Tag: adroit (page 1 of 6)

What Your Broker Needs to Save You Time At Claim Time

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With any luck, you haven’t been put in a position where you’ve had to lodge too many insurance claims. But in the event things do go wrong, rest assured knowing your insurance broker is there to make the claims process as painless as possible.

One thing you might be wondering is what you’ll need to have on hand when you do need to make that call to your broker. We’ve put together this handy guide to help you be prepared for a few standard questions they’ll have.

-The 4 W’s

Who, What, When & Where. You’ll want to have details of who was involved, what you’re claiming on, what happened, when it happened and where it happened.

-Photos

If you have them, photos can be crucial to your claim. In the case of property damage, you’ll need to provide as much visual proof as possible.

-Evidence

Hold onto receipts for expensive items (scanned copies are sufficient). These can be critical to the smooth running of your claim and sometimes your policy will require proof of purchase in the case of theft or damage.

 

Your broker will do the legwork for you in terms of processing the claim, but having these things on hand will speed up the process (making it less likely that they’ll have to ask for them later!) Of course, each claim is different, that’s why having a dedicated broker is so important. They know your policies and your needs and can tell you what you may need that’s unique to your case.

 

Adroit Golf Day Capital Grant

PEOPLE PAGE_ADRIOT Insurance Group MD Andrew Locke, CEO Geelong Community Foundation, Gail Rodgers, CEO Barwon Child Youth

We will host our 16th Annual Charity Golf Day at 13th Beach Golf Links, Barwon Heads on 23rd November 2017. Since its inception, the event has grown to one of the largest in the Geelong fundraising calendar, raising over $900,000 for local causes.

We have enjoyed a long, fruitful relationship with the Geelong Community Foundation, including as community partner of the Adroit Charity Golf Day. In this role, the Foundation has supported Adroit to distribute funds raised to worthy local causes, for example, $61,000 of the $100,000 total raised in 2016 was donated to Barwon Child Youth & Family (BCYF) to fund the refurbishment of the Street Surfer Bus.

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In previous years funds have been donated to projects such as the development of the St Laurence Sensory Garden Project, Karingal Life Long Learning & Education room and St John of God Hospital. The funds raised from this charity event have supported many projects and will have far reaching benefits in our community for many years to come.

The establishment of the $100,000 Adroit Golf Day Capital Grant will provide a new significant grant opportunity for community organisations. The Foundation will offer the Adroit Golf Day Capital Grant Program to community organisations based on a number of requirements, with applications for the closing Friday 7th July 2017.

We are very excited for this new avenue established for giving back to our community. For all application information and requirements, please visit the Geelong Community Foundation.

Four ingredients for a great partnership

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Great partnerships often start with a realisation of shared interests, some good company, a passion for the local community, and of course, a glass of wine!

We are proud to officially announce our formal partnership with the Geelong Wine Association for 2017.

Adroit Insurance Group (insurance brokers), Coulter Roache (lawyers), Fluid (brand, communication, digital design) and West Carr & Harvey (accountants) have come together to support and celebrate the Geelong Winegrowers Association and its members.

This partnership was born out of recognition of our shared commitment to supporting local growers in the region and helping bring the broader community together to celebrate their offerings and achievements.

The Geelong Winegrowers Association represents a community of over 35 fantastic wineries across the Bellarine Peninsula, Moorabool Valley and Surf Coast.

As part of this partnership, we will be jointly supporting two major annual events in the Geelong wine calendar, the Winter Shiraz Weekend and Toast to the Coast.

These iconic events are recognised for bringing people together, from near and far, to support and sample the best of our local region.

The Winter Shiraz Weekend takes place on 8 & 9 July 2017. Wineries throughout the region will be taking part by offering up open fires, award winning Shiraz and hearty winter fare.

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Toast to the Coast is held over 4 & 5 November 2017 and is a festival of good music, fine local produce and award winning wines. Buses between the participating 25 wineries offer a hop on hop off service so you can relax and enjoy your day.

We are excited to be a part of this unique partnership and look forward to seeing you at these events!

 

2017 Federal Budget Summary

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First home savers, downsizers and small business are the winners in Treasurer Scott Morrison’s second Budget – while taxpayers face an increase in the Medicare levy.

These changes are proposals only and may or may not be made law. This information is provided to help assist in understanding the 2017 Federal Budget changes. It does not constitute advice and any questions should be directed to your Financial Adviser.

SUPERANNUATION

Contributions from downsizing the home

Date of effect: 1 July 2018
To increase housing stock, the Government is encouraging older Australians, aged 65 or more, to downsize their properties by allowing them to make a non-concessional contribution of up to $300,000 into their superannuation fund from the proceeds of the sale of their principal home.

This limit will:

  • apply on a per person basis
  • be in addition to the ordinary non-concessional contribution cap, and
  • be available where the home has been owned for at least 10 years.

Unlike other non-concessional contributions, it will not be necessary to meet a work test or have a ‘total super balance’ under $1.6 million. The amount contributed will not be exempt from the assets test used to assess eligibility for the Age Pension.

What this could mean for you
You may be able to contribute an additional $300,000 to super (or $600,000 for couples), over and above your existing concessional and non-concessional caps. However, if you or your partner receives the age pension, this could cause your entitlements to be reduced.

First home super saver scheme

Date of effect: From 1 July 2017
To help first home buyers get ‘into the game’, they will be able to save for a deposit by making additional voluntary contributions into their superannuation account from 1 July 2017. The First Home Super Savers Scheme will enable access to the tax advantages of superannuation with pre-tax contributions and earnings taxed at 15%, rather than marginal rates, and on withdrawal taxed at the relevant marginal rate, less 30% offset. These voluntary contributions plus their deemed earnings can be accessed from 1 July 2018.

Savers will not have to set up a new account, they can just use their existing super account while contributions will be limited to $30,000 per person in total and $15,000 a year. The contributions made will be counted under the relevant contributions caps.

What this could mean for you
When you withdraw your extra contributions to pay for a deposit, they’ll be taxed at your marginal tax rate minus a 30% tax offset. While the tax concessions for these contributions may allow you to save a larger deposit, you won’t be able to access your money until retirement if you decide not to buy a home. 

SMSF borrowings

Date of effect: When law is passed
Broadly, when new limited recourse borrowing arrangements are established, the loan balance will be included in an individual’s ‘total super balance’. The total super balance is used to determine a person’s ability to:

  • make non-concessional contributions
  • qualify for a Government co-contribution or a spouse contribution tax offset, and
  • make catch-up concessional contributions above the annual caps from 1 July 2018, where certain conditions are met.

Also, repayments made from the SMSFs accumulation balance will count towards the member’s transfer balance cap, if the borrowing supports a pension account. The transfer balance cap limits the total lifetime transfers a person can make to retirement phase pensions.

 

TAXATION

Medicare levy increase

Date of effect: 1 July 2019
To ensure all Australians can continue to access timely and affordable healthcare, the Government announced that it will set up the Medicare Guarantee Fund to pay for all expenses on the Medicare Benefits Schedule and the Pharmaceutical Benefits Scheme (PBS). The revenue raised from the Medicare Levy will be credited to this fund (excluding amounts to fund the National Disability Insurance Scheme (NDIS)).

To fully fund the NDIS, the Medicare levy will be increased from 2% to 2.5% from 1 July 2019.

What this could mean for you
The increased levy may also result in increases to many tax rates linked to the top personal tax rate, including fringe benefits tax and excess non-concessional contributions tax. Certain lump sum super payments that attract the levy may also be impacted, such as disability benefits paid to people under preservation age.

Small business accelerated depreciation

Date of effect: 1 July 2017
The ability for small businesses with an annual turnover of $10 million or less to claim an immediate deduction for eligible assets costing less than $20,000 each will be extended for 12 months.

What this could mean for you
If your small business has aggregated annual turnover below $10 million, you’ll be able to immediately deduct the purchase of eligible assets costing less than $20,000 where they are first used or installed ready for use by 30 June 2018. After that date, the immediate deductibility threshold will revert back to $1,000.

HELP thresholds and rates

Date of effect: 1 July 2018
From 1 July 2018, income thresholds for the repayment of HELP debts will be revised, along with repayment rates and the indexation of repayment thresholds.

What this could mean for you
A new minimum threshold of $42,000 will apply, with a 1% repayment rate. A maximum threshold of $119,882 will apply, with a 10% repayment rate. Currently, the maximum repayment threshold for the 2017–18 financial year is $103,766 with a repayment rate of 8%.

Keeping local property for locals

Tougher rules will apply on foreign investment in residential real estate by removing the main residence capital gains tax exemption (on properties acquired after 7.30pm AEST on Budget night 9 May 2017) and applying a vacancy charge of at least $5,000 on all future foreign investors who fail to either occupy or lease their property for at least 6 months a year.

Developers will also be prevented from selling more than 50% of new developments to foreign investors.

What this could mean for you
If you’re a foreign of temporary tax resident and you held an existing property before Budget night, the property will be grandfathered and you’ll be able to continue claiming the CGT main residence exemption until 30 June 2019. However, from 1 July 2017, the CGT withholding rate that applies to foreign tax residents will increase from 10% to 12.5%.

 

SOCIAL SECURITY

Pensioner Concession Card

Date of effect: From 1 July 2017
Individuals who lost entitlement to the Pensioner Concession Card as a result of the 1 January 2017 assets test changes will be reissued with the card.

What this could mean for you
If your Pensioner Concession Card entitlement is reinstated, you’ll have access to a wider range of concessions than those available with the Health Care Card, such as subsidised hearing services.  Your Pensioner Concession Card will be automatically reissued over time with an ongoing income and assets test exemption. You’ll also retain the Commonwealth Seniors Health Card, ensuring you continue to receive the Energy Supplement.

Energy Assistance Payment

Date of effect: 20 June 2017
Eligible pensioners will be entitled to a one-off Energy Assistance Payment of $75 for singles and $125 per couple. Eligible recipients include Australian residents who qualify for the Age Pension, Disability Support Pension and Service Pension.

Residency requirements for pensioners

Date of effect: 1 July 2018
An individual currently needs to have at least 10 years’ residence in Australia (at least 5 of which are continuous) to qualify for the age pension or disability support pension. From 1 July 2018, they’ll need to have at least 15 years’ residence in Australia or either a) 10 years’ continuous residence including 5 years during their working life, or b) 10 years’ continuous residence and not in receipt of an activity-tested income support payment for a cumulative period greater than 5 years.

What this could mean for you
This measure may impact you if you have less than 15 years’ residence in Australia or less than 5 years’ residence between age 16 and age pension age. However, existing exemptions will be maintained for humanitarian reasons or if you became unable to work while you were an Australian resident.

Family Tax Benefit – Part A

Date of effect: 1 July 2018
A single taper rate of 30 cents in the dollar will apply to income that exceeds the Higher Income Free Area ($94,316 in 2016/17). Currently, two tests are applied and the higher payment determines the entitlement.

Family Tax Benefit – Part A and B

Date of effect: 1 July 2017
The payment rates will not be indexed for two years. Indexation will resume on 1 July 2019.

 

OTHER ANNOUNCEMENTS

New levy for major banks

A major bank levy will be introduced for authorised deposit-taking institutions (ADIs) with licensed entity liabilities of at least $100 billion (indexed to Gross Domestic Product (GDP)). The levy will equate to an annualised rate of 0.06% – for example, the levy on a bank deposit of $500,000 will be approximately $300 pa.  Superannuation funds and insurance companies won’t be subject to the levy.

What this could mean for you
It’s unclear at this stage how the levy will be implemented, and what the impacts might be on clients/customers and shareholders.

Republished with permission from Astute Financial. 

Disclaimer
The information contained in this Federal Budget Analysis is current as at 9 May 2017 and is prepared by AIW Dealer Services Pty Ltd AFSL 414256 ABN 59 153 322 420, Registered Office 1/155 Baroona Rd, Rosalie Qld 4064.
Any advice in this Federal Budget Analysis has been prepared without taking account of your objectives, financial situation or needs. Because of this you should, before acting on any advice, consider whether it is appropriate to your objectives, financial situation and needs. Any tax estimates provided in this publication are intended as a guide only and are based on our general understanding of taxation laws. They are not intended to be a substitute for specialised taxation advice or a complete assessment of your liabilities, obligations or claim entitlements that arise, or could arise, under taxation law, and we recommend you consult with a registered tax agent.
Past performance is not a reliable indicator of future performance.

This article does not consider your personal circumstances and is general advice only – unless otherwise stated. You should not act on any recommendation without considering your personal needs, circumstances and objectives.  Adroit Financial Group recommends you obtain professional financial advice specific to your circumstances.

An insurance broker works for you

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Insurance claims are naturally made at a stressful time in your life. Whether it’s a minor fender-bender or something more serious it’s not a time when you want to be put on hold or waiting days to hear a response to your claim.

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