Sun, 29th Sep 2024

On this September 29th, 2024 edition of the Financial Services News Wrap, we cover major developments in the financial advisory profession in Australia, including the Australian Tax Office's recognition of financial advice as an essential service, leading to an expansion in tax-deductibility for advisory fees. We also look at ongoing tension between the Australian government and Reserve Bank over the official cash rate, despite lower inflation rates. Further, we delve into the challenges insurance brokers face with the new compliance regulations and a significant increase in self-reporting since 2020. Lastly, we discuss calls for reform in superannuation retirement calculators due to their often inaccurate results, and the need for a unified reliable platform. Keep up with all these and more financial services updates on www.financialservicesonline.com.au.n