New Call For Tax Deductibility of Financial Advice

Advice business services firm, XY Adviser, has issued a new call for the cost of financial advice to be made tax deductible.

The call was made by XY Adviser co-founder, Clayton Daniel, who told Riskinfo his firm’s mandate since inception is to simply to drive the positive evolution of financial advice.

In utilising community-generated content to bring together what he believes to be the best ideas in financial advice, Daniel said “Our next step is to take the argument to government that advice needs to be treated like a profession and granted tax deductible status.”

Daniel added the Government and the Australian Taxation Office needed to grant tax deductibility on financial advice costs so that advisers could fully embrace all the changes that will stem from:

• The fallout from the Banking Royal Commission
• The impending introduction of adviser exams and minimum educational qualifications being implemented by FASEA

…we expect advice to be treated as a profession

“All these additional restrictions and requirements are pushing towards one purpose – professionalism. We are more than happy to support this move towards professionalism, but we expect advice to be treated as a profession,” said Daniel.

He said XY Adviser has already received support from key licensees who had agreed to back its agenda:

“The good news is, with the support we have across the industry, we think we can win this battle,” said Daniel, who added this will go some way to offsetting the recent struggles advisers have been experiencing.

“We believe it has a good chance of getting over the line as it holds the unique position of providing positive outcomes for all audiences: consumers, advisers, and licensees,” he said.