Call for periodic reviews of Govt levies

Mike Taylor

Managing Editor/Publisher, Financial Newswire

11 February 2026

Government levies should be subject to periodic reviews to assess the continuing appropriateness, according to major accounting group, CPA Australia.

The accounting group has told Treasury that the Government should embrace the findings of a recent Productivity Commission research report which had served to highlight “a concerning proliferation of industry levies by governments in Australia.

The recommendation for period reviews of industry levies is included in the CPA Australia pre-budget submission which also presses for the Government to use the Budget to improve the affordability of financial advice by making advice fees tax-deductible.

It said the 2023 Intergenerational Report had highlighted several challenges affecting savings and investment, including difficulty in accessing financial advice.

“For both retirees and working Australians, the high cost of financial advice is a significant barrier, preventing many from seeking professional guidance on managing their finances,” the submission says.

“To make financial advice more affordable, we recommend amending the Income Tax Assessment Act 1997 to recognise financial advice fees as tax deductible. This amendment would mirror the current deduction for tax-related expenses under section 25-5 of the Act.”

The submission said such an amendment “represents a practical step toward addressing the financial planning gap by making financial advice more affordable”.

‘It will empower more Australians to navigate the complexities of retirement planning and secure their financial futures,” it said.

The CPA Australia submission also said the accounting group is concerned “that some government levies, fees, and charges are exceeding cost recovery and are becoming unaffordable for many”.

“To alleviate the financial burden on small business and households, we recommend the government reduce a range of industry levies, charges and fees its imposes for government services,” it said.

“Alternatively, it could temporarily suspend fee increases.”