FPA urges tax deduction for initial advice

FPA/taxation/financial-planning/government-and-regulation/fpa-chief-executive/AFA/assistant-treasurer/financial-advisers/government/association-of-financial-advisers/chief-executive/

11 October 2013
| By Mike Taylor |
image
image
expand image

The Financial Planning Association (FPA) has written to the Assistant Treasurer, Senator Arthur Sinodinos, making clear its concerns about grandfathering and the need for early clarity on the issue.

As well, the FPA has sought to leverage the fact that planners have been placed under the Tax Agents' regime to allow for a tax deduction for those receiving initial advice.

Amid media speculation that the Government might be prepared to move solidly on addressing the grandfathering issues, including to a position more flexible than that originally flagged, FPA chief executive Mark Rantall said his organisation's letter to the minister had outlined its key concerns.

"We have written to him outlining our major concerns regarding grandfathering, the need to implement the 16-point plan and allowing a tax deduction for [the provision of] initial advice, given we are coming under the Tax Agents regime," he said.

A number of dealer group heads have this week confirmed that mobility within the planning industry remains limited because of the continuing uncertainty around grandfathering and whether planners will lose their grandfathered status on pre-existing clients if they change licensees.

Senator Sinodinos is scheduled to address the Association of Financial Advisers (AFA) annual conference which begins on the Gold Coast this weekend and there is speculation that he may signal the Government's intentions on grandfathering.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

2 months ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

4 months ago

Entireti has unveiled the new name for the AMP financial advice businesses that it acquired last year....

4 weeks 1 day ago

A Sydney financial adviser has been permanently banned from providing any financial services, with the regulator deriding his “lack of integrity, trustworthiness and prof...

3 weeks ago

Minister for Financial Services, Stephen Jones, has provided further information about the second tranche of the Delivering Better Financial Outcomes (DBFO) reforms....

1 week 6 days ago

TOP PERFORMING FUNDS