Tree pruning advice, please

[ferret50]

Tree in the foreground is an 'elephant leaf tree', well, that's what the website told me when I bought it perhaps five years ago!

Last couple of years new growth has started late May, giving lovely large green leaves that turn golden late September. But these leaves only seem to grow on new growth, so should I prune back the existing wood? And where should I prune? And when? Is it too late to prune now?

I'd like to see a wider canopy, if that is possible.

Thanks in advance, over to any experts!