Tax deductible advice unlikely: FPA
Jo-Anne Bloch
Financial planning advice will not be a tax-deductible service in the foreseeable future, according to the Financial Planning Association (FPA) chief Jo-Anne Bloch, who said the association is pursuing alternative payment options for those seeking advice. “When we talked [to the government] pre-election there was support [for tax deductibility] as there was support from the regulator and from all quarters, the problem is the cost,” Bloch said.
The annual costs associated with an equivalent deduction for accounting services in this country is $1 billion, according to Bloch.
“From a policy point of view it’s fine,” she said.
And while tax deductions may be a no-go in the short term, Bloch said other possible avenues might be explored, including super fund deductions and salary sacrifice.
All Australians should be able to get advice, whether they think they can afford it or not, according to Bloch.
“People should be able to pay for this advice in a number of ways,” she said.
Recommended for you
The central bank has released its decision on the official cash rate following its November monetary policy meeting.
ASIC has cancelled the AFSL of a Melbourne-based managed investment scheme operator over a failure to pay industry levies and meet its statutory audit and financial reporting lodgement obligations.
Melbourne advice firm Hewison Private Wealth has marked four decades of service after making its start in 1985 as a “truly independent advice business” in a largely product-led market.
HLB Mann Judd Perth has announced its acquisition of a WA business advisory firm, growing its presence in the region, along with 10 appointments across the firm’s national network.
