AIOFP’s ambition to get rid of ASIC levy

Mike Taylor

Managing Editor and Publisher

24 July 2023

The financial advice community is in a strong politically strategic position to eliminate the ASIC levy, get tax deductibility of fees and dispose of residual compliance issues leading into the next Federal Election, according to Association of Independently Owned Financial Planners executive director, Peter Johnston.

Addressing his organisation’s conference in Bangkok, Johnston claimed that the lead-up to the next Federal Election represented an opportune to seek the changes financial advisers want.

“All sides of politics will be going into Election mode by mid – 2024, and as always, they will be promising ‘anything’ to get elected. That is the time to strike, when they are ‘singing for their supper!’,” he said.

“There is no doubt the 2004 elimination of the Parliamentary Defined Benefit super fund has put real pressure on all post 2004 Politicians to keep their seat for personal cashflow purposes. This is their personal Achilles Heel…..a former Politician with no pension [and maybe damaged] is not an appealing place to be.”

Johnston also claimed that the Liberal/National Party’s win in the Fadden by-election was also a plus because it suggested that the 2025 election would not be a one-horse race.

He also again canvassed establishing an election fund to “influence outcomes” in the next Federal election and said that delegates attending the Bangkok conference would be asked to support the cause and, by doing so, arouse support from all members of the organisation.