POWERED BY MOMENTUM MEDIA
Super advice a priority for tax-deductibility
Superannuation advice should be a priority area for tax-deductibility, according to a new survey.
The survey revealed strong support for the Government to make the provision of financial advice tax-deductible, with most support for advice around superannuation and transition to retirement.
By comparison, there was significantly less support for allowing advice around products such as life/risk insurance tax deductible.
The survey, conducted by Super Review’s sister publication, Money Management, came at the same time as the Financial Planning Association (FPA) urged the Senate Economics Legislation Committee to make advice around insurance inside superannuation tax-deductible.
However, survey respondents signalled their ambivalence about tax-deductibility where product sales were involved.
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ACS FIXED INT - AUSTRALIA/GLOBAL BOND
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3y(%)pa
1
DomaCom DFS Mortgage
90.28 3 y p.a(%)
2
GAM LSA Private Shares AU I
37.08 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.44 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
31.12 3 y p.a(%)
5
Global X GlobalX FANG+ ETF
28.28 3 y p.a(%)
The solution is to make it mandatory for any super fund to pay a client invoice (on demand), when issued by an ASIC approved financial adviser. It should be illegal for certain industry super funds to deny advice payment. Fortunately a few allow it, but it should be made mandatory for all funds to pay an adviser's invoice on demand. Tied agency arrangements should be banned. The current environment with Industry funds is looking very much like the old AMP tied agency days.