Victorian tax agent receives maximum ban

A tax agent from Victoria has received the maximum penalty for dishonestly obtaining his registration as a tax agent and committing further breaches while operating his company.

Srinivasarao Jakkampudi has had his registration terminated by the TPB and was banned for the maximum five years following an investigation into his activities.

Mr Jakkampudi was the sole director and supervising tax agent of Truecare Solutions when he asked an employee to complete false written assessments so he could satisfy the qualifications required for registration in 2020. 

Then, between 2020 and 2021, Mr Jakkampudi lodged multiple client tax returns through Truecare containing wrong and unsubstantiated information, including claiming inaccurate amounts of business losses and work-related expense deductions. The claims he made were incorrect and his failure to check his clients’ circumstances caused them to face penalties.

Truecare also failed to meet its ATO lodgement dates, which TPB chair Ian Klug said demonstrated his pattern of negligent behaviour.

“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,” Mr Klug said.

Addressing nefarious behaviour among tax agents is always important, Mr Klug said, but perhaps even more so during tax time.

“Over 88 per cent 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,” Mr Klug said.

“If you know someone doing the wrong thing, report them to us so we can take the necessary steps to protect the community.”