TPB shuts down Coolah tax agent after large-scale misappropriation of client funds
Tax Practitioners Board
The Tax Practitioners Board (TPB) has terminated the registrations of Coolah Tax & Accounting Pty Ltd and its director, Denis Yeo and imposed a 3-year ban on Mr Yeo reapplying for TPB registration. This decision was made after uncovering extensive unlawful activity engineered by Randolf Rindfleish. Mr Rindfleish, an unregistered preparer, orchestrated the misappropriation of almost $1 million from clients because of inadequate supervision and control by Coolah Tax & Accounting Pty Ltd and Mr Yeo.
Over approximately 3 years, he lodged business activity statements, income tax returns and JobKeeper forms on behalf of clients, directing the refunds into bank accounts he controlled. TPB investigations found his actions were possible due to the companies involved not having proper supervision or controls to ensure tax agent services provided on their behalf were competent and lawful. As a result, the companies failed to prevent or detect his conduct, causing significant harm to clients and damaging trust in the tax system.
Due to Mr Rindfleish’s repeated misconduct, the TPB, Commissioner of Taxation, clients and the public cannot trust Coolah Tax & Accounting Pty Ltd to act with integrity or meet the required professional standards. The TPB’s firm response makes it clear – failing to supervise tax agent services and prevent misconduct will not be tolerated.
Commenting on the case, Chair of the TPB, Mr Peter de Cure AM, said ‘Mr Rindfleish’s actions represent a serious breach of trust and a direct threat to the integrity of the tax system. The TPB is committed to protecting the community from individuals who exploit the privileged position of a tax practitioner for personal gain. Our decision to terminate the registration of Coolah Tax & Accounting and Denis Yeo reflects the seriousness of these breaches and our determination to uphold the highest standards of professional conduct.’
Mr de Cure went on to say, ‘The TPB will continue to take action against those who pose an ongoing risk to the public. We urge all registered tax practitioners to remain vigilant and ensure robust supervision and compliance within their practices. Public confidence in the tax profession depends on our collective commitment to integrity and accountability.’
The TPB‘s investigations revealed Mr Rindfleish’s actions, carried out through registered tax practitioners, caused real and lasting damage to clients who placed their trust in him.
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