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Tax agent given 5-year ban for $35m tax evasion

Adrian Flores
Adrian Flores
22 June 2020 1 minute readShare
Banned

The Tax Practitioners Board has terminated the registration of a tax agent for concealing over $35 million of income, banning him for the maximum period of five years.

In a statement, the TPB said it found that tax agent Peter Biantes had attempted to conceal millions of dollars of income from the ATO through the creation of multiple overseas entities.

In doing so, the TPB found that Mr Biantes had:

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  • Deliberately tried to avoid the tax implications of the sale of a business, intentionally misled the ATO, and obstructed the proper administration of the taxation laws.
  • Made false statements to the TPB in two of his annual declarations and an application for renewal of registration.
  • Repeatedly failed to comply with taxation laws in the conduct of his affairs including in relation to the timeliness and accuracy of his tax returns.

“Through serious and repeated misconduct, Mr Biantes attempted to undermine the integrity of the taxation system,” said TPB chair Ian Klug.

“Terminating and banning an agent from applying for registration is the firmest sanction that can be imposed by the board and is never taken lightly. The severity of Mr Biantes’ conduct requires the maximum ban to be imposed.

 

“The TPB is committed to targeting practitioners who undertake, or facilitate, black economy behaviour and tax evasion through schemes such as offshoring and failing to declare proceeds and profits. Where we discover this behaviour, we will act swiftly and take strong action.”

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Tax agent given 5-year ban for $35m tax evasion
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Adrian Flores
Adrian Flores

Adrian Flores is the deputy editor of MyBusiness. Before that, he was the deputy editor for SMSF Adviser as well as features editor for ifa (Independent Financial Adviser), InvestorDaily, Risk Adviser, Fintech Business and Adviser Innovation.

You can email Adrian at [email protected].

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