Powerline - Summer 2017

In an age where technology is advancing at an incredible rate, and we are living in a world striving to keep up with each new evolution, how do we, as humans, fare against our technological competition?  How do we achieve the global expectations of delivering more, in faster timeframes, with increased efficiency and accuracy? And how do we do this while still providing a holistic, high quality, client-focused service that reflects our genuine desire for authentic relationships?

With the introduction of Artificial Intelligence (AI), for example machine learning, this could potentially eliminate data entry and processing entirely, enabling us to focus on the areas of our profession that add value and relevance to our clients.

Take bookkeeping, for example, and think about some of the more time-consuming and repetitive tasks that require a high degree of accuracy, but are often less appealing. Many of these functions have increased in efficiency through automation in bookkeeping systems such as Xero, MYOB, QuickBooks, etc.  Technology has enabled us to deliver accurate, timely results through process automation in a fraction of the time we would be able to do it manually. By gaining access to a live ledger we can look forward and improve our insights, therefore allowing us to do what technology can’t do - provide our professional advice using our interpretation based on cumulative knowledge and our years of experience.

As professionals, one of our essential qualities is integrity (and ethics). This is what our clients trust we will demonstrate in all aspects of our service and what we will apply in our decision-making. As much as technology and the introduction of AI into accounting can deliver integrity in its data processing, it has a harder time applying this to decision-making. As human beings, we make decisions based on the information that we are presented with, combined with the knowledge and experience we have built up over our lifetimes. We also rely on our ability to use our intuition when the facts are telling us one thing, but our gut (combination of experience, knowledge, hindsight, unconscious input) is telling us another. We can interpret our clients’ behaviour and use this in conjunction with data and information to decide when to investigate further and what the best decision is.

This is where our clients will trust our integrity and ethics over a purely data-driven decision.

What AI technology will afford us is time to focus more on what drives our business - relationships. A purely human interaction that adds the highest value to your business.  It is the human connection that enables us to steer our communication and interactions to add value.

We understand that businesses are more than just the numbers, we want to spend time understanding your business, your people, your concerns, your issues, the good things that you are doing. In effect we want to become a partner in your business to help you achieve your life and business goals as you normally can’t achieve one without the other.  We are more than just the numbers, they just show the outcome of everything you are doing and we can help you plan your business and help you achieve your goals.

We have been working closely with a company called Bstar to come up with a SME business report so that we can assist and better understand the needs of small business.  Whilst we are a small business ourselves this report highlights areas that a number of small businesses feel they need advice and assistance with and aren’t sure if we can assist in that area. We are here to say we can!  Over the coming months we will be in touch with you all, but for anyone who wants a preview or is interested in having a  look, please give us a call and we can send you a copy and run through it with you.

The Power Tynan Charitable Trust was established in July 2010, with the aim of giving back and making positive contributions to the communities within which the firm operates.

One such organisation is Share the Dignity, an Australian Charity bringing dignity to homeless, at-risk and those women experiencing domestic violence.

One of their best known campaigns is It's In The Bag. Each November, Share the Dignity collect handbags filled with personal care products and distribute these Christmas gifts to those in need via partner shelters and charitable organisations.

To support this cause, the Power Tynan Charitable Trust donated $1,500, just in time for the festive season.

For more information, or to find out how you can help, visit https://www.sharethedignity.com.au/

NEW “Downsizer” Contributions

From 1 July 2018, individuals aged 65 or over have the opportunity to make non-concessional contributions to their super fund up to $300,000 from the proceeds of selling their home.

These contributions will not count towards the non-concessional contributions cap and the individual making the contribution will not need to meet the existing maximum age, work test or $1.6 million balance test that usually apply when someone aged 65 years or older makes a contribution to super.

If the home is jointly owned, both members of a couple can contribute to their superannuation thereby allowing up to $600,000 to be contributed.

There are some conditions to meet:

1. The contract for sale has to be dated after 1 July 2018;
2. The property sold (“qualifying property”) must have been owned by the individual (either solely or jointly) for the past 10 or more years;
3. The property must have been the principal residence of the individual;
4. The contribution must have been made within 90 days of the disposal;
5. The individual must choose to treat the contribution as a downsizer contribution, and notify their superannuation fund in the approved form of this choice at the time the contribution is made;
6. You cannot have used the downsizer contributions measure in relation to an earlier disposal of a main residence.

If you would like to know more about downsizer contributions, please contact Stan for assistance.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Each quarter we interview one of our clients to get an insight into their business. This issue we spoke to Mike Hindle from Withcott Seedlings.

 

When did your business commence?

1983

 

What does your business do?

We grow a very large range of vegetable seedlings for field growers, Glasshouses and Hydroponic producers.

 

What makes your business successful?

The quality of our plants and the team that supports that quality.

 

What has been your biggest achievement to date?

Giving our customers the confidence they will get the best possible product.

 

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

Get your team right.

 

How do you relax from the pressures of being in business?

Spend as much time as I can with my family.

With the SBSCH joining the ATO online services on 26 February 2018, it will no longer be possible to access using the current user ID and password.  Businesses who want to use the ATO Small Business Superannuation Clearing House in future will need to access this via the Business Portal.

To setup a business portal, you need to first apply for an AUSkey. An AUSkey will allow you to also lodge Business Activity Statements (BAS) online.

For any clients who use alternative clearing houses or whose superannuation is currently processed by Power Tynan you will not need to do anything as your current process will stay the same.

If you have any concerns or would like us to help set up an account please do not hesitate to contact our office.

This quarter we celebrated the Power Tynan anniversaries of Sammi McCleverty and Zac Bichel (five years), Liz O'Shea and Mark Silvester (ten years), and our CEO Amanda Kenafake, who has been with us for twenty years!

 

Sammi McCleverty - 5 Years

Date & Place of Birth

26th June, Toowoomba

 

Education

Drayton State School, followed by Harristown State High School

 

Hobbies & Interests

Gym, food, dogs

 

When did you start working at Power Tynan?

February 2013 as part of the scholarship program

 

Why did you apply for a job at Power Tynan?

I saw a great opportunity available via the scholarship program. There was nothing to lose by applying for the job as I got to try out a workplace and a degree for free. I was also always a numbers kind of person.

 

Why do you enjoy working at Power Tynan?

The people here are like family to me now. They have helped me through ups and downs and all sorts of challenges. I also enjoy working with a large range of different clients.

 

 

Zac Bichel - 5 Years

Date & Place of Birth

23rd May, Ipswich

 

Education

St Marys Laidley (2001 - 2007) and Downlands College Toowoomba (2008 - 2012)

 

Hobbies & Interests

I love most things to do with spending time with friends and family, all while keeping my personal time balanced. I really enjoy spending time in the outdoors, fishing, hiking or camping of sorts and have also played cricket for as long as I can remember.

I have a passionate interest in investments, trading and ensuring my loved ones are in their best possible financial situation. My personal fitness is a hobby for me as it can be very rewarding throughout all facets of life. 

 

When did you start working at Power Tynan?

4th February 2013, the year after my graduation

 

Why did you apply for a job at Power Tynan?

I applied for the scholarship program through Downlands College at which point I had only heard of Power Tynan through Paul Hilton’s son, who was in my accounting class. Of course, I have always enjoyed numbers, but the range of knowledge and network connections you make in an occupation like this really spoke to me. I thought to myself, "someone with a diverse range of knowledge, that you can trust, has got to be valuable”. 

 

Why do you enjoy working at Power Tynan?

I enjoy working at Power Tynan/Magnify Wealth because of the challenging environment. I began working in the tax area, followed by superannuation, and now am situated in our financial planning service. I love the changing environments Power Tynan has offered me and the thirst for knowledge the culture invokes. My very keen interest in investments and financial products has been sparked by the roles I have played at Power Tynan. Moving into financial planning has been what felt like a natural progression of my career and a move into the direction of my passion. The people of Power Tynan and our multiple activities keep things exciting and ever-changing. As with any job, some days can feel like such a chore, but with Power Tynan I constantly have the urge to progress and improve as if it were my own business.

 

 

Liz O'Shea - 10 Years

Date & Place of Birth

8th January

 

Education

Primary School - St Anthony’s School Toowoomba

Secondary School - St Ursula’s School Toowoomba

University of Southern Queensland Bachelor of Commerce Majoring in Accounting

Completion of CPA (Certified Practising Accountant) qualification

 

Hobbies & Interests

At present I don’t really have much spare time to dedicate to hobbies as things outside of work are pretty hectic with two small children our daughter Caitlin (almost 3 years) and son Liam (4 months). Pre children I loved to travel and explore new places so hopefully this is something we can get back to when the children are older.

 

When did you start working at Power Tynan?

I originally started work at Power Tynan in May 1999 straight after completing my university degree. I worked for about 4 years before heading off overseas where I lived and worked in the United Kingdom for almost 5 years working in the accounting industry whilst there. I met my partner Richard in the UK and after a couple of years together we decided to move back to Australia and decided to settle in Toowoomba near my family. Luckily there was a position available at Power Tynan when I returned and I happily recommenced work here in January 2008 and have been here ever since (including two periods of maternity leave).

 

Why did you apply for a job at Power Tynan?

I wanted to work for a firm that gave me the opportunity to work on all aspects of the client’s accounting work. I have had excellent training and mentoring during my time at Power Tynan which has enabled me to progress from a graduate accountant through to a senior business advisor with my own portfolio of clients and my own accounting team.

 

Why do you enjoy working at Power Tynan?

I enjoy watching my clients' businesses grow and change and I enjoy helping clients develop their businesses. In addition to this, the team at Power Tynan are great and all make it a fun, vibrant place to work and whilst we all enjoy working together I believe we all have a common goal of doing what is best for the client and the client’s business. Whilst I have seen a huge amount of growth and change during my 2 periods of employment with Power Tynan, this has always remained constant.

 

 

Mark Silvester - 10 Years

Date & Place of Birth

31st December, Roma

 

Education

I have a Master of Commerce degree and am a qualified CPA. I’m also a registered SMSF auditor with ASIC

 

Hobbies & Interests

I really enjoy reading a good novel, but don’t make time to do it regularly – Christmas breaks are great! I have recently finished reading The Fix (David Baldacci) and The Four Legendary Kingdoms (Matthew Reilly). I’ve been known for crafting a mean home brew every now and then, but haven’t ventured down that track lately. I also enjoy experimenting in my man-cave (aka shed) where I turn my hand to whatever needs doing around home. (A few years back I successfully pulled down, reconditioned and rebuilt the 2-stroke engine on one of my lawnmowers – successful because it started and kept going after it was all put back together!) My wife Tamara and I have two pre-teen boys with whom I love spending time (while they still think their Dad is kind of cool).

 

When did you start working at Power Tynan?

7th January 2008

 

Why did you apply for a job at Power Tynan?

I didn’t formally apply for a job. Our superannuation manager and a good friend, Kymberlee Naumann, had contacted me in the second half of 2007 and asked me if I’d like to learn about super. I came to the Toowoomba office a day a week to try things out for myself and my Power Tynan journey started from there!

 

Why do you enjoy working at Power Tynan?

The team here are ultra-friendly and an all-round great group of people to work with, who look out for each other. We have a great balance of age groups across our staff and stay invigorated by our younger members.

 

 

 

Amanda Kenfake - 20 Years

Date & Place of Birth

31st December, Roma

 

Education

Primary School - St Patrick’s 

Grade 8 to 10 - Mitchell State School 

Grade 11 & 12 - College of South West 

University - Bachelor of Business majoring in Accounting (USQ)

 

Hobbies & Interests

Reading, doing something new - whatever that may be at the time!

 

When did you start working at Power Tynan?

20 years ago!!

 

Why did you apply for a job at Power Tynan?

I saw an opportunity in a small firm to be able to truly help clients.

 

Why do you enjoy working at Power Tynan?

I love the team, the clients and the opportunities it has provided me.  

In the May 2017 budget, the Federal Government announced changes in relation to rental property deductions for depreciating assets and travelling deductions. These areas have been singled out by the Government as a part of their push to ‘Reduce Pressure on Housing Affordability’.

The legislation relating to these changes has recently been released, meaning that we are now able to see how this will affect your deductions and potential refunds! We have listed a summary of the changes below.

Changes to travel related to use of residential premises

The changes to travel relating to residential premises is simple in that there is one rule for most property owners. From 1 July 2017, travel expenditure incurred in receiving income from residential properties is no longer deductible for property owners and is not recognised in the cost base of the property for capital gains tax purposes.

This includes all travel expenses for your residential property, including travel for maintenance, property agent meetings, bond reviews etc. Travel expenditure includes motor vehicle expenses, taxi or hire car costs, airfares, public transport costs, and any meals or accommodation related to the travel.

There are two groups that these new changes do not apply to – those who are in the business of property investing and excluded entities (such as corporate tax entities and public unit trusts). The ATO has specifically stated that owning multiple rental properties will not meet the requirement of ‘business in the business of rental properties.’

Luckily, the changes will not prevent property owners from engaging real estate agents to provide property management services (including travelling to inspections) for investment properties!

Changes to Depreciating Asset Deductions

Sadly, the changes to depreciating asset deductions are not as simple. From 1 July 2017, depreciation claims on assets have changed depending on whether the assets already exist when a property is purchased and whether they are new or used assets.

Under these changes, a deduction cannot be claimed for assets that are already installed in a property that is purchased or starts being rented after 9 May 2017, which will significantly reduce the deductions for some new property owners. The rules in relation to capital works deductions for buildings are not changing under this new legislation.

Assets purchased after 9 May 2017 will also be affected, depending on whether they are a “previously used” asset. An asset is "previously used" if you are not the first person to use the asset or if the asset is purchased in a year that the property is not being used to produce income, even if the property later becomes income-producing. If an asset is “previously used” when it is installed on a property, a deduction will not be able to be claimed for the depreciation of that asset.

The changes will not apply to an asset installed in properties supplied as new residential premises, including substantially renovated premises, as long as a deduction has not been previously claimed for depreciation on the asset and the property has not been lived in since being built or renovated.

If you believe that you may be affected by these changes, we recommend you contact your tax adviser. 

Christmas Initiatives – Adopt a Family and St Josephs

As in previous years, the Power Tynan team supported local initiatives to assist those less fortunate at Christmas time.

In Stanthorpe, we participated in the St Vinnies Christmas Appeal via St Joseph's School Stanthorpe. We put together a basket of non-perishable food and hygiene items, and it was presented to the school at the end of November.

In Toowoomba, we once again adopted a family via Lifeline Darling Downs & South West Qld Ltd and The Chronicle. We put together two hampers packed full of goodies, which were delivered to Lifeline mid-December.