Powerline - Autumn 2018

My Say with Brad Hancock

At Power Tynan we constantly consider and talk about the rapid change and development within a forever changing business environment and landscape. How do you as a business owner cope with change? How do you build a team that embraces change? How do you plan to ensure you sustain your competitive advantage? More importantly how do you plan for success? What I would like to consider and present in this edition of My Say is what capabilities as a leader you need to possess in order to build a high performance business and bridge the gap between capability and success.

The Mindshop Business Leader Survey 2018 revealed ten capabilities leaders need to focus on as a foundation for success. Whilst these fundamental capabilities don’t substantially change from year to year, leaders should embrace lifelong learning to hone their skills and ensure they can guide their business and team members to improve over the year ahead. Building new capabilities provides you a ‘ticket to the game’ as a business leader but does not automatically guarantee your success.

 

1. Personal Focus - Staying focused as a business leader can be assisted by setting a ‘theme’ for the year. This could be: ‘profitable growth’, ‘leveraging a quality team’ or ‘consolidation’. Within this frame, the creation of measurable and realistic targets will keep you on track, ensuring you avoid wasting time on activities that do not demonstrably and positively impact on the achievement of goals.

2. Talent Management – Coaching and developing people is the number 1 skill required by leaders in 2018. ‘Improving the quality of your team’  was the number one way of freeing capacity, and ‘keeping good team members’ the number one concern for business leaders. It’s clear the importance of a visible leader, leading by example has never been so important. Engaging team members, especially millennials needs to be a focus for leaders to help drive growth and profit goals in 2018.

3. Short-Term Strategy - Development of both short and long-term strategies provides businesses the agility to react to rapidly changing circumstances without losing sight of actions to ‘future-proof’ the business and achieve long-term goals.

Quickly address issues and opportunities as they arise by having in place processes that allow rapid identification and timely response to change, such as regular ‘state of the nation’ meetings, daily huddles and open door policies.

4. Long-Term Strategy - To have an effective long-term strategy, business leaders need to have the ability to:

  • Have an understanding of emerging trends across the political, economic, socio-cultural and technological spectrum plus factors ‘closer to home’ in their industry and locale
  • Develop a clear 3-5 year vision for the business and articulate ‘why’ you do what you do
  • Understand best practice globally, compare yourself to key competitors and industry leaders
  • Combine these three insights with what you’ve learned during short-term strategy implementation, plus your overall vision and goals to ensure long-term strategies stay on track.

5. Empowering Leadership - A great leader has the ability to drive change in fast-moving markets, empowering staff to achieve their best by being on the front-line and leading by example. Empowering leaders challenge and support rather than control and blame, ensure the business and team are change ready, implement and uphold a fantastic culture, conduct decision-making through the lens of core values and finally have processes in place to assist with effective people management.

6. Effective Communication –Elements include:

  • Good listening—at the core of emotional intelligence, being able to set aside prejudices to really understand what is being said is the mark of a real leader
  • Powerful questioning—an essential skill for all leaders especially in sales situations to understand the true nature of an issue and frame how an offer can assist a customer
  • Facilitation—make the most of the time spent in operational meetings with great facilitation skills. Draw out ideas and address issues in a timely way where everyone feels they’ve contributed.

7. Time Management - Successful leaders often demonstrate great time efficiency. Being able to successfully prioritise high value activities not only in your work, but also in your personal life means you will guard your valuable time carefully and make the most of every day.

8. Problem Solving - Help team members and clients by having the skills to fix problems in a timely manner. Having quality conversations and asking great questions to better understand business opportunities and challenges is a great starting point but will only get you so far without structured tools. Consider Now – Where – How, where are you NOW, WHERE you want to be and then come back to developing strategies and actions as to HOW you will get there.

9. Implementation and Coaching - Change is a fact of life, but with only 30% of change projects successfully implemented, the ability to quickly determine what’s working and what’s not is critical. Look at using implementation and coaching tools such as a Change Success Model, hone your coaching skills to get the most from your team and have a consistent approach to assist implementing change.

10. Early Adoption of Technology - Being an early adopter of technology, means you’re never one to risk all by being the first to do something, but instead you look at the technology emerging around you to review how it could make your life more efficient and more valuable to customers. With the rapid rate of change, you cannot avoid being a technology early adopter and still hope to grow your business.

 

Possessing these capabilities alone does not guarantee success. Leaders must embark on a journey of continuous improvement, self-reflection, skill development, planning, planning, planning and ability to ‘live in the in-between’ in our forever changing environment. Whether it be legislation change, strategy adjustment, key personnel issues or personal issues, we as business leaders need to ensure we possess capabilities and ensure we have the tools in our toolkit to face challenges head on to show the path to our teams and ensure success.

As mentioned in the last edition of My Say, we have partnered with Mindshop to develop the SME Research Report for 2017/2018. This easy to read report provides insights into the opinions and concerns of business owners, and details how many SME’s are surviving and thriving in the current environment. To obtain a copy or discuss the insights in the report please contact your adviser today.

Charitable Trust’s Top Donation

In February the Power Tynan Charitable Trust donated $1,500 to Top Blokes Foundation.

The Top Blokes Foundation is an Australian charity that works to improve the mental health, emotional resilience and community engagement of at-risk and disadvantaged young men aged 11-24 years.

Through peer-led mentoring and community leadership programs, participants develop positive decision-making skills, decreasing their risk-taking and anti-social behaviours, while developing personal qualities of integrity and self-respect.

For more information, or to find out how you can support this fantastic cause, visit http://www.topblokes.org.au/

Single Touch Payroll – are you ready?

Single Touch Payroll has been spoken about by the ATO for some time, but we will soon see it in practisce and its commencement date is fast approaching!

From 1 July 2018, every employer with 20 or more employees will need to pay their employees using Single Touch Payroll compatible software.

In order to determine if you will be required to report under the new rules, you need to count the employees on your payroll on 1 April 2018.   If this count is 20 or more employees, you will be required to report using Single Touch Payroll.

Include in headcount:

  • Full-time employees
  • Part-time employees
  • Casual employees who are on your payroll on 1 April and worked any time during March
  • Employees based overseas
  • Any employee absent or on leave (paid or unpaid)
  • Seasonal employees

Do not include in headcount:

  • Any employees who ceased work before 1 April
  • Casual employees who did not work in March
  • Independent contractors
  • Staff provided by a third party labour hire organisation
  • Company directors
  • Office holders
  • Religious practitioners

Exemptions may only be considered in exceptional circumstances, including:

  • You are located in a rural area with no reliable internet connection
  • You are only classed as a substantial employer (20 or more employees) because you employ 20 or more employees for a short period of the income year which includes 1 April – for example, due to seasonal work

It is expected that from 1 July 2019 (the following year), pending parliament legislation, Single Touch Payroll will be expanded to cover all employers with less than 19 employees. 

It is for this reason that every employer should be preparing themselves now to ensure they will be ready by the date of commencement.

 

So what exactly is Single Touch Payroll?

The good news is, you will not notice any material changes to your current pay cycles.  So whether you pay your employees weekly, fortnightly or monthly, you can continue to do so under Single Touch Payroll.

Single Touch Payroll aligns your reporting obligations to your payroll processes, meaning that each time you process a pay-run your software will report the following to the ATO in real time:

  • Salaries and wages amounts
  • Allowances
  • Deductions (for example, workplace giving)
  • PAYG withholding
  • Superannuation information

You will therefore no longer be required to provide payment summaries to your employees for any payments reported through Single Touch Payroll.  Whilst this will save a lot of time at year end, it will be prudent that the information being lodged with your periodic payroll is correct, as this will be what the ATO will report to your employees to allow them to complete their own tax returns.  You will instead be required to make a finalisation declaration that declares you have provided all of the required information through Single Touch Payroll. This declaration needs to be made by 14 July, similar to the previous requirements of providing payment summaries to employees.

There has been some misconception regarding the fact that the payment of PAYG withholding and superannuation guarantee obligations will be made at the same time as processing the payroll and paying the employees.  Please rest assured that this is not the case and you will continue to pay your PAYG withholding and superannuation obligations at the same time intervals that you currently do.

 

How will you report single touch payroll?

The good news is that all of the main software providers (Xero, MYOB, Reckon etc) are in the process of developing enhancements to their existing software that will allow you to report the Single Touch Payroll information to the ATO at the time of completing your payroll, in the same way you currently do.  It is hoped these providers will be ready by the commencement date of 1 July 2018 (for employers with 20 or more employees), however the ATO have advised that deferred start dates will be considered should your software provider not be ready by the commencement date. Any business with a current subscription to that particular software will automatically be included in the deferral. Your software provider should be providing regular updates on their progress.

If you are required to report under Single Touch Payroll and are using a manual payment system or software that will not report Single Touch Payroll, you will be required to transition to a new payroll software that is compatible with Single Touch Payroll reporting.

 

What do I need to do now?

In summary and in order to best prepare for the upcoming changes and introduction of Single Touch Payroll, you need to take the following steps:

  • Determine if your reporting requirements will start on 1 July 2018 (for 20 or more employees) or 1 July 2019 (for 19 or less employees) by performing a head-count at 1 April 2018
  • Find-out from your software provider if they will offer Single Touch Payroll, and if they will have a deferred start date
  • Take the opportunity to review your systems and processes so that you are ready for processing payroll
  • Review that you are paying employees correctly, calculating super entitlements correctly and that all employee personal information in your software is accurate and up-to-date

 

While this may sound daunting, please rest assured that Power Tynan are ready and able to assist with the transition to Single Touch Payroll.  We will be contacting you all over the coming months to ensure that you are ready to report from 1 July 2018.

 
 
 

Client Corner – Crisp’s Coaches

Each quarter we interview one of our clients to get an insight into their business. This issue we spoke to Dale Crisp from Crisp’s Coaches.

When did your business commence?      

Crisp’s Coaches & Bus Lines is a family owned and operated business established in 1928. It was started by my grandfather with a horse and cart and since then four generations of our family have brought experience and service to the business.

What does your business do? 

We are in the passenger transportation industry and offer a range of services. We specialise in school bus services, charter, snow trips, wine tours, camps, school sport transfer, excursions and servicing any bus or coach transportationrequirements that those within the community need.

What makes your business successful?  

I think there are quite a few things that helps make the business successful.

Our passion, knowledge and experience of the industry most certainly drives our desire to offer a successful, safe, reliable and enjoyable service to all our customers.

Our people - the team at Crisps Coaches, which is a mixture of both family and employees is also vital to the success of it all. They all in their way contribute to the effective running of the business and delivering a high level of service.

We are ever evolving with our practices and platforms of knowledge, my children have brought new ideas and current day perspectives to the business that have greatly enhanced the outcomes which we endeavour to achieve on a day-to-day, week-to-week and year-to-year basis.

We also offer a modern day fleet of buses and coaches.

What has been your biggest achievement to date?  

I would have to say the biggest achievement to date is the continuity of the business, working alongside my children and upholding the legacy of my father and grandfather.

A few highlights also include servicing the Olympic Games when they were held in Sydney and more recently we were chosen to assist in servicing the Commonwealth Games at the Gold Coast.

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

Ensure you have support, a great team behind you and are prepared to put in the effort.

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

I relax from the pressures of business by spending my time with my family, friends, skiing - both water and snow, enjoying the weather at the Gold Coast and just being at home.

 
 
 

Charitable Trust – Donation Tap Points

Have you seen our new Donation Tap Points?

These devices allow you to donate to the Power Tynan Charitable Trust, with all monies raised going towards the organisations we have chosen to support each quarter.

The April - June quarter sees the Trust fundraising for Hummingbird House and Hope Horizons Inc.

Hummingbird House is Queensland’s only children’s hospice. Underpinned by the notion of creating a ‘warm embrace’ for children and their families, their multidisciplinary team provides 24/7 scheduled and emergency specialist short break stays; pain and symptom management; care at the end of life; and support programs for the whole family. Hummingbird House is a place where kids can be kids, families can reconnect and precious memories can be created.

Hope Horizons Inc enhances the quality of life of the people of Toowoomba and the Darling Downs region throughout and after their cancer diagnosis. Recently opening a Wellness Centre offering high quality specialist allied health services to assist patients with cancer, Hope Horizons provide a welcoming, calm, relaxing environment where clients feel safe and supported with their physical, emotional and practical needs in a holistic way.

For more information on the Power Tynan Charitable Trust, or to donate online, please visit https://www.powertynan.com.au/community/power-tynan-charitable-trust

 

Xero Heroes: Platinum Partner

The team at Power Tynan are proud to be the ONLY Xero Platinum Partner within the Darling Downs and Granite Belt regions.

Xero connects people with the right numbers anytime, anywhere, on any device, assisting millions of small businesses to thrive through better tools, information and connections.

If you would like to transform the way you do business, contact the Power Tynan team today!

Year End Planning – Super Strategies to Start Now

With 30 June fast approaching, now is the time to consider making the most of opportunities for your super. In addition to topping up your retirement nest egg, you will also benefit from some generous tax breaks.

Strategies include:

  • Maximising your super contributions
  • Claiming a tax deduction for personal contributions
  • Splitting contributions with your spouse
  • Triggering the 3 year non-concessional cap before turning 65
  • Performing a “lost” super search and consolidating your super accounts
  • Utilising the government co-contribution
  • Low income spouse contribution and tax offset.

Maximise your super contributions

From 1 July 2017, the concessional contributions cap (non tax deductible) is $100,000 for members 65 or over but under 75. Reminder: If aged 65 and over you must meet the work test to contribute to super. That is, if contributing after turning 65, you must be gainfully employed for at least 40 hours in 30 consecutive days in the financial year the contribution is made and before the contribution is made.

Members under 65 years of age will have the option of contributing up to $300,000 over a three-year period - depending on their total superannuation balance (see below)

The contribution and bring-forward available to members under 65 is outlined in the following table:

Total Superannuation Balance

Contribution and bring-forward available

Less than $1.4 million

Access to $300,000 cap (over 3 years)

Greater than or equal to $1.4 million and less than $1.5 million

Access to $200,000 cap (over 2 years)

Greater than or equal to $1.5 million and less than $1.6 million

Access to $100,000 cap (No bring-forward period, general non-concessional contributions cap applies)

Greater than or equal to $1.6 million

Nil


Concessional contributions (tax deductible) are subject to a yearly cap of $25,000 for all individuals regardless of age (note: this cap includes employer contributions and salary sacrifice contributions).

Claim a deduction for personal super contributions

This is the first year where both self-employed people and employees will be able to claim a tax deduction for super contributions.

However, if you intend claiming a deduction for personal super contributions, you must lodge a deduction notice, in the approved form, with the fund before the earlier of:

  • The day you lodge your tax return for the year in which the contribution was made, or
  • The end of the financial year after the financial year in which the contribution was made.

If you would like more information on the strategies identified above, please contact your adviser.

 

General Advice Warning

The information provided in this article is general in nature only and does not constitute personal financial advice. The information has been prepared without taking into account your personal objectives, financial situation or needs. Before acting on any information in this article, you should consider the appropriateness of the information having regard to your objectives, financial situation and needs. Before making any decision, it is important for you to seek appropriate legal, tax, and other professional advice. 

 

Team Anniversaries - Autumn 2018

This quarter, our first Power Tynan Scholarship recipient Ben Twidale celebrated ten years with the firm.

 

Date & Place of Birth

23rd September, Toowoomba

 

Education

Primary - St Thomas More’s

Secondary - St Joseph’s College

Tertiary – USQ

 

Hobbies & Interests

Various sports, hanging out with friends, chilling with my dogs and getting out on the water

 

When did you start working at Power Tynan?  

March 2008

 

Why did you apply for a job at Power Tynan?  

I liked the idea of having my degree paid for and I had an interest in becoming an accountant

 

Why do you enjoy working at Power Tynan?  

The wide range of people you get to meet (staff and clients) and I enjoy helping clients and staff achieve their goals.

 

Digital Document Delivery – Send and Receive Documents Online

For years we have been using a client portal called “Secure Returns” that allows us to send you documents digitally, rather than waiting for items to be delivered through the postal system.

The reason we originally implemented a client portal was to secure your sensitive data and limit sending this information via email (a largely unsecured platform).  Additionally, the newly introduced National Data Breaches Scheme provisions in the Privacy Act mean that all businesses that have personal information need to ensure data is securely stored and transmitted.  Years before it became mandatory, Power Tynan has been securing your personal information via the use of client portals.

In recent years there has been a further improvement with client portals to be able to offer digital signing.  To enable us to move towards offering you this technology, we have made the move to a new platform called “Virtual Cabinet”.  This software allows documents to be sent back and forth securely, as well as opening up the ability to sign certain documents.

What exactly is a client portal?

A client portal is essentially a website that allows us to securely send and receive documents between yourself and Power Tynan (it features end-to-end encryption between you and Virtual Cabinet Portal).  It removes the need to email documents that need to be viewed and reviewed (and for certain documents, eventually signed).

Why can’t Power Tynan just email me these documents?

Not all email is secure, and not all email servers have end-to-end encryption on the messages.  Additionally we are prohibited by law from being able to send information such as TFN’s via this medium.  On the 22nd of February changes to the Privacy Act came into effect that increased the responsibilities of securing personal data. 

So what do we need to do to use Virtual Cabinet Portal?

When we send the first document you will be asked to set up an account with Virtual Cabinet.  This is quite easy, will ask you to confirm some details, agree to the software terms and set a password.  Since Virtual Cabinet allows us to introduce digital signing, you will be asked to verify your device (this simply records that the device you are using is allowed to access documents in future).

What devices can I used to access documents?

The good news about Virtual Cabinet is that you can now access and sign documents on iPhones and Android devices as well as in your web browser on your computer.  This new platform is more available and easier to use on the go than ever before.  Simply go to the Apple App Store or Google Play and search for Virtual Cabinet Portal and install.

What is digital signing?

Digital signing allows you to sign a document via an app on your mobile or via a web browser.

This is completed, not by scrawling your signature with an electronic pen or your mouse, but with advanced cryptography, linked to your email address, IP address and other system information.

Sounds complicated, but in reality, it’s just a simple click of a button!

So when can we start signing documents via the portal?

Firstly, not all documents can be digitally signed, but for those that can be, we are running a pilot program to ensure all issues are ironed out before release.  We will be in contact when digital signing is available for your documents.

Staff Spotlight - Autumn 2018

Men of League Charity Golf Day

Our Financial Adviser Stan Moffatt attended the Men of League Charity Golf Day at Middle Ridge Golf Club. Accompanied by some very brave Magnify clients, Stan captained the Magnify/Power Tynan team around the course before lunching with the King himself!

A great day spent on the green for a worthy cause!

 

Apple & Grape Harvest Festival

Power Tynan once again proudly supported the Stanthorpe Apple & Grape Harvest Festival in 2018.

The South East Queensland Regional Finals of the Australian National Busking Championships were held in conjunction with Apple & Grape.

Power Tynan proudly sponsored the Best Band Award, which went to Haystack Mountain Hermits.

Congratulations to all performers on getting to the finals, and thank you to all the sponsors and volunteers for making the event a success!

The Power Tynan Mt Marlay Fun Run was also held as part of the Festival.

This 5km run starts in the centre of town and works its way up the terrain of Mt Marlay and back down again.

The race kicked off in front of our Stanthorpe office, with CEO Amanda Kenafake given the responsibility of officially starting the race.

The winners were:


- Open Mens: Adrian Jannenga

- Open Ladies: Jen Costanzo

- Junior Men: Jordan Waterworth

- Junior Ladies: Priya Madders

Congratulations to Dan Cuthbert and his team for organising such a great event, and well done to everyone who took part on the day!

 

Wedding Bells

On 10th February, Natasha Brown of our Stanthorpe office married her partner Jared Crisp at Gabbinbar Homestead in Toowoomba. The couple held an outdoor ceremony followed by a cocktail themed reception which was celebrated with close family and friends.

Congratulations Tash and Jared!

 

 

 

 

 

 

 

Scholarships Award Ceremony

A great night was had at the University of Southern Queensland for the 2018 Scholarships Award Ceremony.

Our CEO Amanda Kenafake was the guest speaker on behalf of the scholarship donors, and also officially presented the Power Tynan Scholarships to our 2018 recipients.

Congratulations to all USQ scholarship recipients, and good luck with your studies!

 

International Women’s Day Luncheon

Members of the Power Tynan team attended the Institute of Managers and Leaders International Women’s Day lunch held at Fitzy's Toowoomba.

This inspiring luncheon celebrated the achievements of women regionally, nationally and internationally, with guest speaker Professor Geraldine Mackenzie of the University of Southern Queensland - Australia.

Professor Geraldine Mackenzie shared her achievements throughout her time in the legal industry, as well as her view on where the future lies for gender equality, the disruptions she anticipates could hinder any progress and the steps she believes women, particularly in regional Australia, can take to advance equality and continue to empower the next generation of young women entering the workforce.

 

 

 

 

 

 

 

Accounting Business Expo

During March, Amanda Kenafake and Ben Twidale were invited to present at the Accounting Business Expo held in Sydney. Amanda was a panelist in The Big Debate: Is advisory the future or hype?, and both Ben and Amanda presented How to Create an Amazing Culture that Accelerates Advisory.

 

Project Scholarship

A team of existing PT scholarship recipients recently spent a week reviewing and analysing our current scholarship program, to ensure it remains relevant and effective in the constantly changing world we live in.

This project involved consulting each different service offering within our firm to understand their specific requirements, discussing the expectations of the scholarship recipients themselves, and then combining these to create a plan for a scholarship program capable of adapting to industry changes and developing confident young advisers.

At the end of this week long intensive, the project group presented their findings and recommendations to the leadership team - this has now been taken on board as a firm initiative, with members of both the project group and leadership team working together to formulate our future program.

Congratulations to our scholarships for their hard work and dedication to this project - you should be very proud of what you achieved!

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Graduation News

Congratulations to Jacob Oyat for completing his Bachelor of Commerce.

Jacob is the most recent graduate of the Power Tynan Scholarship Program, run in conjunction with University of Southern Queensland.

Well done Jacob!

 

PT Wedding

On Saturday 14th April, we had our first PT wedding!

Congratulations to Aimee Driemel and Peter Rowe, who tied the knot in a beautiful ceremony at Branell Homestead.

Peter and Aimee met 7 years ago when Aimee started at Power Tynan, and the rest is history (but we will take some credit!)

We wish them a lifetime of love and happiness as they start their next chapter together as Mr and Mrs Rowe!

 

 

 

 

 

 

 

 

 

 

 

Australian Accounting Awards – 2018 Finalists

We are thrilled to have been named as finalists in TEN different categories at the 2018 AccountantsDaily Australian Accounting Awards.

These categories are:

  • Diversified Firm of the Year
  • Business Advisory Firm of the Year
  • Graduate Program of the Year
  • Innovator of the Year
  • Community Engagement Program of the Year
  • Thought Leader of the Year – Amanda Kenafake
  • Executive of the Year – Gilda Brisotto
  • SMSF Auditor of the Year – Mark Silvester
  • Rising Star of the Year – Kathryn Sainsbury
  • Student of the Year – Jacob Oyat

Winners will be announced at a black-tie gala awards ceremony in Sydney on Friday 1st June – watch this space!

 

Hang Ya Boss Out to Dry: Supporting Toowoomba Hospice

On Friday 20th April, our CEO Amanda Kenafake participated in the annual Hang Ya Boss Out to Dry fundraiser, in support of the Toowoomba Hospice.

The Toowoomba Hospice provides free palliative care for the terminally ill of Toowoomba and surrounding areas, and relies on the local community for support.

Amanda was left up in the air until she raised a minimum of $2,000 – at last count, she had raised close to $3,500!

It’s not too late to donate!! Please visit https://www.toowoombahospice.org.au/store/p17/hangyabossoutpledgepayment and be sure to mention Amanda Kenafake in the Boss Name section.