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Tax agent banned for dishonesty

The Tax Practitioners Board has banned a Victoria-based tax agent for five years for dishonestly obtaining his registration and engaging in further misconduct.

Srinivasarao Jakkampudi, sole director and supervising tax agent of Truecare Solutions, requested that his employee complete written assessments so he could dishonestly satisfy the qualifications required for registration in 2020.

Following this, Jakkampudi went on to lodge multiple client tax returns through Truecare containing false and unsubstantiated information, including claiming incorrect amounts of business losses and work-related expense deductions.

The claims were incorrect and Jakkampudi also failed to meet the ATO lodgement dates for Truecare. This resulted in penalties being imposed on him.

"Mr Jakkampudi was wilful in his deceit and deliberate in his conduct - this will not be tolerated. Most tax practitioners do the right thing, but where there are transgressions that put the integrity of the tax system and the reputation of the tax profession at risk, the TPB will act firmly and swiftly," TPB chair Ian Klug said.

"Over 88% of consumers have high levels of trust in their tax practitioners - we need to protect this consumer confidence, especially at this time of the year when people's tax affairs are often at the forefront. If you know someone doing the wrong thing, report them to us so we can take the necessary steps to protect the community."

Read more: Tax Practitioners BoardATOSrinivasarao JakkampudiTruecare SolutionsIan Klug