FAAA aligns with accounting groups on advice | Australian Markets
Having lobbied for more than a decade to realize the end result, the Financial Advice Association of Australia (FAAA) has aligned with the most important accounting groups across the tax deductibility of financial advice charges.
The FAAA introduced that, in session with Chartered Accountants ANZ, CPA Australia and the institute of Public Accountants (IPA) it has backed a joint launched information for financial planners and accountants about claiming a tax deduction for financial advice charges.
The collectively launched information displays a mixed strategy to final September’s dedication from the Australian Taxation Office (ATO) Tax Determination TD 2024/7.
FAAA chief government, Sarah Abood burdened the significance of the sensible information having been “ratified” by the accounting associations.
“The implications of the updated ATO guidance are important for both financial advisers and accountants. We have worked together with the accounting associations so that the guidance is practical and consistent for both,” she stated.
“The publication of this information follows more than six years of advocacy from the FAAA to encourage the ATO to replace its steering. The capacity for taxpayers to legitimately declare a portion of the initial advice payment for financial advice purchasers is new and is dwell now. The information additionally offers readability concerning the claiming of ongoing charges.
“Advisers can now support their clients to claim a legitimate tax deduction for financial advice fees with confidence.”
According to the FAAA, the information contains the legislative background and definitions of tax (financial) advice and taxation law. It outlines three potential methodologies for apportioning charges and offers examples, Statement of Advice textual content and payment abstract templates, for energetic use.
The main accounting groups every issued statements backing the worth of the mixed industry information.
The jointly-developed information represents a additional indication of the FAAA’s current work with the most important accounting our bodies, together with their response to the pay day superannuation draft laws and the extra aid round Reportable Situations.
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