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Edited version of your written advice
Authorisation Number: 1051424253584
Date of advice: 1 September 2018
Ruling
Subject: Deductions
Question
Are you eligible to claim a deduction for financial advice regarding retirement options?
Answer
No
Section 8-1 of the Income Tax Assessment Act 1997 allows a deduction for all losses and outgoings to the extent to which they are incurred in gaining or producing assessable income except where the outgoings are of a capital, private or domestic nature.
Based on the facts you have provided we have determined that your expenses are private in nature and not incurred in the production of your assessable income, accordingly, you are not entitled to a deduction for this cost.
This ruling applies for the following periods:
Year ending 30 June 2018
The scheme commences on:
1 July 2017
Relevant facts and circumstances
You sought advice from two financial advisors prior to your retirement.
You also attended a seminar and sought advice from a Government agency.
You were provided with options on how to maximise your income once you had retired.
You retired on 2 July XXXX.
Relevant legislative provisions
Income Tax Assessment Act 1997 Section 8-1