The Financial Advice Association has called on the Federal Government to better manage costs across the Compensation Scheme of Last Resort and implement a fairer ASIC funding levy for advisers ahead of the Tuesday budget.  

The association has put forward six key items in its pre-budget submission. 

  • Implement a fairer ASIC Funding Levy 
  • Ensure fairness and manage costs of the CSLR 
  • 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 

The CSLR levy for advisers is a minimum of $100 plus $1186 per adviser, while the ASIC levy is $2818 per adviser, along with $1500 per licence.