Deducting Advisory Fees from Superannuation Accounts – changes start 10 January 2025

Amendments to laws clarify that superannuation trustees may charge fees for advice provided to members from members' individual superannuation accounts, so long as the following requirements are met (and if charging the fee is not inconsistent with the trustee's other regulatory obligations):

• The advice provided is personal advice about the member's interest in the superannuation fund;
• The trustee charges the fee for providing the advice in accordance with the terms of a written request or written consent of the member;
• The trustee has a copy of the member's request or consent;
• If the advice is provided under an OFA, any consent requirements that apply to OFAs still need to be met in relation to the arrangement and deduction of ongoing fees;