AdviserVoiceRichard Webb Archives - AdviserVoice https://www.adviservoice.com.au/tag/richard-webb/ Financial planner information & financial planner education/CPD - AdviserVoice Sun, 25 Oct 2026 21:27:20 +0000 en-US hourly 1 https://wordpress.org/?v=7.1.3 ASIC report shows progress on audit quality but stronger valuation governance remains critical https://www.adviservoice.com.au/2026/10/asic-report-shows-progress-on-audit-quality-but-stronger-valuation-governance-remains-critical/ https://www.adviservoice.com.au/2026/10/asic-report-shows-progress-on-audit-quality-but-stronger-valuation-governance-remains-critical/#respond Tue, 20 Oct 2026 20:05:21 +0000 https://www.adviservoice.com.au/?p=114699

Tiffany Tan

Australia’s largest accounting body CPA Australia says the audit profession continues to work constructively with ASIC to improve audit quality, while trustees must remain accountable for the valuation of super fund investments.

CPA Australia has welcomed the release of ASIC’s report, Accounting for your super: Super fund financial reporting and audit 2025–26, which identifies improvements in audit quality while highlighting ongoing challenges associated with valuing increasingly complex and less transparent investments. ASIC’s review found persistent concerns around the valuation of unlisted investments and whether trustees and auditors have access to sufficient information to appropriately challenge valuation assumptions.

CPA Australia Audit and Assurance Lead Tiffany Tan said the report demonstrates progress across the profession, while also highlighting broader challenges facing the superannuation sector as investment portfolios are inherently  complex.

“CPA Australia sees ASIC’s findings as evidence of a sector that is continuing to mature its approach to audit quality and valuation governance. While the second-year report identifies areas for improvement, it is encouraging that firms have responded constructively through remedial actions designed to strengthen audit quality and deliver better outcomes for super fund members,” Ms Tan said.

“The report also highlights a broader reality facing the industry. As super funds increase their exposure to unlisted and private market investments, auditors are being asked to provide assurance over increasingly complex investment structures involving multiple layers of fund managers and external parties. In many cases, the challenge is not identifying valuation risk, but obtaining sufficient information to independently assess and challenge those valuations.

“We have already seen uplift in audit quality since ASIC’s previous review, and the profession remains committed to continuous improvement. CPA Australia and the audit profession will continue working constructively with ASIC to support stronger audit outcomes and enhance confidence in the superannuation system.

“The findings reinforce that audit quality is often influenced by the quality, transparency and availability of information provided by reporting entities and other parties across the investment chain. Auditors can only provide robust assurance when they have access to sufficient appropriate information and evidence.”

Ms Tan said the findings reinforce that valuation quality is a shared responsibility across the financial reporting ecosystem and welcomed ASIC’s continued collaboration with APRA.

“Trustees, fund managers, valuers, auditors, regulators and standard setters all have a role to play in improving transparency, governance and the flow of information needed to support high-quality valuations and audits.

“The profession remains committed to continuous improvement, but there is also an opportunity for greater clarity and consistency in the application of auditing requirements across the superannuation sector. As unlisted assets become increasingly significant to Australians’ retirement savings, practical guidance that helps auditors obtain sufficient appropriate evidence over externally managed investments will support more consistent outcomes and further strengthen confidence in the system.”

CPA Australia Superannuation Lead Richard Webb said the report serves as an important reminder that responsibility for investment valuations ultimately sits with super fund trustees, not auditors or external investment managers.

“Super funds can outsource investment management and obtain valuations from external managers or independent experts, but they cannot outsource accountability for the valuation that ultimately appears in their financial statements and members’ accounts. That responsibility ultimately sits with the trustee,” Mr Webb said.

“If an auditor cannot obtain enough information about an unlisted investment to test its valuation, there is a legitimate question about whether the trustee itself has sufficient information to understand and challenge that valuation. Access to valuation information should be designed into investment arrangements from the outset, rather than becoming an issue discovered at audit time.

“Good audit cannot substitute for good valuation governance. The auditor provides independent assurance, but trustees need the systems, expertise and information necessary to understand and challenge the valuation of the assets they hold on behalf of members.”

ASIC’s report found that trustees often relied on external fund managers for valuation information relating to unlisted investments, while some auditors did not obtain sufficient evidence to test valuations or assess the reliability of information provided by third parties. The regulator also noted that timely valuation adjustments and stronger disclosures remain important areas for improvement.

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Tiffany Tan

Australia’s largest accounting body CPA Australia says the audit profession continues to work constructively with ASIC to improve audit quality, while trustees must remain accountable for the valuation of super fund investments.

CPA Australia has welcomed the release of ASIC’s report, Accounting for your super: Super fund financial reporting and audit 2025–26, which identifies improvements in audit quality while highlighting ongoing challenges associated with valuing increasingly complex and less transparent investments. ASIC’s review found persistent concerns around the valuation of unlisted investments and whether trustees and auditors have access to sufficient information to appropriately challenge valuation assumptions.

CPA Australia Audit and Assurance Lead Tiffany Tan said the report demonstrates progress across the profession, while also highlighting broader challenges facing the superannuation sector as investment portfolios are inherently  complex.

“CPA Australia sees ASIC’s findings as evidence of a sector that is continuing to mature its approach to audit quality and valuation governance. While the second-year report identifies areas for improvement, it is encouraging that firms have responded constructively through remedial actions designed to strengthen audit quality and deliver better outcomes for super fund members,” Ms Tan said.

“The report also highlights a broader reality facing the industry. As super funds increase their exposure to unlisted and private market investments, auditors are being asked to provide assurance over increasingly complex investment structures involving multiple layers of fund managers and external parties. In many cases, the challenge is not identifying valuation risk, but obtaining sufficient information to independently assess and challenge those valuations.

“We have already seen uplift in audit quality since ASIC’s previous review, and the profession remains committed to continuous improvement. CPA Australia and the audit profession will continue working constructively with ASIC to support stronger audit outcomes and enhance confidence in the superannuation system.

“The findings reinforce that audit quality is often influenced by the quality, transparency and availability of information provided by reporting entities and other parties across the investment chain. Auditors can only provide robust assurance when they have access to sufficient appropriate information and evidence.”

Ms Tan said the findings reinforce that valuation quality is a shared responsibility across the financial reporting ecosystem and welcomed ASIC’s continued collaboration with APRA.

“Trustees, fund managers, valuers, auditors, regulators and standard setters all have a role to play in improving transparency, governance and the flow of information needed to support high-quality valuations and audits.

“The profession remains committed to continuous improvement, but there is also an opportunity for greater clarity and consistency in the application of auditing requirements across the superannuation sector. As unlisted assets become increasingly significant to Australians’ retirement savings, practical guidance that helps auditors obtain sufficient appropriate evidence over externally managed investments will support more consistent outcomes and further strengthen confidence in the system.”

CPA Australia Superannuation Lead Richard Webb said the report serves as an important reminder that responsibility for investment valuations ultimately sits with super fund trustees, not auditors or external investment managers.

“Super funds can outsource investment management and obtain valuations from external managers or independent experts, but they cannot outsource accountability for the valuation that ultimately appears in their financial statements and members’ accounts. That responsibility ultimately sits with the trustee,” Mr Webb said.

“If an auditor cannot obtain enough information about an unlisted investment to test its valuation, there is a legitimate question about whether the trustee itself has sufficient information to understand and challenge that valuation. Access to valuation information should be designed into investment arrangements from the outset, rather than becoming an issue discovered at audit time.

“Good audit cannot substitute for good valuation governance. The auditor provides independent assurance, but trustees need the systems, expertise and information necessary to understand and challenge the valuation of the assets they hold on behalf of members.”

ASIC’s report found that trustees often relied on external fund managers for valuation information relating to unlisted investments, while some auditors did not obtain sufficient evidence to test valuations or assess the reliability of information provided by third parties. The regulator also noted that timely valuation adjustments and stronger disclosures remain important areas for improvement.

The post ASIC report shows progress on audit quality but stronger valuation governance remains critical appeared first on AdviserVoice.

]]> https://www.adviservoice.com.au/2026/10/asic-report-shows-progress-on-audit-quality-but-stronger-valuation-governance-remains-critical/feed/ 0 Lower pension spending should not be the sole measure of retirement success https://www.adviservoice.com.au/2026/09/lower-pension-spending-should-not-be-the-sole-measure-of-retirement-success/ https://www.adviservoice.com.au/2026/09/lower-pension-spending-should-not-be-the-sole-measure-of-retirement-success/#respond Wed, 09 Sep 2026 21:10:42 +0000 https://www.adviservoice.com.au/?p=113908

Richard Webb

Australia risks focusing too heavily on reducing Age Pension costs rather than ensuring retirees enjoy adequate retirement incomes, CPA Australia says.

CPA Australia Superannuation Lead Richard Webb said comments from Treasurer Jim Chalmers at the Super Members Council (SMC) Super Summit yesterday highlighting Australia’s projected decline in pension spending compared with other developed economies overlook a fundamental difference between retirement systems.

“Lower government spending on pensions does not automatically mean retirees are better off,” Mr Webb said.

“The real test of a retirement system is whether it delivers dignity, security and adequate incomes in retirement.”

Mr Webb said New Zealand’s recent proposal to increase KiwiSaver contributions to 12 per cent, matching Australia’s Superannuation Guarantee, highlights the different paths being taken by the two countries.

“New Zealand is moving towards the same compulsory savings rate as Australia, but its pension system operates very differently. Unlike Australia, they don’t subject most retirees to complex means testing before they can access the state pension.”

Mr Webb said universal access to NZ Super (the Aged Pension equivalent) provides retirees with greater certainty when planning for retirement.

“In Australia, retirees can spend decades building their superannuation balances only to face a complex interaction between superannuation, income tests and asset tests when they retire. By contrast, New Zealand retirees have greater confidence about the level of government support they’ll receive alongside their retirement savings.”

Mr Webb said policy makers should be careful not to frame falling Age Pension expenditure as the primary objective of retirement policy.

“A sustainable budget is important, but retirement policy should be judged on whether it provides adequate incomes and financial security for older Australians.

“The objective shouldn’t simply be reducing pension spending. It should be ensuring Australians can retire with confidence and maintain their standard of living,” Mr Webb said.

Mr Webb said Australia has built one of the world’s largest superannuation systems, but the next phase of reform should focus on improving retirement outcomes rather than solely reducing future government liabilities.

“We have done a remarkable job building retirement savings. The next challenge is making sure Australians can turn those savings into secure and reliable retirement incomes.”

“New Zealand’s approach is a reminder that retirement adequacy comes from the combination of private savings and a predictable public pension, not from either one in isolation.”

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Richard Webb

Australia risks focusing too heavily on reducing Age Pension costs rather than ensuring retirees enjoy adequate retirement incomes, CPA Australia says.

CPA Australia Superannuation Lead Richard Webb said comments from Treasurer Jim Chalmers at the Super Members Council (SMC) Super Summit yesterday highlighting Australia’s projected decline in pension spending compared with other developed economies overlook a fundamental difference between retirement systems.

“Lower government spending on pensions does not automatically mean retirees are better off,” Mr Webb said.

“The real test of a retirement system is whether it delivers dignity, security and adequate incomes in retirement.”

Mr Webb said New Zealand’s recent proposal to increase KiwiSaver contributions to 12 per cent, matching Australia’s Superannuation Guarantee, highlights the different paths being taken by the two countries.

“New Zealand is moving towards the same compulsory savings rate as Australia, but its pension system operates very differently. Unlike Australia, they don’t subject most retirees to complex means testing before they can access the state pension.”

Mr Webb said universal access to NZ Super (the Aged Pension equivalent) provides retirees with greater certainty when planning for retirement.

“In Australia, retirees can spend decades building their superannuation balances only to face a complex interaction between superannuation, income tests and asset tests when they retire. By contrast, New Zealand retirees have greater confidence about the level of government support they’ll receive alongside their retirement savings.”

Mr Webb said policy makers should be careful not to frame falling Age Pension expenditure as the primary objective of retirement policy.

“A sustainable budget is important, but retirement policy should be judged on whether it provides adequate incomes and financial security for older Australians.

“The objective shouldn’t simply be reducing pension spending. It should be ensuring Australians can retire with confidence and maintain their standard of living,” Mr Webb said.

Mr Webb said Australia has built one of the world’s largest superannuation systems, but the next phase of reform should focus on improving retirement outcomes rather than solely reducing future government liabilities.

“We have done a remarkable job building retirement savings. The next challenge is making sure Australians can turn those savings into secure and reliable retirement incomes.”

“New Zealand’s approach is a reminder that retirement adequacy comes from the combination of private savings and a predictable public pension, not from either one in isolation.”

The post Lower pension spending should not be the sole measure of retirement success appeared first on AdviserVoice.

]]> https://www.adviservoice.com.au/2026/09/lower-pension-spending-should-not-be-the-sole-measure-of-retirement-success/feed/ 0 SMSF borrowing ban risks missing the real problem, CPA Australia warns https://www.adviservoice.com.au/2026/06/smsf-borrowing-ban-risks-missing-the-real-problem-cpa-australia-warns/ https://www.adviservoice.com.au/2026/06/smsf-borrowing-ban-risks-missing-the-real-problem-cpa-australia-warns/#respond Sun, 28 Jun 2026 21:08:31 +0000 https://www.adviservoice.com.au/?p=112269

Richard Webb

CPA Australia says proposed changes to self-managed superannuation fund (SMSF) borrowing rules risk overlooking the real driver of consumer harm, following reports the Government has agreed to ban SMSFs from borrowing to invest in residential property as part of budget negotiations.

The Government will move to ban new SMSF borrowing for residential property purchases after reaching an agreement with the Greens, with changes expected to apply prospectively and take effect shortly after legislation passes.

CPA Australia Superannuation Lead Richard Webb said the shift raises broader concerns about the direction and unintended consequences of the current reform package.

“These proposed changes highlight the ripple effects of the Government’s broader tax reform agenda,” Mr Webb said.

“While targeting SMSF borrowing may appear to address risks at the surface, it does not tackle where much of the real harm originates – upstream in unregulated lead generation and high-pressure sales practices.”

CPA Australia said that, as outlined in its recent submission[1] to Treasury (as part of the Joint Associations Working Group with CAANZ and IPA), issues with the anti-hawking regime – including the personal advice exemption – should be considered in the broader context of lead generation activity.

“Consumer harm often begins well before formal financial advice is provided,” Mr Webb said.

“Unregulated lead generators can influence or direct consumers toward particular products or strategies without being subject to the same licensing, conduct and accountability obligations as financial advisers.”

“Simply tightening or removing the personal advice exemption risks treating the symptoms rather than addressing the root cause.”

CPA Australia is calling for stronger oversight of lead generation activity, including bringing those who materially influence consumer decisions within the financial services licensing framework.

“If policymakers want to reduce harm, the focus should be on ensuring anyone who meaningfully shapes financial decisions is appropriately regulated and accountable,” Mr Webb said.

Mr Webb said the proposed SMSF borrowing changes may also have unintended consequences for investment choice and retirement planning.

“The initial policy direction indicated superannuation would be largely insulated from these tax changes, but what we are now seeing is a shift that could effectively limit investment choice for SMSF trustees,” he said.

“In practice, this would narrow access to residential property investment within super to Australians with significantly larger balances, potentially creating equity concerns across the system.”

CPA Australia said the full implications of the reforms – including interactions with broader tax changes and housing policy objectives – should be carefully assessed before being legislated.

“These are significant structural changes,” Mr Webb said.

“They should be considered on their merits, with a clear focus on consumer protection, system integrity and fairness – not traded off in the context of broader budget negotiations.”

———

Notes:
[1] Submission, 22 May 2026
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Richard Webb

CPA Australia says proposed changes to self-managed superannuation fund (SMSF) borrowing rules risk overlooking the real driver of consumer harm, following reports the Government has agreed to ban SMSFs from borrowing to invest in residential property as part of budget negotiations.

The Government will move to ban new SMSF borrowing for residential property purchases after reaching an agreement with the Greens, with changes expected to apply prospectively and take effect shortly after legislation passes.

CPA Australia Superannuation Lead Richard Webb said the shift raises broader concerns about the direction and unintended consequences of the current reform package.

“These proposed changes highlight the ripple effects of the Government’s broader tax reform agenda,” Mr Webb said.

“While targeting SMSF borrowing may appear to address risks at the surface, it does not tackle where much of the real harm originates – upstream in unregulated lead generation and high-pressure sales practices.”

CPA Australia said that, as outlined in its recent submission[1] to Treasury (as part of the Joint Associations Working Group with CAANZ and IPA), issues with the anti-hawking regime – including the personal advice exemption – should be considered in the broader context of lead generation activity.

“Consumer harm often begins well before formal financial advice is provided,” Mr Webb said.

“Unregulated lead generators can influence or direct consumers toward particular products or strategies without being subject to the same licensing, conduct and accountability obligations as financial advisers.”

“Simply tightening or removing the personal advice exemption risks treating the symptoms rather than addressing the root cause.”

CPA Australia is calling for stronger oversight of lead generation activity, including bringing those who materially influence consumer decisions within the financial services licensing framework.

“If policymakers want to reduce harm, the focus should be on ensuring anyone who meaningfully shapes financial decisions is appropriately regulated and accountable,” Mr Webb said.

Mr Webb said the proposed SMSF borrowing changes may also have unintended consequences for investment choice and retirement planning.

“The initial policy direction indicated superannuation would be largely insulated from these tax changes, but what we are now seeing is a shift that could effectively limit investment choice for SMSF trustees,” he said.

“In practice, this would narrow access to residential property investment within super to Australians with significantly larger balances, potentially creating equity concerns across the system.”

CPA Australia said the full implications of the reforms – including interactions with broader tax changes and housing policy objectives – should be carefully assessed before being legislated.

“These are significant structural changes,” Mr Webb said.

“They should be considered on their merits, with a clear focus on consumer protection, system integrity and fairness – not traded off in the context of broader budget negotiations.”

———

Notes:
[1] Submission, 22 May 2026

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]]> https://www.adviservoice.com.au/2026/06/smsf-borrowing-ban-risks-missing-the-real-problem-cpa-australia-warns/feed/ 0 CPA Australia calls for fair and sustainable solution to CSLR funding https://www.adviservoice.com.au/2026/06/cpa-australia-calls-for-fair-and-sustainable-solution-to-cslr-funding/ https://www.adviservoice.com.au/2026/06/cpa-australia-calls-for-fair-and-sustainable-solution-to-cslr-funding/#respond Thu, 11 Jun 2026 21:30:14 +0000 https://www.adviservoice.com.au/?p=111880

Richard Webb

In a joint submission to Treasury, CPA Australia, Chartered Accountants Australia and New Zealand (CAANZ) and The Institute of Public Accountants (IPA) are calling for proposals to shift Compensation Scheme of Last Resort (CSLR) costs onto self-managed superannuation funds (SMSFs) to be reconsidered, warning it will unfairly burden investors while failing to address the true causes of financial losses.

Richard Webb, Superannuation Lead at CPA Australia, said singling out specific categories of retail investors for reduced statutory rights would not resolve the CSLR’s funding challenges.

“Singling out specific groups of retail investors for the loss of statutory protections won’t fix the unsustainably expensive CSLR levy. It simply shifts costs onto investors while ignoring the upstream drivers of loss – including product failures and misconduct prior to advice and distribution,” Mr Webb said.

The call comes amid rapidly escalating CSLR levy costs, which are projected to rise from just $4.8 million in 2024 to $75.7 million in 2026, and could grow to$127 million by 2027 – far exceeding the $20 million subsector cap and highlighting structural issues in the scheme’s funding model.

Mr Webb emphasised that the CSLR must operate as a genuine last-resort scheme, supported by effective oversight and accountability right across the financial system.

“For the CSLR to deliver the greatest benefit, it must truly be a scheme of last resort, and that means the upstream links in the chain must work properly. A sustainable model requires all sectors responsible for those losses – particularly managed investment schemes – to contribute fairly,” he said.

“It’s critical that costs caused by product failures are internalised by relevant product issuers, rather than being borne by unrelated sectors through special levies.

“Strong product governance must be incentivised, rather than increasing systemic risk and cross-subsidisation.”

Mr Webb said proposals to shift costs onto SMSFs were poorly designed and risked undermining confidence in the system.

“Making SMSFs fund the CSLR directly is poor policy, especially given that the current funding problems were caused by earlier failures. The people responsible for those losses should pay for them – not the investors who were harmed.

“The current CSLR regime already shows the unfair and disproportionate cost burden imposed on currently registered financial advisors and extending this to SMSFs simply compounds the problem.”
CPA Australia is calling for a holistic approach to CSLR funding, including product providers and relevant service providers, to ensure accountability across the financial services sector while maintaining fair protections for all investors.

]]>

Richard Webb

In a joint submission to Treasury, CPA Australia, Chartered Accountants Australia and New Zealand (CAANZ) and The Institute of Public Accountants (IPA) are calling for proposals to shift Compensation Scheme of Last Resort (CSLR) costs onto self-managed superannuation funds (SMSFs) to be reconsidered, warning it will unfairly burden investors while failing to address the true causes of financial losses.

Richard Webb, Superannuation Lead at CPA Australia, said singling out specific categories of retail investors for reduced statutory rights would not resolve the CSLR’s funding challenges.

“Singling out specific groups of retail investors for the loss of statutory protections won’t fix the unsustainably expensive CSLR levy. It simply shifts costs onto investors while ignoring the upstream drivers of loss – including product failures and misconduct prior to advice and distribution,” Mr Webb said.

The call comes amid rapidly escalating CSLR levy costs, which are projected to rise from just $4.8 million in 2024 to $75.7 million in 2026, and could grow to$127 million by 2027 – far exceeding the $20 million subsector cap and highlighting structural issues in the scheme’s funding model.

Mr Webb emphasised that the CSLR must operate as a genuine last-resort scheme, supported by effective oversight and accountability right across the financial system.

“For the CSLR to deliver the greatest benefit, it must truly be a scheme of last resort, and that means the upstream links in the chain must work properly. A sustainable model requires all sectors responsible for those losses – particularly managed investment schemes – to contribute fairly,” he said.

“It’s critical that costs caused by product failures are internalised by relevant product issuers, rather than being borne by unrelated sectors through special levies.

“Strong product governance must be incentivised, rather than increasing systemic risk and cross-subsidisation.”

Mr Webb said proposals to shift costs onto SMSFs were poorly designed and risked undermining confidence in the system.

“Making SMSFs fund the CSLR directly is poor policy, especially given that the current funding problems were caused by earlier failures. The people responsible for those losses should pay for them – not the investors who were harmed.

“The current CSLR regime already shows the unfair and disproportionate cost burden imposed on currently registered financial advisors and extending this to SMSFs simply compounds the problem.”
CPA Australia is calling for a holistic approach to CSLR funding, including product providers and relevant service providers, to ensure accountability across the financial services sector while maintaining fair protections for all investors.

The post CPA Australia calls for fair and sustainable solution to CSLR funding appeared first on AdviserVoice.

]]> https://www.adviservoice.com.au/2026/06/cpa-australia-calls-for-fair-and-sustainable-solution-to-cslr-funding/feed/ 0 FAAA, CA ANZ, CPA Australia and IPA release practical guidance on the tax deductibility of financial advice fees https://www.adviservoice.com.au/2025/05/faaa-ca-anz-cpa-australia-and-ipa-release-practical-guidance-on-the-tax-deductibility-of-financial-advice-fees/ https://www.adviservoice.com.au/2025/05/faaa-ca-anz-cpa-australia-and-ipa-release-practical-guidance-on-the-tax-deductibility-of-financial-advice-fees/#respond Mon, 26 May 2025 21:30:41 +0000 https://www.adviservoice.com.au/?p=103625

Sarah Abood

The Financial Advice Association of Australia (FAAA), in consultation with Chartered Accountants Australia and New Zealand (CA ANZ), CPA Australia, and the Institute of Public Accountants (IPA), has released a guide for the financial planning and accounting communities containing practical guidance about claiming a tax deduction for financial advice fees. This follows the release of the ATO’s Tax Determination TD 2024/7 in September 2024.

FAAA CEO Sarah Abood says the FAAA is particularly pleased to provide financial advisers and accountants with a practical guide that has been ratified by the accounting associations.

“The implications of the updated ATO guidance are important for both financial advisers and accountants. We have worked together with the accounting associations so that the guidance is practical and consistent for both.

“The publication of this guide follows more than six years of advocacy from the FAAA to encourage the ATO to update its guidance. The ability for taxpayers to legitimately claim a portion of the initial advice fee for financial advice clients is new and is live now.  The guide also provides clarity regarding the claiming of ongoing fees.

“Advisers can now support their clients to claim a legitimate tax deduction for financial advice fees with confidence.”

The guide includes the legislative background and definitions of tax (financial) advice and taxation law. It outlines three potential methodologies for apportioning fees and provides examples, Statement of Advice text and fee summary templates, for active use.

Tony Negline, superannuation and financial services leader at CA ANZ, commented: “We are proud to collaborate with the FAAA, CPA Australia and IPA on this combined industry guide to help both financial advisers and the accounting community to understand the practical implications of the tax deductibility of financial advice fees, which will ultimately benefit our clients.”

Richard Webb, superannuation lead at CPA Australia, added: “We look forward to further explaining the changes and working with our members and the financial advice community to collaborate and embed the use of this guide.”

Tony Greco, senior tax adviser at IPA, said: “We hope the guide is helpful for the financial services community, in conjunction with our members acting as the client’s tax adviser, to have real clarity of the approach to apportionment and deductibility more generally.”

Read the guide

]]>

Sarah Abood

The Financial Advice Association of Australia (FAAA), in consultation with Chartered Accountants Australia and New Zealand (CA ANZ), CPA Australia, and the Institute of Public Accountants (IPA), has released a guide for the financial planning and accounting communities containing practical guidance about claiming a tax deduction for financial advice fees. This follows the release of the ATO’s Tax Determination TD 2024/7 in September 2024.

FAAA CEO Sarah Abood says the FAAA is particularly pleased to provide financial advisers and accountants with a practical guide that has been ratified by the accounting associations.

“The implications of the updated ATO guidance are important for both financial advisers and accountants. We have worked together with the accounting associations so that the guidance is practical and consistent for both.

“The publication of this guide follows more than six years of advocacy from the FAAA to encourage the ATO to update its guidance. The ability for taxpayers to legitimately claim a portion of the initial advice fee for financial advice clients is new and is live now.  The guide also provides clarity regarding the claiming of ongoing fees.

“Advisers can now support their clients to claim a legitimate tax deduction for financial advice fees with confidence.”

The guide includes the legislative background and definitions of tax (financial) advice and taxation law. It outlines three potential methodologies for apportioning fees and provides examples, Statement of Advice text and fee summary templates, for active use.

Tony Negline, superannuation and financial services leader at CA ANZ, commented: “We are proud to collaborate with the FAAA, CPA Australia and IPA on this combined industry guide to help both financial advisers and the accounting community to understand the practical implications of the tax deductibility of financial advice fees, which will ultimately benefit our clients.”

Richard Webb, superannuation lead at CPA Australia, added: “We look forward to further explaining the changes and working with our members and the financial advice community to collaborate and embed the use of this guide.”

Tony Greco, senior tax adviser at IPA, said: “We hope the guide is helpful for the financial services community, in conjunction with our members acting as the client’s tax adviser, to have real clarity of the approach to apportionment and deductibility more generally.”

Read the guide

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]]> https://www.adviservoice.com.au/2025/05/faaa-ca-anz-cpa-australia-and-ipa-release-practical-guidance-on-the-tax-deductibility-of-financial-advice-fees/feed/ 0