Former Central Coast tax agent, Gavin Swan has been sentenced to five years in jail with a non-parole period of three years for fraudulent behaviour and dealing with the proceeds of crime.
Swan was also ordered to repay $600,000 to victims.
Chair of the Tax Practitioners Board (TPB) Peter de Cure said this case involved fraudulent activities including theft and money laundering of approximately $600,000 from more than 100 clients.
In 2022, following information received from the community, and the Australian Taxation Office (ATO), the TPB took immediate action to protect clients and to investigate and address Swan’s misconduct.
The TPB’s investigation included Swan and an associated entity, Absolute Accounting Services, operating on the Central Coast.
The investigation found that Swan misled his clients, the TPB and the ATO, and he failed to meet his professional obligations.
Swan and Absolute Accounting’s registrations were terminated, and he was excluded from practice for the maximum five-year period.
Following a subsequent investigation by NSW Police, Swan pleaded guilty to fraud and money laundering offences.
TPB Chair Peter de Cure said tax professionals had a privileged position of service to clients and the community.
“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,” he 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 majority of the community, and their tax practitioners, do the right thing.
“The TPB is reminding tax practitioners and professional associations of the importance of engaging with them in a timely, co-operative and transparent way to address misconduct and improve professional standards ensuring a level playing field for all,” de Cure said.