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Financial Adviser Guidance
Helping you provide exemplary advice to Australians.
The FAAA provides guidance broadly on topics of special interest to the financial advice community. Some guidance is for FAAA members only and some guides are available publicly as it is in the interest of the profession.
You can find our current guidance documents on this page.
NEW - Tax Deductibility of Financial Advice Fees Guide
The FAAA, in collaboration with Chartered Accountants Australia and New Zealand, CPA Australia and the Institute of Public Accountants, has produced practical guidance for financial advisers to help determine whether all or part of a financial advice fee is deductible, how much may be claimed as a deduction and what records clients should keep to substantiate their claims.
The Australian Taxation Office released guidance regarding the tax deductibility of financial advice fees, Tax Determination TD 2024/7, on 25 September 2024.
TD 2024/7 outlines the circumstances in which individuals may be entitled to claim deductions for financial advice fees under section 8-1 (general deductions) or section 25-5 (tax-related expenses) of the Income Tax Assessment Act 1997.
See the FAAA media release here.
The below guides and documents, to help substantiate a tax deductibility claim, are publicly available:
Further help and references
- Australian Taxation Office - Tax Determination TD 2024/7
- Australian Taxation Office - Financial advice fees: Deductions you can claim for fees you pay to a financial adviser
- Australian Investments and Securities Commission - Information Sheet 268: Relevant providers who provide tax (financial) advice services
- Tax Practitioners Board - TPB(I) 20/2014 What is a tax (financial) advice service?
Other toolkits and guides - FAAA member access only
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If you have any questions in relation to our guidance, we’d love to hear from you!
