Are Financial Advice Fees Tax Deductible?

We get this question a lot.

So let’s put it to bed.

The answer is ….Yes, but not all the time as it depends on the nature of the advice.

In TD 2024/7, the ATO has confirmed that upfront financial advice fees are deductible to the extent they relate to tax advice.

The result is that more Australians should be able to deduct a larger portion of both their initial (as well as ongoing) financial advice fees.

What is deductible?

The definition of (financial) advice can include all or part of the fee for superannuation advice about contributions such as salary sacrificing, advice around superannuation pension strategies, advice on whether or not certain insurance policies should be held inside or outside of super, gearing strategies, some estate planning advice and investment structuring for taxation purposes.

So for our clients usually a large portion of advice fee can in to the tax deductible bucket.

Want to know more?

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The information contained in this article is general information only. It is not intended to be a recommendation, offer, advice or invitation to purchase, sell or otherwise deal in securities or other investments. Before making any decision in respect to a financial product, you should seek advice from an appropriately qualified professional. We believe that the information contained in this document is accurate. However, we are not specifically licensed to provide tax or legal advice and any information that may relate to you should be confirmed with your tax or legal adviser.