Financial Planner / Advisor

Tax tips for Australian financial advisors and planners.

Allowable Expenses

• Licensing Fees — ASIC and AFSL related fees.
• Professional Indemnity — Essential insurance for financial advice.
• Research Tools — Investment research and data platform subscriptions.
• Memberships — FPA or AFA membership dues.

Tax Tips

• CPD is mandatory and the costs are deductible.
• Claim for your office space and client meeting costs.
• Ensure all your insurance premiums are recorded.
• Ensure professional indemnity insurance is paid by 30 June to claim it in the current tax year — premiums are deductible in the year of payment, not the year the policy covers.

Frequently Asked Questions

Is my FPA membership deductible?

Yes, as a professional association membership.

Can I claim for research data?

Yes, data tools used for advice are deductible.

Are ASIC annual statement and AFSL compliance costs deductible?

Yes. ASIC annual compliance fees, Australian Financial Services Licence (AFSL) levies, and compliance auditing costs are all deductible business expenses for self-employed financial planners. Keep ASIC invoices as evidence.

Is the cost of running my own Statement of Advice (SOA) software deductible?

Yes. Advice document generation software, portfolio management platforms, and compliance tools used to deliver financial advice services are fully deductible. If a subscription covers both business and personal use, claim only the business proportion.