Fees paid for obtaining investment advice may or may not be tax deductible. For these fees to be tax deductible the expenditure must be incurred in gaining or producing assessable income. If the fees are not related to a specific investment producing assessable income it is not tax deductible.

The following are not tax deductible;

  • General financial advice
  • Fees for preparing a financial plan
  • Fees for initial investment advice
  • Fees for advice regarding non-assessable pension income

Ideally, your financial adviser will break their costs down so you have some documentary evidence on what can and can’t be claimed as a tax deduction. Please refer to Tax Determination TD 95/60 for more information or contact our office. https://www.ato.gov.au/law/view/document?docid=TXD/TD9560/NAT/ATO/00001