An SMSF trustee who had multiple disqualifications for contravening the SIS Act but claimed he was acting on his accountant’s advice underscores the importance of keeping good notes, according to specialist lawyers.
Mr Goulopoulos was found to have breached the act when his self-managed superannuation fund was depleted with 18 withdrawals totalling $665,990.86.
He also failed to lodge returns from 2013 to 2016 until June 2017.
Mr Goulopoulos applied to the AAT to review the ATO’s decision to disqualify him and his wife from being trustees or directors of trustees of superannuation entities, including an SMSF.
Facing the AAT, Mr Goulopoulos blamed his accountant for the compliance mistakes and said had been advised that he could use a small portion of his super fund for personal use as long as he replaced it in the same year.
SMSF specialist legal firm DBA Lawyers said that the possibility of trustees trying to blame professionals highlighted the importance of accountants keeping good notes of any interactions.
“This underscores to professionals the importance of preparing themselves so as to be able to give resolute reports of advice and client interactions,” said the firm.
Based on the evidence provided by both Mr Goulopoulos and the accountant, the AAT determined the accountant had not provided the advice he was accused of.
“(The accountant) denied he ever told the applicant (Mr Goulopoulos) any such thing but was confident that no-one in his firm would have told the applicant that,” said the AAT.
“Having seen and heard both the applicant and (the accountant) give evidence, (the AAT was) satisfied that (the accountant’s) evidence is to be preferred.”
AAT deputy president Bernard McCabe said that Mr Goulopoulos persistently tried to inculpate his accountant.
“He has not contested the contraventions but he has continued to shift some of the blame to his accountant for planting the seed for his conduct,” said Mr McCabe.
“I have rejected that evidence, but moreover, it portrays a refusal by the applicant to take full responsibility for his own choices and actions, which even on his own account he knew at the time to be wrong.”
