Tag: business (page 1 of 3)

2018 Federal Budget Summary

This year, the treasurer promised a Budget that delivers a strong economy, more jobs, and essential services, so our team have cut through the cryptic charts and political jargon to find what we all REALLY want to know from the 2018/19 Federal Budget; What’s in it for us?

These changes are proposals only and may or may not be made into law. This information is provided to help assist in understanding the 2018 Federal Budget changes. It does not constitute advice and any questions should be directed to your Financial Adviser.


This year’s budget was all about the next election with:

  • Tax relief to encourage and reward working Australians.
  • Support for business to invest and create jobs.
  • Guaranteeing “essential” services.
  • Keeping Australia safe.
  • And the government living within its means.


  • A multi-year plan to make personal income tax lower, fairer and simpler.
  • Top tax threshold will increase from $87,000 to $90,000 – meaning 94 per cent of Australians will pay no more than 32.5 cents in the dollar.
  • Those earning $37,000 or less will save up to $200 on tax.
  • Those earning more than $37,000 up to $90,000 will save up to $530 on tax.
  • Little tax relief for those earning over $125,000 until 2024/25 when the 37 percent tax bracket is abolished.
  • Relaxing the Parental Income Tax for access to Youth Allowance by $10,000 per annum per child.
  • Tax changes to cost $13.4 billion.


  • Banning exit fees on superannuation accounts when people change funds.
  • Those under 25 won’t be forced to pay for life insurance as part of the super fund.
  • Pensions Loan Scheme opened to all older Australians without impact on pension or benefits.
  • Expanded Pension Work Bonus will allow pensioners to earn an extra $1300 a year.
  • Wage subsidies of up to $10,000 for employers who take on older workers.
  • Skills and Training Incentive to allow mature age workers to update their skills.


  • Increase in the number of home care places by 14,000 over four years at a cost of $1.6 billion.
  • $146 million to improve access to aged care services in rural, regional and remote areas.
  • $83 million for mental health services in residential aged care facilities to help combat depression.
  • Creation of a national online register for enduring powers of attorney.
  • Government to fund targeted programs run by local sporting organisations and community groups to encourage older Australians to remain physically active.


  • Instant asset write off for business with a turnover up to $10 million extended to purchases up to $20,000.
  • New anti-phoenixing measures to make sure small businesses don’t get ripped off by those trying to avoid paying bills.
  • Extra $250 million for the Skilling Australians Fund.
  • Changing the tax treatment of stapled structures to remove the loophole that gives foreign companies a tax break over Australian companies.
  • Tightening thin cap rules to stop multinationals from fiddling with debt to reduce their tax liabilities.
  • A discussion paper to come that will explore options for taxing digital business in Australia.
  • Black Economy Taskforce recommendations will bring in $5.3 billion over the next four years by targeting sectors that underreport income.


  • The new five-year hospital agreement with States and Territories will deliver $30 billion in additional funding.
  • 21st-century medical industry plan to create more jobs in the sector.
  • $500 million over 10 years for the Medical Research Fund.
  • Extra $1.4 billion for listings on the PBS, including treatments for HIV, spinal muscular atrophy, breast cancer, refractory multiple myeloma, and relapsing-remitting multiple sclerosis.
  • $125 million over 10 years from the Medical Research Future Fund for Lifeline Australia and Mental Health Research.
  • $20.9 million for tests to ensure that debilitating conditions are picked up early.
  • $154 million to promote healthy living, including $83 million for existing community sports facilities and to expand local and school sporting programs.
  • Increased financial support for the Royal Flying Doctor Service.


  • $2.4 billion to be invested in public technology infrastructure including supercomputers and satellite technology.
  • Refocusing the R&D (research and development) tax incentive to support companies that invest in R&D.
  • Additional funding to protect farmers from pests, disease and weeds.
  • National energy guarantee to see annual power bills fall by an average of $400 a year from 2020.
  • Emission reduction target to remain at 26-28 per cent.


  • In addition to the 10-year $75 billion infrastructure projects already announced, the government will create a $1 billion Urban Congestion Fund to improve traffic flow and safety at a state level.
  • And a $3.5 billion for a Roads of Strategic Importance initiative upgrading key freight routes.
  • $550 million will be spent to address remote housing needs in the Northern Territory.
  • Needs-based funding for schools to deliver $24.5 billion more over the next 10 years.
  • Schools to receive $18.7 billion, with a legislated rise to around $30 billion in 2027.
  • National Schools Chaplaincy program extended with a focus on anti-bullying.
  • Universal access to early childhood education extended for a year costing $440 million.


  • $50 million to upgrade security infrastructure at 64 regional airports.
  • $122 million to enhance screening of inbound air cargo and international mail.
  • $122 million to increase border force capability at nine domestic and international airports.
  • $160 million to help agencies fight crime and prevent terrorism, including $68.6 million to prevent child exploitation and abuse.

This blog 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.

It’s important to trust your employees, but equally as important to be prepared for the day that one may let you down.

Employee fraud is big business, and getting bigger all the time. Between April and September 2016, 143 frauds took place in Australia, with a total value of $442 million, according to KPMG’s fraud barometer.

The most common perpetrators are ‘business insiders’, with employees and management accounting for more than half of all reported frauds. Some 22% of frauds were facilitated through the use of technology.

Detection is taking too long – 40% of frauds in Australia take place over a five-year period before being discovered – and if you think it’s just the big firms at risk and SMEs are immune, think again!

For many small and mid-sized businesses (SMEs), the vulnerability to fraud can be compounded due to their often informal nature and the fact that fewer staff members can result in less oversight – and a lack of checks and balances. The impact, however, can be devastating with KPMG reporting the average value of each fraud at $3.1 million.

The good news, however – an insurance solution is available to give you peace of mind should the worst happen. Crime cover, an option available as part of many Management Liability Insurance policies reimburses the insured for a loss directly resulting from dishonest acts of their employees. This solution covers direct financial loss, not a consequential one, in other words, the loss should be of money or goods of the insured.

Purchasing Management Liability Insurance is imperative for business owners, however, it is equally important to ensure systems and processes are in place to reduce the likelihood of fraudulent activity occurring in the first instance.

When the future of your business is at stake, it pays to put aside emotions and think practically.
You should always consult your local Adroit broker for advice on the range of policies available to suit you and your business needs.

Get in touch with your broker today and stay ahead of fraudsters!

Regional Victorian Business Survey 2017



Here at Adroit, we love where we live. We share in the pride our communities have for our amazing regional Victorian towns.

Celebrating and exploring our communities, it is with great satisfaction that I release the results of our second annual ‘Regional Victorian Business Survey’. The survey shows the mindset and attitude of a wide range of businesses across regional Victoria.

Regional Victoria is powering ahead, and the mood is positive!

It’s been a prosperous 12 months for local businesses and it is very satisfying to see a strong confidence that the year ahead will be even better. Most businesses that we surveyed think they’ll be increasing revenue next year.

Business confidence that should translate into further jobs growth. Around a quarter of businesses predict they will increase staff numbers. This is encouraging for our regional communities that sometimes struggle with growth in employment opportunities.

Within the broader good news, the survey identifies areas of concern and red-flags. Businesses are extremely wary of over-regulation, with many making a point of decrying the ‘nanny state’ culture that appears to be deepening in Victoria.

Market and economic conditions can be tough, and dealing with unnecessary red-tape on top of that can be a barrier to growth for many of our regional businesses. Almost half of the businesses we surveyed are unhappy with the State Government. They are looking for the Government to lift their game, with better investment in infrastructure, public transport and broader community support, areas that have been neglected by successive Governments.

Businesses are optimistic about the future but want to feel that Regional voices are being heard by those making long-range decisions that could impact their business. Especially at a time when competition for business and shifting consumer behaviours and global forces are making the waters even trickier to navigate.

We hope this survey becomes an important tool, not just for regional businesses, but also for the government and commentators in evaluating the future of regional Victorian communities and the vibrancy of their economic contribution.

Here are some highlights from the data; to learn more, download the complete survey here.


Protecting your business against unique risks

Different, leader, best, unique, boss, individuality, original, special concept

Do you think it would be simple to walk into someone else’s office, warehouse or factory and make that business run smoothly? If you had to swap with the business next door, suddenly, without making any of your own adjustments to layout – how successful do you think that would be?

If you think that would be a total disaster, you’re probably right. Every business is unique – each one has its own story, its own way of doing things, its own unique group of customers.

No two businesses are alike, even within the same industry. Across multiple differing industries these differences become even more apparent – a large business in the construction industry, for example, faces very different risks to a small hairdressing business or pet parlor at a local shopping centre. So why should they all share the same level of insurance cover? Every business has its own unique set of risks as part of its corresponding industry and individual needs.

One of the main advantages of selecting an industry-specific insurance policy over a more generalised product is that your insurance broker will provide advice on the things you might never have even considered. This involves a comprehensive understanding of your industry, developing personal relationships and delving to discover exactly what risks your business is exposed to, then protecting you from those risks with a comprehensive, bespoke insurance solution at the best possible price. Insurance experts are adept at recognising risks, and they have the experience of working with all kinds of businesses and seeing where others have gotten into trouble – what is an unexpected event for you is something they have probably seen before – and already have a plan in place to address.

Tailored insurance policies for businesses are available to a number of different industries including:

– Agriculture and Viticulture
– Construction
– Hospitality
– Entertainment
– Manufacturing
– Property
– Retail
– Trades
– Engineering
– Professional Services

Within your corresponding industry we will design an insurance solution that’s specifically tailored to you and your individual business needs, allowing you to rest easy knowing that your business is protected from any unexpected and unforeseen occurrences.

A friendly chat with one of our brokers is all it takes to get the ball rolling – make the call today and give yourself the gift of peace of mind with comprehensive cover specific to your needs.


Geelong Business Excellence Awards, 2017


We would like to congratulate CEO of St John of God Geelong Hospital Stephen Roberts, the winner of our Business Leader of the Year Award.

We’d also like to offer congratulations to Supatramp and Austin Wines on their wins this year!

Originally published in the Geelong Indy

Adroit Insurance Group is passionate about serving the Geelong community.

After winning the Geelong Business Excellence Awards Business of the Year in 2016, Adroit is committed to sustaining its already impressive brand.

“Our organisation is big on being part of the community,” Adroit Insurance Group Geelong branch manager Darrell Fenton says.

“We’ve strived to build that over the last 15 years. We love being a part of the Geelong community.”

Adroit is a sponsor of this year’s excellence awards and Mr Fenton said it was a terrific opportunity for local businesses to be recognised for their hard work.

“It’s a great opportunity to be involved with all the other businesses in Geelong,” he says.

“We want to be a part of it. We were absolutely rapt to win it last year.”

Adroit is a perfect fit for Geelong.

“Geelong people certainly enjoy their city,” Mr Fenton says.

“The people of Geelong always try and help out local businesses. It makes it a nice, strong community.”

Service is Adroit’s motto.

“We are certainly a service based organisation,” Mr Fenton says.

“Adroit offers superior customer service through a dedicated account manager who provides the best insurance solution for each and every one of our valued clients. Our actual KPIs are measured by client contact and visitation rather than just dollars.”

While Geelong has taken its share of knocks in the business world, Mr Fenton said the city always recovers quickly.

“The city of Geelong is going well – it’s up and about at the moment,” he says.

“There’s a good feel for the city and we want to grow with it.”

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