Underwriting is the process insurers use to assess an individual’s risk in order to determine whether to offer coverage, under what terms, and at what premium rate. It involves evaluating factors like health, lifestyle, occupation, and financial situation to gauge the likelihood of a claim being made.

Liz Burke, Victoria Underwriting Chapter Lead at major insurer Zurich, and Yanish Geerdharry, Head of Risk Advisory Services at the Bongiorno Group, discuss the importance of underwriting. Fundamentally, it ensures that premiums are fairly set based on risk, protects insurers from excessive losses, and provides policyholders with clarity on what their insurance covers and excludes. This helps maintain a balanced and sustainable insurance system.

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The Money Doctors is proudly brought to you by leading financial services organisation the Bongiorno Group, the preferred tax and accounting partner for the Australian Medical Association Victoria and the Australian Dental Association Victorian Branch.

For more information, please call 03 9863 3111 or visit https://bongiorno.com.au/

This general advice has been prepared without taking account of your objectives, financial situation or needs. You should consider the appropriateness of this advice before acting on it. If this general advice relates to acquiring a financial product, you should obtain a Product Disclosure Statement before deciding to acquire the product.

See omnystudio.com/listener for privacy information.

Many people who want more hands-on control over their investments and their retirement are opting for a self-managed super fund (SMSF). It allows you to choose assets like property and manage your retirement savings directly.

But, establishing and maintaining an SMSF involves significant costs and ongoing compliance. Vanessa Smith, Director at the Bongiorno Group, and Michelle Harrod, Tax Manager and Head of SMSF at the Bongiorno Group, says it’s wise to create and regularly review an investment strategy that considers risk, liquidity, diversification, and insurance.

Seeking financial advice, they insist, is critical to ensure the SMSF aligns with your long-term retirement goals and complies with legal requirements.

MORE INFORMATION

The Money Doctors is proudly brought to you by leading financial services organisation the Bongiorno Group, the preferred tax and accounting partner for the Australian Medical Association Victoria and the Australian Dental Association Victorian Branch.

For more information, please call 03 9863 3111 or visit https://bongiorno.com.au/

This general advice has been prepared without taking account of your objectives, financial situation or needs. You should consider the appropriateness of this advice before acting on it. If this general advice relates to acquiring a financial product, you should obtain a Product Disclosure Statement before deciding to acquire the product.

See omnystudio.com/listener for privacy information.

When setting up a business, it is crucial to separate personal and business expenses by establishing a dedicated business account. This ensures financial clarity, especially when managing software, hardware, and other business-related expenses.

Ricky Caldow and Mitch McKeown, both Directors at the Bongiorno Group, continue their discussion on setting up a private practice.

Running a business also requires careful management of IT systems, websites, and branding, including securing domain names and handling compliance. Equally, the responsibilities of employing staff, managing superannuation, and meeting regulatory requirements like tax reporting are key considerations. By planning the endgame, whether selling the business or growing it, structuring the company properly from the outset helps avoid costly mistakes in the future.

The Money Doctors is proudly brought to you by leading financial services organisation the Bongiorno Group, the preferred tax and accounting partner for the Australian Medical Association Victoria and the Australian Dental Association Victorian Branch.

For more information, please call 03 9863 3111 or visit https://bongiorno.com.au/

This general advice has been prepared without taking account of your objectives, financial situation or needs. You should consider the appropriateness of this advice before acting on it. If this general advice relates to acquiring a financial product, you should obtain a Product Disclosure Statement before deciding to acquire the product.

See omnystudio.com/listener for privacy information.

Establishing a private practice can be rewarding, both personally and financially. But, before setting one up, it’s crucial to understand the various issues that might arise. In this two-part series, Ricky Caldow and Mitch McKeown, both Directors at The Bongiorno Group, discuss the common pitfalls that doctors might face by not setting up a practice properly.

In Part 1 of the two-part series, they explore ownerships structures, personal services income, the importance of proper legal documentation, business registration, and commercial leases.

The Money Doctors is proudly brought to you by leading financial services organisation the Bongiorno Group, the preferred tax and accounting partner for the Australian Medical Association Victoria and the Australian Dental Association Victorian Branch.

For more information, please call 03 9863 3111 or visit https://bongiorno.com.au/

This general advice has been prepared without taking account of your objectives, financial situation or needs. You should consider the appropriateness of this advice before acting on it. If this general advice relates to acquiring a financial product, you should obtain a Product Disclosure Statement before deciding to acquire the product.

See omnystudio.com/listener for privacy information.

Income protection is a crucial part of a financial plan, safeguarding your greatest asset—your income—by providing coverage in case of illness, injury, or inability to work, with flexible options for structuring policies based on individual needs. The Bongiorno Group’s risk advisers Tom Will and Yanish Geerdharry, discuss the various options of income protection.

It’s vital, they insist, to secure income protection early when you're healthy, as underwriting becomes harder over time. Income protection policies generally cover up to 70% of your income, which is subject to tax. Policy costs vary based on age, health, and occupation, with premiums generally not exceeding 10% of annual income. Structuring income protection within or outside superannuation has tax benefits, but personal circumstances should guide decisions.

The Money Doctors is proudly brought to you by leading financial services organisation the Bongiorno Group, the preferred tax and accounting partner for the Australian Medical Association Victoria and the Australian Dental Association Victorian Branch.

For more information, please call 03 9863 3111 or visit https://bongiorno.com.au/

This general advice has been prepared without taking account of your objectives, financial situation or needs. You should consider the appropriateness of this advice before acting on it. If this general advice relates to acquiring a financial product, you should obtain a Product Disclosure Statement before deciding to acquire the product.

See omnystudio.com/listener for privacy information.

Healthcare is being revolutionised by the rapid growth of AI technologies, particularly generative AI like ChatGPT. The automation of routine administrative tasks is allowing healthcare professionals to focus more on patient care. That’s according to Chris Foster-McBride, CEO of AI start-up Digital Human Assistants.

Chris’s career began in hospital operations and the UK health system before transitioning to data analytics and AI, leading to the founding of three AI startups.

He discusses with Adam McCann, Director at Adelaide-based Bartons – part of the Bongiorno National Network – the increasing role AI will have in the medical profession.

MORE INFORMATION

'Expert guidance on governance of the evolving AI technology', Australian Institute of Company Directors:

https://www.aicd.com.au/innovative-technology/digital-business/artificial-intelligence/expert-guidance-on-governance-of-the-evolving-ai-technology.htm

Digital Human Assistants
https://www.digitalhumanassistants.io/

Bartons
https://www.bartons.com.au/

The Money Doctors is proudly brought to you by leading financial services organisation the Bongiorno Group, the preferred tax and accounting partner for the Australian Medical Association Victoria and the Australian Dental Association Victorian Branch.

For more information, please call 03 9863 3111 or visit https://bongiorno.com.au/

This general advice has been prepared without taking account of your objectives, financial situation or needs. You should consider the appropriateness of this advice before acting on it. If this general advice relates to acquiring a financial product, you should obtain a Product Disclosure Statement before deciding to acquire the product.

See omnystudio.com/listener for privacy information.

Despite the increases in property prices across the country, buying a home continues to be a dream for most people. Matt Homewood, Financial Consultant at the Bongiorno Group, has guided countless numbers of his clients on purchasing their first home. He offers practical advice for first-time homebuyers, focusing on the importance of understanding both upfront and ongoing costs. He emphasises the need for thorough budgeting and lifestyle adjustments to ensure affordability and successful homeownership.

The Money Doctors is proudly brought to you by leading financial services organisation the Bongiorno Group, the preferred tax and accounting partner for the Australian Medical Association Victoria and the Australian Dental Association Victorian Branch.

For more information, please call 03 9863 3111 or visit https://bongiorno.com.au/

This general advice has been prepared without taking account of your objectives, financial situation or needs. You should consider the appropriateness of this advice before acting on it. If this general advice relates to acquiring a financial product, you should obtain a Product Disclosure Statement before deciding to acquire the product.

See omnystudio.com/listener for privacy information.

If you’re looking to do construction work on your house, like a renovation or extension, be aware of the contract you sign with your builders. Depending on their payment arrangements, additional costs or complications may occur. That’s according to Mark Bremner, Senior Finance Consultant at the Bongiorno Group. He’s joined by Director, Nick Fennessy, where they discuss the essential steps for financing a construction project.

The Money Doctors is proudly brought to you by leading financial services organisation the Bongiorno Group, the preferred tax and accounting partner for the Australian Medical Association Victoria and the Australian Dental Association Victorian Branch.

For more information, please call 03 9863 3111 or visit https://bongiorno.com.au/

This general advice has been prepared without taking account of your objectives, financial situation or needs. You should consider the appropriateness of this advice before acting on it. If this general advice relates to acquiring a financial product, you should obtain a Product Disclosure Statement before deciding to acquire the product.

See omnystudio.com/listener for privacy information.