{"id":73515,"date":"2024-10-01T22:19:45","date_gmt":"2024-10-01T12:19:45","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=73515"},"modified":"2024-10-08T12:37:22","modified_gmt":"2024-10-08T02:37:22","slug":"deductibility-of-advice-fees-your-view","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2024\/10\/01\/deductibility-of-advice-fees-your-view\/","title":{"rendered":"Deductibility of Advice Fees &#8211; Your View"},"content":{"rendered":"<div id=\"polls-331\" class=\"wp-polls\">\n\t\t<div class=\"pollHeader\"><strong>The ATO\u2019s recent determination on the tax deductibility of advice fees will have a positive impact on our ability to attract new clients to our advice business.<\/strong><\/div><div id=\"polls-331-ans\" class=\"wp-polls-ans\"><ul class=\"wp-polls-ul\">\n\t\t<li>Agree <small>(45%)<\/small><div class=\"pollbar\" style=\"width: 45%\" title=\"Agree (45% | 40 Votes)\"><\/div><\/li>\n\t\t<li>Not sure yet <small>(31%)<\/small><div class=\"pollbar\" style=\"width: 31%\" title=\"Not sure yet (31% | 27 Votes)\"><\/div><\/li>\n\t\t<li>Disagree <small>(24%)<\/small><div class=\"pollbar\" style=\"width: 24%\" title=\"Disagree (24% | 21 Votes)\"><\/div><\/li>\n\t\t<\/ul><div style=\"text-align: center\"><\/div><\/div>\n\t\t<input type=\"hidden\" id=\"poll_331_nonce\" name=\"wp-polls-nonce\" value=\"a87daa0654\" \/>\n<\/div>\n\n<p>News of the ATO&#8217;s determination (finally!) on how it will interpret the tax deductibility of advice fees in future informs the basis for our latest poll.<\/p>\n<p>As we&#8217;ve reported, the ATO&#8217;s determination has prompted the FAAA to project that a significant portion of a typical advice fee will become tax deductible for the clients of many advisers and advice practices (see: <a href=\"https:\/\/riskinfo.com.au\/news\/2024\/09\/27\/signification-portion-of-advice-fees-could-be-tax-deductible\/\" target=\"_blank\" rel=\"noopener\">Significant Portion of Advice Fees Could be Tax Deductible<\/a>).<\/p>\n<p>According to the peak adviser association, this determination marks a big improvement over the original interpretation applied by the tax office, which did not support deductions for the cost of any components of upfront advice.<\/p>\n<p>The FAA now believes a significant portion of a typical advice fee will be deductible for the clients of many advisers and practices, where one of the flow-on effects, it can reasonably be argued, is that the potential for greater deductibility of advice fees should help make financial advice more affordable and therefore more accessible for more Australians.<\/p>\n<p>Do you support this view? Does this latest development spell good news for your advice business and\/or the practice in which you operate?<\/p>\n<p>On the surface, as we&#8217;ve already noted, simple logic suggests more Australian consumers should enter the growing pool of those for whom the cost of financial advice will become a more favourable equation.<\/p>\n<p>But it&#8217;s your own perspective which counts. Where do you sit on this question? Are you already over the line as a &#8216;believer&#8217;? Or do you disagree or perhaps need more time to see how this ATO determination plays out with the Australian community?<\/p>\n<p>Tell us what you think and we&#8217;ll report back next week&#8230;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>News of the ATO&#8217;s determination (finally!) on how it will interpret the tax deductibility of advice fees in future informs the basis for our latest poll. As we&#8217;ve reported, the ATO&#8217;s determination has prompted the FAAA to project that a significant portion of a typical advice fee will become tax deductible for the clients of [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":73519,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8,49],"tags":[],"class_list":{"0":"post-73515","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-compliance-regulation","8":"category-polls"},"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/73515","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/comments?post=73515"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/73515\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media\/73519"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=73515"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=73515"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=73515"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}