The Financial Advice Association has published its FY25 pre-budget submission, with a focus on reducing the cost of professional financial advice.
The submission calls for the government to address the fast-rising cost of the ASIC levy, as well as pushing for the management of the Compensation Scheme of Last Resort costs.
The key proposals are:
- Implement a fairer ASIC Funding Levy
- Ensure fairness and manage costs of the Compensation Scheme of Last Resort
- Enhance tax deductibility of financial advice
- Enable financial adviser access to the ATO portal
- Provide more support for financial adviser education, and exam price relief
- Reverse proposed changes to Reduced Input Tax Credits for advice fees
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