Your financial institution may claim a Reduced Input Tax Credit (RITC) on the fees you pay for financial advice. This means what you actually pay for our services may be lower than what we stated. The fee stated below may be net of the RITC, which means that it represents what was actually deducted from your account. It is best thought of as a tax rebate that lowers the cost of advice.
- Reduced Input Tax Credit (RITC): A tax credit that can be claimed by businesses that make financial supplies in Australia. The amount of the RITC is 75% of the GST paid on the acquisition of goods or services that are used to make financial supplies.
- Financial institution: A company that provides financial services, such as banking, insurance, and investment advice.
- Superannuation provider: A company that manages superannuation funds on behalf of individuals.
- Net of the RITC: This means that the fee has already had the RITC applied to it.
For further information, you may visit your provider’s website such as Netwealth
https://netwealth.zendesk.com/hc/en-us/articles/360041676012-How-do-I-calculate-RITC-for-advice-fees-
Health & Finance Integrated is a Corporate Authorised Representative of Able Financial Services (ABN 27 646 319 164) AFSL 530596, Shop 6/23 Hassall Street, Parramatta N.S.W 2150.
Any advice here is general in nature and does not constitute financial advice and does not take into account your personal circumstances. Please consult your financial adviser or call your provider for further information.
