Back in January of 2023 we had a discussion on an FID thread regarding the desire of The Financial Planning Association to allow a tax deduction for up front financial advice which, up to that stage, was not considered deductible. I note, in todays Financial Review, the following:
"The ATO now recognises financial advisors as qualified tax relevant providers which means that any upfront financial advice fees that relate to advice on tax can be deducted".
This is a step in the right direction as far as the Financial Planning Association is concerned. The bad news is that I doubt now, as I did then, that the Tax Office will ever enable tax deductibility for upfront advice where tax considerations aren't involved. The good news is that a financial advisor should be able to drive a truck through that ruling without touching the sides.
FID Price at posting:
$8.92 Sentiment: Hold Disclosure: Held
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