The Financial Planning Association (FPA) is again pushing for tax deductions on upfront advice fees.

CEO Mark Rantall says the move is consistent with the association’s push for more people to seek financial advice.

“It is important for Australians to have access to financial literacy to maintain consumer protection,” he says in a pre-budget submission to the Federal Government. “To do this, we recommend changes such as making upfront financial fees tax-deductible, similar to how consumers access accountants, giving Australians further incentive to seek financial advice.”

The FPA wants the Productivity Commission to examine the short and long-term impacts of such a move.

It has also called on the Government to consider making ongoing fees tax-deductible.

The FPA submission notes tax agent and lawyer fees are tax-deductible.

Advisers that provide tax advice must now register with the Tax Practitioners Board, prompting the bid to be treated the same as other tax agents.

Mr Rantall says it is up to policymakers and associations such as the FPA to remove barriers to Australians seeking advice.

“Investment Trends research shows 30% of consumers who are not interested in seeking financial advice cite the high cost… as a deterrent,” he said. “It is clear that policy intervention from the Government is key.”