Advisers give GST thumbs up
The financial planning community strongly supports the introduction of a goods and services tax in Australia, according to a recent survey.
The AM Corporation and CPM Solutions Business Issues Panel survey found that the majority of planners believe a GST will have no effect on investor behaviour.
More than three quarters of those surveyed view the tax reform package as being good for Australia and good for their clients. About 75 per cent believe tax reform will benefit their practice.
However, the survey found the introduction of a GST will mean that advisers will need to upgrade IT systems and software to accommodate the tax.
CPM Solutions director Simon Neaverson says expenditure on IT upgrades is likely to increase dramatically this year as planners prepare for a GST from July 2000. In fact, one in twelve advisers feel their technology systems will be unprepared for the introduction of the new tax in July next year.
"Strategic use of IT is an important issue in business planning. With 72 per cent of planners seeing a need to further develop IT systems for a GST, it is clear that the IT spend has become a very strategic element for advisers in their business planning," says CPM Solutions director Simon Neaverson.
Recommended for you
While the August financial advice exam saw a lower pass rate of 62 per cent compared with 70 per cent in previous sittings, this expert believes it’s for a positive reason.
With the FY24 reporting season behind us, five major financial advice licensees are looking to achieve growth either through inorganic activity or internal expansion.
An alleged involvement with an insurance claims business has led the Federal Court to vary the orders of a banned adviser to add the threat of jail time.
The investment platform has announced several improvements, enabling advisers to create more bespoke solutions for clients as well as further exclusion options.
