Financial planners deal with heavy compliance requirements and out-of-pocket costs just to do their jobs. Figuring out your exact financial planner tax deductions shouldn’t be a guessing game. We put together this quick cheat sheet so you know exactly which tax deductions financial planners can claim before tax time hits. From tracking your financial services work expenses to utilizing handy professional services tax tips, here is what you need to lodge an accurate wealth adviser tax return and secure the right advisor income tax refund.
Tax Guide for Investment, Retirement and Financial Planning Advisors
Financial planners provide personal financial advice, prepare strategies and statements of advice (SOAs), analyse client goals, manage compliance obligations, recommend investment and insurance products, and maintain ongoing client relationships. Duties include client meetings, research, modelling, preparing advice documentation, CPD training, liaising with product providers, and maintaining ASIC-mandated professional standards. The role is largely office-based (onsite or hybrid) but often involves travel to client locations. Strong regulatory, analytical and communication skills are essential.
Typical Tax Deductions Include:
- Professional memberships – FAAA, AIOFP, ASIC levy (if personally paid), and association dues
- Mandatory CPD & training – Regulatory updates, ethics courses, advice training, and investment research
- Laptop/tablet (> $300) – Depreciate if personally purchased for client modelling, SOA preparation, and research
- Phone & internet – Apportion for work-related use such as client calls, remote meetings, research, and CRM access
- Work-related software – Financial modelling tools, CRM systems, and research platforms if personally paid
- Professional subscriptions – Investment research, economic data, and industry reports
- Stationery & office supplies – Diaries, folders, printing, and client presentation materials
- Work-related travel – Client meetings, seminars, conferences, and offsite reviews (not home ↔ office)
- Conference travel – Travel, accommodation, and meals for overnight work-related conferences
- Home-office running expenses – For research, modelling, client meetings, and remote work (approved method)
- Union fees / professional indemnity – Deductible if personally paid
- Reference materials – Financial planning manuals, tax guides, and investment texts
- Marketing & advertising – Business cards, online ads, and brochures if not reimbursed
Non-Deductible Expenses Include:
- Business attire (suits, dresses, shoes) – Conventional clothing is not deductible
- Travel (home ↔ regular office) – Private commuting (not deductible)
- Meals and coffee with clients – Considered entertainment (not deductible)
- Courses for future roles (e.g., MBA) – Not deductible if unrelated to current duties
- Home-office occupancy (rent, mortgage interest, rates) – Not deductible unless strict ATO criteria are met
- Personal investment books not used for client advice – Not deductible
- 100% claims (phone, laptop, internet) – Must apportion for private use
Click here to see Tax Calculator for Financial planner.
Frequently Asked Questions
1. Can I claim suits or taking clients out for coffee?
No. The ATO views standard business clothes (like suits and formal shoes) as a private expense. The same applies to taking clients out for meals or coffee, which is classed as entertainment. Neither of these belong on a financial consulting tax return.
2. What about my industry memberships and ongoing training?
You can definitely claim mandatory association fees, like FAAA dues or ASIC levies, provided you paid them out of your own pocket. Mandatory CPD, such as ethics updates and advice training, also count directly toward your financial adviser tax deductions.
3. Can I write off my work laptop and software subscriptions?
Yes. Subscriptions for CRM platforms or financial modelling tools are fully deductible. If you bought a laptop or tablet for over $300 to draft Statements of Advice, you simply need to claim its depreciation over time on your wealth adviser tax return.
4. How does travel work for deductions?
Your standard daily commute to the office is never deductible. However, if you use your car to drive to offsite client meetings, industry seminars, or overnight conferences, keep a logbook. Those specific trips are completely valid tax deductions financial planners can claim.
5. How do I claim working from home?
If you regularly work from home to run investment models or host virtual client meetings, use an ATO-approved method to calculate those running costs. Accurately splitting your personal and work internet usage is a must for maximizing your advisor income tax refund.
