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Australian Financial Planners fight for equality for their advice

By: admin|

Australia’s financial services sector will continue to push for financial advice to be tax deductible despite the government stating it is not on their immediate agenda as they did not see it as a priority.

The fact is should the government allow for the clients to claim a tax deduction for the advice given it will cost the government a lot of money. Hence, in reality it’s not about the client receiving the much needed advice and being able to claim the tax deductibility, its more about what the tax deductibility will do to the government’s bottom line, when balancing the books.

Whilst a lot of good work has been undertaken by the government in regards to reforming the industry to try and weed out the advisors who have been giving the poor advice or using their positions to gain a financial gain by means outside the rules and regulations under which they should operate.

Allowing tax deductibility for the advice costs would then in fact drive more clients to seek the much needed advice and until the government address’s the taxation issuers in a fair and equitable way to continue with the reforms will still not achieve the required outcomes.

Reducing the long term pull on the public purse strings, due to many not seeking the professional advice will not happen as advisors are being forced into the fee for service model. Clients will not be able to claim a tax deduction for this advice and hence many more will cease to use the services of an advisor and the federal government will be saddled with more long term drawings on pensions until such time as the public purse runs dry.

One must question how many other professions clients can claim a deduction for the advice which has been given to them but not financial advisors, where’s the equality here.

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