AFA News 3 February 2021. On Friday 29 January 2021, the AFA made a submission to Treasury as part of the pre-budget process. This is our opportunity to provide input into the Government’s deliberations on the Federal Budget for 2021/22. In our submission, we focussed on the following priorities:
- Tax deductibility of financial advice.
- Addressing the blowout in the ASIC funding levy for financial advisers, which has gone from $1,500 per licensee plus $934 per adviser in 2017/18 to $1,500 per licensee plus $2,426 per adviser in the shortly to be issued invoices for the 2019/20 year. We have called for relief and separately written to the Minister and ASIC on this matter.
- Government sponsorship of Professional Year students.
- Fully leveraging the opportunity to rationalise the financial advice regulatory regime as part of the establishment of the Single Disciplinary Body and the winding up of FASEA.
- Recommending a broader review of financial advice, seeking opportunities for rationalisation and increased efficiency to address the continuing problem with increasing costs and a decline in access and affordability of financial advice for everyday Australians.
Please click here to see the AFA pre-budget submission.
The 2021/22 budget will be released on Tuesday 11 May 2021. In the meantime, if you have any feedback on this submission, please email policy@afa.asn.au
Issued 03.02.2021. AFA Policy & Education Update
