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A former tax agent has been sentenced to five years in jail for obtaining financial advantage by deception and dealing with the proceeds of crime.
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Banned tax agent to spend 5 years behind bars
20 September 2024
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The Tax Office has revealed that banned tax agent Gavin Swan has been sentenced to five years in jail with a non-parole period of three years.
Swan was deregistered by the Tax Practitioners Board (TPB) in September 2022 for breaching the Tax Agent Service Act 2009 for a maximum period of five years.
According to the ATO, Swan fraudulently obtained almost $600,000 from 127 clients as principal accountant at Absolute Accounting on the Central Coast, NSW.
Swan was ordered to make reparations to all the people he targeted.
Assistant commissioner Jade Hawkins said anyone who involves themselves with financial crime would face similar punishment.
“Mr Swan was in a position of trust within the community and he exploited it,” she said.
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“Tax professionals play an integral role in supporting the tax and super systems and we, alongside the Tax Practitioners Board, will take action against those who threaten the integrity of the system.”
Swan pleaded guilty to fraud and money laundering offences following a subsequent investigation by NSW Police.
TPB Chair Peter de Cure said tax professionals have a privileged position of service to clients and the community which Swan abused.
“We support timely civil action to protect clients and will continue to assist law enforcement agencies to stop fraud and money laundering from undermining integrity and trust in the system,” de Cure said.
“Fraud thrives in darkness and deceit.”
“That’s why the TPB supports reforms that enhance transparency in the tax profession, including significant breach reporting, whistleblower protections and timely action to address false and misleading statements.”
The TPB noted that while most tax practitioners do the right thing, it is important for them to engage with the TPB in a timely, cooperative and transparent way to address misconduct and improve professional standards ensuring a “level playing field for all.”
Hawkins said the ATO and TPB will continue working together to uphold the tax system.
“Registered agents, tax professional associations and the TPB are working together to hold dishonest tax agents accountable, protect the community and the integrity of Australia’s tax and super system,” she said.
“Tax agents who do not meet professional standards are gaining an unfair advantage over others who do the right thing.”
The TPB has recommended all clients report tax practitioners to the board if concerned about conduct and procedures.
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