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.
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