Mark Webb of Gold Coast SMSF business SAS QLD Pty Ltd (Superannuation Administration Specialists) has been banned from acting as a tax agent for four years by the Tax Practitioners Board for sustained and systemic SMSF Auditor Number misuse.
About SAS QLD Pty Ltd
- Superannuation Administration Specialists (QLD) Pty Ltd (also known as SAS (QLD) Pty Ltd) was registered on the 1st of June 1988.
- The registered business address of SAS QLD is Unit 2, 18 Park Avenue, BURLEIGH HEADS QLD 4220.
- The postal address of Superannuation Administration Specialists (QLD) Pty Ltd is: PO BOX 1706, BURLEIGH HEADS QLD 4220
- The phone number for SAS QLD or Mark Webb is listed as (07) 5520 2722
- The sole director, secretary and shareholder of the company is Mr Edward Mark Purnell-Webb who is also a resident of Burleigh Heads
Mark Webb and Superannuation Administration Specialists (QLD) Pty Ltd banned as tax agents
Below is a media release from the Tax Practitioners Board (TPB) who oversee the registration and compliance of tax agents.
All self-managed super funds (SMSFs) must have an independent audit completed before their annual tax return can be lodged. Since 2013 all SMSF auditors must be registered with ASIC and they’re issued with a SMSF Auditor Number (SAN). The SAN must be included on the SMSF tax return which is lodged by the ATO.
In recent years, the ATO has been providing each registered auditor with a list of SMSF returns to which their SAN has been attached to. This ensures the SMSF auditors have only had their auditor numbers attached to annual returns of super funds they’ve actually audited.
You can read the original media release by the Tax Practitioners Board on the banning of SAS (QLD) Pty Ltd and Mark Webb here. A copy is also included below for your convenience.
TPB bans agent for sustained and systemic SMSF Auditor Number misuse
Following an audit and subsequent referral by the Australian Taxation Office (ATO), the Tax Practitioners Board (TPB) undertook an extensive investigation resulting in the registration of Gold-Coast based tax agent Edward Mark Purnell-Webb and his business Superannuation Administration Specialists (QLD) Pty Ltd being terminated and both were banned for four years.
Mr Purnell-Webb had lodged more than 170 returns for self-managed superannuation fund (SMSF) clients where he claimed the funds had been independently audited, but the investigation found no audit had been conducted. Therefore, the TPB considered that Mr Purnell-Webb had undermined the superannuation system and was no longer trustworthy to perform the functions of a registered tax agent.
Speaking about the case, TPB Chair Mr Ian Klug AM said, ‘Mr Purnell-Well has shown himself to be a risk to consumers. The TPB has an important role in consumer protection and maintaining the integrity of the tax practitioner profession. Misconduct of this kind undermines the integrity of the entire SMSF regulatory regime.’
‘This decision serves as a warning to other tax practitioners who may be thinking of engaging in this kind of egregious behaviour.’
In a separate investigation, the TPB has also reviewed 74 tax agents referred to them by the ATO for potentially reporting incorrect SMSF Auditor Numbers.
ATO Deputy Commissioner John Ford said, ‘Approved SMSF auditors have a critical role in helping to maintain the health and integrity of the SMSF sector through the annual audit of each SMSF.’
‘SMSF trustees deserve to have confidence in the integrity of tax professionals. They expect them to accurately report their information to the ATO. By disregarding the strict rules, they are not only breaking the law but they are also letting down trustees who have entrusted their affairs to be handled professionally’, Mr Ford said.
What should SMSF trustees do?
Firstly, it’s essential that you promptly engage another SMSF specialist tax agent. By having a registered tax agent with a good lodgement history and clean reputation attached to your SMSF is an essential first step.
Secondly, you need to have your recent SMSF annual returns and accounts reviewed by a specialist accountant.
Thirdly, you may need to have prior year SMSF accounts and annual returned re-audited and confirmation of these audits reported to the ATO. The exact requirements for your fund cannot be determined until after they’ve been independently reviewed.
Contact Grow SMSF to discuss your situation
As a way to support local SMSF trustees we are offering a complimentary consultation to review of your SMSF to provide both clarity and direction.