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.