Post-settlement, personal injury clients require timely financial advice on whether or not or to what extent to hold their compensation inside the superannuation environment. This one aspect of advice will make a huge difference to long-term financial outcomes.
This month the Financial Advice Association Australia (FAAA) and the top accounting bodies have published welcome guidance on the tax deductibility of ongoing financial advice fees, including those relating to analyzing the tax implications of different structures and investments.
Personal injury lawyers can help their clients enormously by letting them know that financial advice can very often reduce tax to nil, and to the extent that tax is payable ongoing financial advice fees can be tax deductible.
Aeran provides specialist personal injury compensation financial advice.