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Upfront advice tax deductibility a possibility mid-2023 after four years of consultation

Back in 2019, then-FPA CEO Dante De Gori and Tangelo Advice Consulting’s Conrad Travers engaged the ATO to see if it would be open to updating guidance on the tax deductibility of upfront advice fees. By the middle of this year, we should see the outcome.

Tahn Sharpe | 18th May 2023 | More
Divisive experience pathway proposal plan ‘upset’ FAAA members: Abood

“There’s so much pain, so much division on this one,” FAAA CEO Sarah Abood said of the proposed exemption. “It actually really upsets me, as I know it upsets many members.”

Tahn Sharpe | 15th May 2023 | More
FPA and AFA complete merger to create unified voice for advisers

The new association will be branded with its key purpose – providing a unified voice representing advisers – reflected in speech bubbles over the ‘A’s in its name.

Tahn Sharpe | 3rd Apr 2023 | More
  • ‘Somewhat bemused’: Advice review lead, industry push for the adoption of proposals

    Michelle Levy said she was ‘puzzled’ by the government’s decision to conduct a consultation on the proposals handed down in the advice review, while industry leaders urged for the adoption of her reform suite.

    Tahn Sharpe | 2nd Mar 2023 | More
    FPA and AFA members vote an overwhelming ‘yes’ to merger proposal

    After years of declining membership bases and growing frustration with disparate representation, 96.5 per cent of AFA members and 96.7 per cent of FPA members voted in favour of a merger between the two groups.

    Tahn Sharpe | 2nd Mar 2023 | More
    Safe harbour steps to go as Levy sticks (mostly) to the advice reform script

    Levy made no major deviations in her final suite of proposals, with Treasury left to mull on a blueprint for reform that should usher in a less prescriptive, two-tiered advice regime. But there are a few tweaks that might raise eyebrows.

    Tahn Sharpe | 9th Feb 2023 | More
  • Ex-heads of advice associations line up to plump for merger

    The old guard of advice representation has implored the combined membership groups of the AFA and FPA to vote ‘yes’ in the upcoming merger vote.

    Tahn Sharpe | 6th Feb 2023 | More
    Tax deductibility review a ray of hope for adviser community

    Advisers are rallying around the prospect of upfront advice fees becoming tax deductible after the ATO announced a review of Tax Determination 95/60.

    Tahn Sharpe | 16th Jan 2023 | More
  • ASIC ‘neutral’ on SOA format, video statements good to go

    The Corporations Act is “technology neutral” according to ASIC, so video SOAs are acceptable as long as they include the eight or so standard compliance requirements.

    Tahn Sharpe | 28th Nov 2022 | More
    ‘The destination is what’s important’: FPA/AFA chart next stage of merger plan

    The draft documents to be handed out in December will contain information members can use to assess whether a union between the two groups is the best way forward, FPA chief Sarah Abood tells The Inside Adviser.

    Tahn Sharpe | 10th Nov 2022 | More