Powerline - Spring 2015

My Say with Amanda Kenafake

As you know, we change a lot at Power Tynan; however there are some things that never change. Whilst we have restructured our business, our core advisers of Paul Hilton (CEO), Sharon Baldwin, Gilda Brisotto, Brad Hancock, Kymberlee Naumann, Dan Cuthbert, Ben Twidale, Peter Rowe, myself and the team are constantly striving to ensure that you receive the advice and information you need.

As the world continues to change, you and your business would have experienced some impact from changes to legislation, which seems to be updated constantly.  The financial world is no different, with a number of us currently completing our Diploma of Financial Planning in order to not only comply with legislation, but also to provide you with well rounded advice. We will be able to better advise you on all aspects of both business and personal financial matters, where we can either assist or point you in the right direction.

We have also been working with our in-house process engineer to review the way we do things, to ensure all of our processes are utilising the latest technology efficiently and providing us with true productivity gains. Before changing any process, you must answer YES to two questions - is this saving us time somewhere, and is it improving on what we currently do. 

Within the next couple of months, Power Tynan will be putting together a series of workshops. These will cover not only the legislative changes within the industrial relations area and how to comply with these, but also how to ensure that your business is operating efficiently and how to engage staff across the organisation in order to make the necessary changes. Keep an eye out for your invitation!

As most of you will be aware, the Power Tynan Charitable Trust makes regular donations to charities within our community. Whilst our staff have been contributing to the Trust via Casual Fridays, monthly staff lunches and regular social functions, we wanted to show our support in more ways than handing over money, with our staff now volunteering at local organisations.  If you would like to donate to the Charitable Trust, or would like to nominate a charity to receive support from the Trust, please contact our office or visit the Community section of our website.

We look forward to speaking with you over the coming months as the countdown to Christmas commences!

Power Tynan Adopts a Room

The Power Tynan Charitable Trust recently donated $3,500 to the Toowoomba Hospice in support of the Adopt a Room program.

The Toowoomba Hospice provides accommodation for up to six people when in their final stages of life, and is designed to provide a home-like atmosphere for clients, their family and friends.

Management and staff of Power Tynan have been strong supporters of the Hospice since it opened in 2003, with our CEO Paul Hilton involved in the initial stages of planning for the facility.

The Adopt a Room program is one of many annual fundraisers for the Toowoomba Hospice, providing financial assistance to maintain client facilities and to provide professional palliative care. The money donated via the Adopt a Room program goes towards the upkeep of the specific room adopted – this may include fresh paint, linen, clinical consumables, professional cleaning and nursing care.

People wishing to donate to or learn more about the Toowoomba Hospice can contact their office on 07 4659 8500 or go to the web site www.toowoombahospice.org.aufor more information.

 

Staff Anniversaries - Spring 2015

This quarter we celebrated the Power Tynan anniversaries of Nicole Rametta and Morena Howard, both of our Stanthorpe office, who have been with the firm for five years and fifteen years respectively.

 

Nicole Rametta

Date & Place of Birth

13th April in Brisbane

Education

Bachelor of Commerce (Distinction) majoring in Accounting (USQ)

CPA Qualified

Hobbies & Interests

Sketching, painting, photography, reading and my boys

When did you start working at Power Tynan?

23rd August 2010

Why did you apply for a job at Power Tynan?

I had my own bookkeeping business and crossed paths on occasion with Power Tynan as a representative of my clients. I put in my resume with the hope that I might get a position in the firm.

Why do you enjoy working at Power Tynan?

Mainly the people I work with, but also the variety of work and range of clients.

 

 

 

Morena Howard

Date & Place of Birth

22nd March, Brisbane

Education

I have completed all my schooling in Stanthorpe.  My senior year was completed at Stanthorpe State High School.

Hobbies & Interests

I enjoy keeping fit, with jogging, cycling, hiking and going to the gym.  My hobbies are reading, music, dancing & travelling.

When did you start working at Power Tynan?

4th September 2000

Why did you apply for a job at Power Tynan?

I did not apply, I was approached by Steve Kay to be his personal assistant.

Why do you enjoy working at Power Tynan?

I enjoy working at Power Tynan because of the people within the company, the work ethics and great team work.  I have worked in different departments within the company and learnt many things over the past 15 years.  I have been fortunate to have worked with many interesting people.  I  look forward to the challenges ahead and learning more from them. 



 

Client Corner – Herron Todd White

Each quarter we interview one of our clients to get an insight into their business. This issue we spoke to Ian Douglas of Herron Todd White.

When did your business commence?

Herron Todd White started in 1968 in Rockhampton, expanding over the past 47 years to now boast 65 offices nationwide, the largest valuation firm in Australia. There has been an office in Toowoomba since 1985.

What does your business do?

We provide independent property valuations across the local area from the Lockyer Valley in the east, west to the Northern Territory border, south into northern New South Wales and north to the South Burnett region.  Our major client base is the banking industry and we are proud of having our valuation reports accepted by all of the major financial institutions. We have experienced valuers in all areas of property: Residential, Rural and Commercial as well as Quantity Surveyors.

What can we do for you?

Valuations   

  • Mortgage security

  • Pre-purchase and pre-sale

  • Retrospective assessments

  • Rental assessments and determinations

    Accounting

  • Transfers / Stamp Duty valuations

  • Self-Managed Superannuation Fund Valuations

  • Rental assessment

  • Tax depreciation schedules

    Legal

  • Family law

  • Compulsory acquisition & compensation

  • Expert witness

    Due Diligence

  • Asset risk analysis

  • Highest and best use assessment

  • Feasibility analysis

What makes your business successful?

A great team of people who believe in delivering totally independent, professional advice to assist our clients with making informed property decisions. We believe in developing our team from within, with our ongoing cadet/trainee programs being a key ingredient to our business success.

What has been your biggest achievement to date?

We have had a number of our staff receive national awards at our annual staff conferences, which is a fantastic result and shows the skills of our staff within a large national firm.

What is one piece of advice you would give to someone starting up a business?

Seek advice from your accountant, solicitor and other advisors, try to make realistic plans and, when required, make hard decisions.

 

Power Tynan kicks off Homeless for a Week Appeal

In recent months, temperatures across the Darling Downs have plummeted, with certain regions even experiencing snow!

Imagine trying to survive this weather without a roof over your head, or with limited access to warm food and clothing. Sadly, this is the harsh reality for many people living within Toowoomba.

When Power Tynan heard of the BASE Services’ Homeless for a Week Appeal, it was the perfect opportunity to help those in need. To kick off this campaign, our Charitable Trust recently presented Tiffany Spary from BASE Services with a $2,500 cheque.

"We really appreciate this generous donation," said Tiffany. "It will greatly assist us to provide those in need with not only a meal, but access to outreach support services such as the Department of Human Services, Oz Care Health Clinic and a Legal Clinic.”

The funds donated by the Trust will be used to operate the BASE Soup Kitchen.

"We see 30 to 40 people most days, including men and women, individuals and families of all ages who are homeless or at high risk of homelessness," said Tiffany.

"The Soup Kitchen is vital for those doing it tough in Toowoomba, as it is often the only meal that person will eat for the day and the only place where they are able to feel accepted and have a chat.”

The Power Tynan Charitable Trust has donated more than $100,000 to regional charities over the past four years, and is open to the firm's staff, clients and all members of the public to contribute funds.

Paul Best, a member of our Charitable Trust committee, said staff at the firm vote to select the charities the Trust will support.

"When our staff heard that the Soup Kitchen was losing its major funding, there was overwhelming support for the campaign,” he said. “We are also looking forward to volunteering at the Soup Kitchen in the upcoming weeks.”

 

Paul Best from Power Tynan with Tiffany Spary from The BASE Soup Kitchen


Maximise your Rental Property Claims

When it comes to investment properties, a lot of people forget that you can claim for the depreciation of the property. The increase in the value is in fact the increase in the land, not the house itself. The ATO has made a provision to allow for claiming the depreciation of the house, however the process is quite complex. The process can be simplified by engaging a quantity surveyor, as they will inspect the house and prepare a report stating how much the house is likely to depreciate each year depending on such factors as the construction materials used, including the frames and windows etc. Please contact our office if you would like a referral to a quantity surveyor.

Essentially you are able to depreciate a house over 40 years, so if you purchase a house that is 10 years old you can only claim depreciation on the property for the remaining 30 years.  A good quantity surveyor will find ways for owners to claim at least some depreciation on an older property, and you can also claim depreciation on improvements to the property. The surveyor can revise the initial report for renovations to ensure that you can claim these over a number of years as well.

Owners of investment properties are entitled to expenses incurred in connection with the investment.  Expenses fall into two categories - those that you can claim in the year they occurred, and those that you must deduct over a number of years. 

Expenses that you can claim in the year they occur

  • Repairs and Maintenance - there are a number of rules surrounding what is considered capital versus non-capital repairs, and these rules are based around the materials used and if there is a renewal or replacement.  Essentially a non-capital repair is to correct a defective or worn out area of the house, or to return a deteriorated area to its former condition. 

  • Telephone, Stationery and Postal Expenses

  • Management Fees to Real Estate Agents

  • Body Corporate Fees

  • Legal costs in regards to leases

  • Travel Expenses - to inspect the property, collect rent, show prospective tenants through the property, to carry out repairs or visiting the real estate agent

  • Rates, Water Rates and Land Tax

  • Insurance Premiums

  • Advertising for tenants

  • Cleaning (including rubbish removal)

  • Gardening and Mowing

  • Electricity and Gas

  • Bookkeeping or Accounting Fees

  • Bank charges on the account used to receive rental income and pay expenses (if you keep a separate account)

  • Pest Control

Expenses that you can deduct over a number of years

  • Borrowing expenses associated with borrowing the money and setting up the loan for the purchase of the investment property

  • Capital Assets (such as dishwashers and hot water systems) but also for capital works deductions (such as a replacement kitchen)

Staff Spotlight - Spring 2015

EOFY Celebrations

The theme for Power Tynan’s annual June 30 celebrations was “Around the World”.

It was great to see everybody taking part in the fun and we had a variety of costumes on the day, ranging from Cowboys and Indians to penguins and Blinky Bill!

Staff in each office were asked to place their votes for Best Dressed. In Toowoomba, our winner was Paul Best the Leprechaun, and Toni Jackson took out the award in Stanthorpe as Miss Brazil.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stanthorpe Snow

Our Stanthorpe staff were lucky enough to experience a Winter Wonderland in July! While Toowoomba still had the freezing cold weather, we missed out on the lovely snow.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Toowoomba Hospice - Hang Ya Boss Out to Dry & Annual Race Day

On a cold and miserable August morning, our Executive Director Amanda Kenafake participated in the Hang Ya Boss Out to Dry fundraiser for the Toowoomba Hospice, raising over $2,500 for the charity. Thank you to everyone who has donated to this fantastic cause!

 

 

 

 

 

 

 

 

 

The following day, staff enjoyed a wonderful afternoon at Clifford Park Racecourse, supporting the charity’s annual race day.