Income tax: are fees paid for obtaining investment advice an allowable deduction under section 8-1 of the Income Tax Assessment Act 1997 (ITAA 1997) for taxpayers who are not carrying on an investment business?

TD 95/60 sets out the requirements that need to be satisfied for an individual, who is not carrying on a business, to claim a deduction for financial advice fees under section 8-1 of the Income Tax Assessment Act 1997.

TD 95/60 is being replaced by draft Taxation Determination TD 2023/D4 Income tax: deductions for financial advice fees paid by individuals who are not carrying on a business, which will issue on 13 December 2023. TD 2023/D4 sets out the Commissioner's view on the deductibility of financial advice fees under sections 8-1 (deductions) or 25-5 (deductions for tax-related expenses) of the Income Tax Assessment Act 1997 for individuals who are not carrying on a business.

TD 2023/D4 modernises TD 95/60 but does not represent a change of view.