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Tax Deductions for Financial Advice

By: admin|

One of the missing ingredients in the advice giving  process is the ability for clients to be able to claim a deduction for seeking advice from a financial adviser on every occasion. Under current regulations, upfront fees for the establishment of a financial plan cannot be claimed as a tax deduction which certainly makes the advice giving process a timely and costly experience for advisors if the clients do not proceed with their recommendation. Ongoing advice fees can be claimed but only for the portion of advice that helps generate an income, which in itself can be confusing to many. The Australian government is reluctant to approve the deductible fee of the advice giving process as it is estimated that it would cost the Australian taxpayers more than a billion dollars a year in times of shrinking revenue collections.

There is certainly a great divide in Australia given taxpayers can claim the costs of seeking advice from their accountants and other professionals but Financial Planners roles are perceived by be less or no value to the investment process. One can only wonder if the recent GFC implications would have been less traumatic for many if they had sought the advice of a professional adviser rather than seeking advice from family and friends due to it being non deductible of seeking advice.

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