Deductions for Financial Advice Fees

Posted at 16:51h in Business, Tax by Simmons Livingstone

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Planning for the future can sometimes mean navigating complex tax rules, especially when it comes to financial advice fees. If you’re wondering which fees might be deductible, our team are here to simplify the process.

Here’s what you need to know about claiming deductions for financial advice:

Key information

Generally, individuals can claim deductions for financial advice fees when the expenses are incurred in producing assessable income, provided these costs are not of capital, private or domestic nature.

Fees for financial advice related to managing ‘tax affairs’ such as salary sacrifice arrangements may also be deductible. However, financial advice fees related to future investments such as guidance on proposed investments or expanding an investment portfolio are generally non-deductible.

Sufficient evidence is essential to claim these deductions, this includes detailed invoices, receipts, bank statements, proof of payment, and any relevant contracts or agreements that clearly support the purpose of the expense.

At Simmons Livingstone, we can assist you in organising and maintaining proper documentation, clearly distinguishing between deductible and non-deductible expenses and maximising the benefits of your financial planning.

Reach out to us today to ensure a smooth deduction process and avoid errors in your claims, 1800 618 800 or via email at admin@simmonslivingstone.com.au.