FAAA calls for CSLR cost management in budget wishlist

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.