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