Our latest riskinfo poll addresses another of the emerging topics out of the Ripoll Inquiry, relating to calls for full tax deductibility of the cost of financial advice.
The vast majority of advisers would vote ‘Yes’ if asked whether the cost of their advice should be made tax deductible, but what is your opinion about whether the proposed tax deductibility should apply to all advice fees or only to advice provided on a fee-for-service basis?
So, our poll question, in the event that the full cost of financial advice may be made tax deductible in future, is…
Should tax deductibility of the cost of financial advice only apply for advice that is provided under fee-for-service models?
For comments on this topic, see our related story: Calls for Full Tax Deduction on Cost of Financial Advice – Fee for Service Only?
Another question is to what extent would any future arrangements that see financial advice fees made tax deductible, make it easier for advisers to transition from commission-based to fee-for-service remuneration, especially if the tax deduction may only apply to fee-based advice?
Our poll is one place where you can voice your opinion, by posting your vote and adding any comments.
A number of advisers and dealer groups have also made their own submissions to the Ripoll Inquiry on a broad range of topics, together with institutions, government organisations, representative associations and clients of failed financial services providers. Their submissions can be accessed here: Submissions to the Inquiry into Financial Products and Services in Australia.
But on the question of tax deductibility of financial advice for all advice models, or only fee-for-service…
