of the TPB, Chairman Ian Klug AM said tax practitioners involved in offshore tax avoidance failed their legal and ethical responsibilities.
“They undermine public trust in honest tax advisers, and can expose themselves and their clients to significant penalties and potential criminal sanctions.
“This case is also a call to action, for those practitioners involved in tax avoidance or evasion schemes to review their circumstances and those of their clients, and ensure full disclosure to the TPB and to the ATO.
“Our combined efforts have resulted in an outcome which demonstrates our shared commitment to safeguard the ethics of the tax profession.”
