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Tax deductibility advice ‘a step in the right direction’
“With an Australian Tax Office (ATO) review underway to make financial advice tax deductible, Tangelo Advice Consulting’s Conrad Travers has reiterated why this would be a positive step forward for the industry.
Though Travers, who had been involved in the ATO’s review and update of TD95/60 along with Deloitte legal practitioner director James Alsop, couldn’t offer explicit details on the review, he said: “We are really hopeful that a good portion of ongoing fees will be tax deductible as a result of that efficacy”. “We feel like this is a really strong step in the right direction, and we're going to keep advocating on your behalf,” he told audience members at the 2023 United Association Roadshow.”
‘Game changer’ ATO consultation on advice fees launched
Conrad Travers of Tangelo Advice Consulting has been working with the FPA to campaign for expanding tax deductions for financial advice fees. “We believe there is a strong case under both 8-1 and 25-5 for all financial planning fees to be deductible,” Travers says. “We believe that in our current environment, around 75 per cent of the strategies an adviser recommends have a tax component to them.” Travers says the firm looks forward to a potential win for advisers and their clients.