Powerline - Our 100th Edition

Welcome to the 100th edition of Powerline!

Just like the end of the calendar year is a good time to reflect personally, the end of the financial year is a good time to reflect on the year just gone, and to set plans in place for what you want to achieve in your finances in the future.

We had our own reflection and planning day to look back at our own year, what we had achieved and set in place over the last 12 months:

Magnify

In July 2017, we started our own fully licensed Financial Planning business, Magnify Wealth, specialising in:

• Financial Advice
• Superannuation
• Investment Advice
• Wealth Creation Strategies
• Retirement Planning
• Wealth & Asset Protection
• Personal Risk Protection
• Self-Managed Superannuation Funds

PT 2.0

With the new financial year comes the launch of PT 2.0, our own technology and data business. Our team is here to help businesses realise the value of their data; employing the same tools and techniques used in big business. We help you develop business information strategies and systems to generate insights and drive business performance.

Consulting

Our consulting team is delivering a wide range of services to our clients, including grant writing, strategic planning, profit improvement workshops, business valuations, IT consulting and financial modelling where you need access to scenarios and outcomes of changes and events in your business. 

We are excited to share that in early October we will be launching our “Empowering Business Growth” program where businesses can access tangible tools and resources to move their business forward, achieve growth goals, set strategies and get to the bottom of the issues. 

The program involves a minimal monthly outlay and includes quarterly half-day workshops in an intimate environment with like-minded business owners, sharing ideas together where you will have the support of our experienced advisers.  The program is not just a training session, it includes access to an online platform where our advisers will help you keep track of your progress and hold you accountable to the changes that you plan to make to ensure your business stands out from the crowd. 

Grants

With so many grants available to businesses, it can be tricky to navigate through the eligibility criteria and the application process. We have set up a dedicated, experienced team who can assist you every step of the way!

IT Reviews

As technology is such a huge and sometimes frightening prospect, business owners can tend to push it to the back of their to-do list. However, without the right systems in place, you could be inhibiting your business' potential growth and, at the same time, leaving your business vulnerable to cyber security risks. Our team can review your current IT systems, provide recommendations on improvements to be made, and implement those recommendations for you.When looking to the year ahead and what you want to achieve, we’ve found that it’s important to understand your WHY.  WHY do you do what you do? WHY does your business exist? WHY do you get out of bed in the morning? If you know the WHY, then it’s easy to figure out WHAT needs to be done and HOW to do it.

At Power Tynan, we’ve discussed our WHY and each team member came back with a common reason as to why we do what we do – to help our clients. Each and every one of us are here for you and to help you achieve your financial goals. 

You’re going to notice some changes over the next 12 months - we will be asking you different questions in different ways to make sure we unlock what is needed to be able to help you achieve your goals.

So what was our New Year’s resolution? We are going to search for questions to ask, answers to find and better experiences and outcomes to create for you!

When it comes to cancer, throughout the journey of prevention, screening, diagnosis, treatment, supportive care, recovery, recurrence, or palliative care, the wellness model can be used to make the best of what can be a very challenging scenario.

Wellness is about making balanced choices, learning self-help strategies, accessing and strengthening inner resources, discovering supports and health information, developing a positive outlook and managing the stresses of cancer and everyday life with grace and ease.

At the beginning of this year, Hope Horizons opened a cancer wellness centre to support people from the Darling Downs and South West Queensland Regions throughout and after their cancer diagnosis.

The centre provides a welcoming, calming and relaxing environment offering allied health professionals services and relaxation therapies.

To assist with this, the Power Tynan Charitable Trust donated $1,500 to Hope Horizons. We have since heard from the Hope Horizons team, who used our donation to purchase an electric massage table for their wonderful clients, massage therapist Tracey and physiotherapist Lana.

Thanks to Kate Beyer, Rosie Bambrick, Jo Kelly and Stefanie McDowell for joining our team at morning tea to accept the donation and share the Hope Horizons story.

For more information on Hope Horizons, or to find out how you can help this fantastic organisation, please visit http://www.hopehorizons.com.au/.

Each quarter we interview one of our clients to get an insight into their business. This issue we spoke to Raymond & Chrissy Mattiazzi from Carnarvon Funeral Services.

When did your business commence?      

Raymond was working for the previous owner for a few years but we took over in September of 2000.

What does your business do? 

Carnarvon Funeral Services arranges funeral services and other required services in relation to the death of a loved one. 

We deliver careful, thoughtful attention before, during and after the funeral service and provide memorial plaques and other items required following the funeral service. 

We provide all manner of required duties at a high level of care and attention at this important time in a family’s life. 

We also provide pre-planning services of funeral insurance and bonds through Sureplan Friendly Society.

What makes your business successful?  

Our business is successful because of our staff.  We have caring and attentive staff and nothing is too much trouble.  It is important to be aware and compassionate of the family’s needs.

What has been your biggest achievement to date?  

In 2014 we did major renovations to the Funeral Parlour, which has been instrumental in being able to provide a better service to our clients.  Prior to the renovations, there was one room for meeting with the family and a viewing room.  Now we have two offices, a reception area, a viewing room/chapel and a display room as well as a large area at the back for storage of vehicles and equipment.  This has made a very big difference to being able to provide a great service.

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

Put the client first.  Ensure you listen to your client’s needs and do all that you can to provide them what they want/need.  Be prepared to work hard if you are starting up a business for yourself.

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

Holidays and outside activities.  From the beginning, we have ensured that we have competent and capable staff that can look after our business in our absence so we can get away and have family holidays. As this is a 24 hour/day, 7 days/week business, this has been a very important part of being able to run this business for 18 years successfully. 

We are also involved in community groups and sporting activities.

When employees travel away from their home overnight or longer in their course of their employment, a travel allowance may be made to cover accommodation, food, drink or incidental expenses. Travel allowances paid to employees for part-day and not overnight travel do not fall within these rules.

From an employer’s point of view, travel allowances are subject to two exemptions, a withholding exemption and payment summary exemption. If the travel allowance paid to the employee is up to the reasonable amount, as per the appropriate tax determination (for 2017-2018 it is TD 2017/19), the employer does not need to withhold any PAYG withholding tax on the amount and they do not need to report it on the employee’s payment summary. If it is not included on the employee’s PAYG summary, the employee will not be able to claim related travel deductions as the related income is not included in the employee’s assessable income. If it is over the reasonable amount however, the employer must withhold PAYG withholding tax and include the allowance on the employee’s payment summary.

From the employee’s point of view, assuming their PAYG summary does show they were paid a travel allowance, there is an exception to substantiate claims that applies to travel allowance expenses if the ATO considers the total claimed to be ‘reasonable’ and the travel allowance to be ‘bona fide’. For the allowance to be ‘bona fide’, it should be an amount that the employer would reasonably expect it to cover the employee’s expenses whilst away.

Even though written documentation may not be required, this exemption does not nullify the requirement for the employee to actually incur an expense. For example, if your employer has paid you the full reasonable allowance including accommodation, food, drink and incidentals however you choose to stay at a family member’s home to save money you cannot claim the accommodation component of the reasonable amount. However if you did purchase your meals whilst travelling you can claim the food, drink & incidentals component. The ATO may also still require you to show the basis for determining the amount claimed, show the expenses were actually incurred and confirm that the travel was specifically for work-related purposes.

The ATO has stated they have been targeting large work-related expense claims and will continue to do so in future. The ATO’s data matching abilities are continuously growing and in recent years they have been comparing data across the country based on an employee’s job classification to determine any larger than usual claims based on the classification or industry. The ATO have commented if the disparity between allowances paid and deductions claimed continues they will likely review the substantiation exception and potentially remove it altogether.

The ATO publishes a tax determination every year on what it considers to be reasonable amounts for a travelling employee. The tax determination breaks the potential claims down based on geographical locations, specific meals if not away for a full day, annual salary of the employee receiving the allowance and specifies special rules for truck drivers.

If you wish to claim more than the ‘reasonable’ amount in the ATO’s tax determination for the particular year, you need to substantiate the full claim, not just the amount over and above the reasonable amount.

If you have any queries about travel allowance claims, please contact your trusted adviser today!

Granite Belt Support Services (GBSS) is a unique provider of disability services in the Stanthorpe area. This organisation does an amazing job with the work and support it offers to its clients and their families within our community.

The numerous programs offered by GBSS are instrumental in promoting the skills, capabilities and self-confidence of people with a disability, and provide opportunities to enhance their quality of life.

Nine years ago, GBSS started a Speakers Social Club to assist people with disabilities to improve their self-confidence, communication, speaking in public, self-esteem, self-advocacy and feeling part of the community - something which we take for granted.

Between 80 - 100 people from both the Stanthorpe and Warwick districts attend a monthly event, however to keep these evenings going, GBSS have to fundraise as there are now limited opportunities for grants since the rollout of the NDIS. To support this fantastic initiative, the Power Tynan Charitable Trust donated $1,500.

For more information regarding this fantastic charity, or to find out how you can help, visit http://www.gbss.org.au/

This quarter, both Kym Naumann and Jane Kerridge are celebrating 15 years with our firm!

Jane Kerridge

Date & Place of Birth

29^th June, Stanthorpe

Education

• Bachelor of Commerce majoring in Accounting & Small Business (USQ)
• CPA Qualified
• Commissioner for Declarations

Hobbies & Interests

I love living in the country, especially now that my husband Scott & I have two young boys, Ben & Zac. My days are now filled with soccer, riding motorbikes & fishing.

I also enjoy playing netball and touch football.

When did you start working at Power Tynan?  

I started in 1997 at the ripe old age of 15, doing general reception duties. I progressed into processing and bookkeeping, before heading to Brisbane for a “gap” year, and returning to Power Tynan in 2003.

Why do you enjoy working at Power Tynan?  

I enjoy advising and solving problems, whether it be a simple GST question or a more complex tax issue, and have built many close business relationships with clients. 

Kym Naumann

Date & Place of Birth

9^th June, Nambour

Education

I started primary school in Caloundra, and completed it in Gympie.  I completed high school in Gympie before moving to Toowoomba to study a Bachelor of Accounting and Finance at USQ.

I did my Honours in Finance at USQ, then Masters in Financial Management at UQ while I was working full time at USQ.  I also completed a Grad Dip in Financial Planning while I was lecturing at USQ.

Hobbies & Interests

Anything to do with the outdoors – camping, fishing, going to the beach, swimming, sport, spending time with my family and friends.

When did you start working at Power Tynan?  

2003 - I was approached to come and work at PT to get the superannuation area up and running. I decided to leave USQ where I had taught for over ten years and put in practice what I had only ever taught.

Why do you enjoy working at Power Tynan?  

I love working with clients to help them achieve their financial goals.  I love the team at PT and the camaraderie shared between all of us, and I love working in superannuation and imparting my knowledge in this area to anyone (the team and clients) – must be the teacher side of me coming out!

We are excited to announce the launch of our own technology and data business, PT 2.0.

The PT 2.0 team has decades of experience in information systems technology and business process improvement. The team is keen to help businesses realise the value of their data; employing the same tools and techniques used in big business. We help you develop business information strategies and systems to generate insights and drive business performance.

PT 2.0 designs and implements solutions surrounding:

Data & Predictive Analysis

Many businesses have a wealth of data at their disposal; that they either are unaware they have, or they are unsure what to do with it. We have helped businesses running common industry systems to realise the insights that can be achieved through a proper analysis platform.

Data Integrity

We work with businesses wanting to automate tasks and improve process efficiency, but lack the quality data to implement such solutions.

We help you to improve the quality of your data before implementing data analytics or process automation solutions.

Business & Process Automation

Technology constantly changes, but businesses often struggle to keep up. We help businesses identify processes that can be automated or improved, allowing for greater operational efficiency and reducing effort, allowing for growth whilst maintaining staff levels.

We tackle this with a simple approach:

• Identify systems and processes that add no value to the business' operations and remove these from the operational chain;
• Automate processes that can be performed without human involvement; and
• Optimise remaining business processes to make them more efficient.

Project Management

Not all technology projects are created equally, and often the capabilities to implement them effectively are missing inside most businesses. We can help fill in the gaps with your next technology project.

Our team has been involved in project managing system selection, implementation, training, change management and other project management tasks.

Benchmarking

It can be hard to find real metrics on firm performance on a regular basis.

We currently run benchmarking programs across Australia and New Zealand, where performance is regularly measured and reported in a consistent manner, allowing for accurate comparisons.

System Selection & Implementation

With changes in technology, firms are seeking ways to improve their practice management systems; in some cases they are seeking a brand new system. Other times, firms are looking for ways to improve the quality and data integrity of their current system.

We have worked with firms to:

• Audit systems and current processes;
• Select and implement a new practice management system; and
• Improve data integrity.

Get in touch with the PT 2.0 team today on info@pt20.com.au

At any given time, around 3,700 Queensland families are living with, loving, and supporting a child with a life-limiting condition. The emotional, physical and financial struggle they experience can be immense.

Hummingbird House is Queensland’s only children’s hospice, offering eight guests-in-care bedrooms, five family accommodation suites and a unique care at the end of life suite, all in a home-like environment.

To show our support, the Power Tynan Charitable Trust recently donated $1,500 to this vital organisation.

Hummingbird House is a place where kids can be kids, families can reconnect and precious memories can be created. Their team provide 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.

For more information about Hummingbird House, or to find out how you can help, please visit www.hummingbirdhouse.org.au

Initial ATO coverage of cryptocurrencies centred on Bitcoin, however their stance applies to the entire cryptocurrency universe. The ATO deems cryptocurrencies as CGT assets, which are defined as:

(a) any kind of property; or

(b) a legal or equitable right that is not property.

Therefore, the disposal of any cryptocurrency would give rise to a CGT event (this includes trading directly from one cryptocurrency to another, i.e. from Bitcoin to LiteCoin). A capital gain will be made where the proceeds of any sale exceed the cost to acquire the cryptocurrency. Similarly, like most CGT assets, if you have held the cryptocurrency for greater than 12 months, you will be eligible for a 50% discount on the gain.

If the currency is used or kept only for your personal use and enjoyment, the capital gain can be disregarded if the purchase cost is $10,000 or less. Cryptocurrency kept or used primarily to acquire items for personal use or consumption will satisfy the exemption. An example of where cryptocurrency would be considered to be a personal use asset is where an individual purchases cryptocurrency from a cryptocurrency exchange and uses the cryptocurrency to make purchases for their personal needs, such as food or clothing.

Cryptocurrency kept or used mainly for the purpose of profit-making or investment, or to facilitate purchases or sales in the course of carrying on business, will not satisfy the exemption. An example of where cryptocurrency would not be a personal use asset is where an individual taxpayer mines Cryptocurrency and keeps those Cryptocurrency for a number of years with the intention of selling them at opportune times based on favourable rates of exchange.

It’s important to keep a record of all trades you make and their buy and sell amount and costs. Information which needs to be recorded includes:

• Timestamp of the transactions;
• Value of cryptocurrency in Australian dollars at the time of each transaction; and
• Reason for each transaction and who’s the other party involved (could be just their address).

The sorts of records you should keep include:

• Receipts of purchase or transfer of cryptocurrency;
• Exchange records;
• Records of agent, accountant and legal costs;
• Digital wallet records and keys; and
• Software costs related to managing your tax affairs.

The following software can be used to make your record keeping process simpler:

• Beartax: https://bear.tax/
• CoinTracking: https://cointracking.info/

The ATO's proposed tax treatment of cryptocurrencies is as follows:

• Investment - if you are holding cryptocurrency as an investment, you will pay capital gains tax on any profits when you dispose of them.
• Trading - if you are trading cryptocurrency for profit, the profits will form part of your assessable income.
• Carrying on a business - if you are using or accepting cryptocurrency as payment for goods or services, the goods or services will still be subject to GST.
• Mining cryptocurrency - if you are mining cryptocurrency, any profits you make will be included in your assessable income.
• Conducting an exchange - if you are buying and selling cryptocurrency as an exchange service, you will pay income tax on the profits.
• GST - sales and purchases of digital currency are not subject to GST from 1 July 2017. This means that you do not charge GST on your sales of digital currency and similarly, you are not entitled to GST credits for purchases of digital currency.

It’s important to remember normal substantial rules apply for deductions being claimed against cryptocurrency income, just like any other business expense (https://www.ato.gov.au/Business/Income-and-deductions-for-business/). The non-commercial loss rules will also apply.

If you have any queries about taxation of cryptocurrencies, please contact your trusted adviser today!

• Business Plans
• Goal Setting
• Visioning
• Strategy Sessions
• Marketing Strategies
• Grant Applications
• Long Term Planning
• Taxation Compliance
• Exit Strategies

Expert Knowledge

With over 20 years business experience, Power Tynan has the knowledge and skills required to help you

 

Wide Reaching Networks

We have an extensive professional network. If something is outside our expertise we will connect you with an expert we trust and recommend

 

Enthusiastic

We know how exciting starting your own business is, and we will share your excitement, working with you to develop and achieve your vision and goals

 

For more information, or to make an appointment today, contact Kathryn on (07) 4688 8400 or kes@powertynan.com.au

 

• Quarterly 4 hour workshops dealing with topical and timely issues faced by businesses
• Intimate environment with like-minded business owners
• Online platform for knowledge sharing
• Regular check-ins between workshops on your progress and assistance
• Tools to take to your business and use straight away to move your business forward

$500 + GST per person/month

Half price for additional attendees from the same business

 

To sign up today, register via ch@powertynan.com.au or (07) 4688 8400

 

Staff Spotlight

Queensland Young Achiever Awards

The Queensland Young Achiever Awards acknowledge, encourage and most importantly promote the positive achievements of all young people.

Our very own Jacob Oyat was nominated for the Leadership Award, and attended the awards presentation in Brisbane in May.

While Jacob did not come away with the win, it was a fantastic achievement to get this far, and we are extremely proud of him.

Well done Jacob!

Xero Heroes: Platinum Partner

In May, we were visited by the Xero team to congratulate us on reaching Platinum Partner status.

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!

Myriad 2018

Amanda, Dan, Nathan & Kathryn represented PT at the Myriad Conference in Brisbane, promoting our database integrity tool and our data analysis solution.

Myriad aims to bring the most influential thinkers and tinkerers, entrepreneurs and experts together to ensure innovation is seen as well as heard.

Australia’s Biggest Morning Tea

Members of the Power Tynan team participated in a bake-off to support Australia’s Biggest Morning Tea.

With a variety of homemade goodies to taste, we raised over $200 for the Cancer Council.

Thank you to our Masterchefs for their delicious contributions!

Pride of Workmanship Awards

Jane Kerridge of our Stanthorpe office was recently recognised for her professionalism, hard work and dedication at the Stanthorpe Rotary's Pride of Workmanship Awards ceremony at Queensland College of Wine Tourism.

Congratulations Jane, we really appreciate all that you do!

Australian Accounting Awards

The PT team was honoured to take out the Graduate Program of the Year award at the 2018 Australian Accounting Awards.

Power Tynan was awarded Graduate Program of the Year for the third year in a row, acknowledging the firm’s scholarship program run in conjunction with the University of Southern Queensland (USQ).

Based on graduate development initiatives, this award considers how the firm develops and retains quality team members through a structured development program.

While we didn’t get the win in the other nine categories for which we made the finalists list, we are extremely proud to be recognised at a national level for what we have achieved.

Congratulations to our entire team - this win is thanks to you!

Young Leaders in Finance Awards

Power Tynan was named as a finalist in four different categories at the 2018 Young Leaders in Finance Awards:

• Graduate Program of the Year
• Education & Training Program of the Year
• Innovator of the Year - Nathan Smith
• Public Relations/Communications Professional (In-house) of the Year - Lauren Guymer

This exciting awards program identifies the leading young professionals who are 30 years of age and under across financial services, from business leaders and mentors to skilled investment managers, client-centric accountants, financial advisers and mortgage brokers.

The winners represent inspirational high achievers, identifying the rising thought leaders and stars of tomorrow.

At a black-tie gala awards ceremony in Sydney on Friday 22nd June, our very own Nathan Smith took out the Innovator of the Year award.

Congratulations Smithy, we are very proud of you!

Happy Birthday Toowoomba Hospice

At the end of June, our friends at the Toowoomba Hospice celebrated their 15th birthday!

To help celebrate 15 years of providing safe, quality care in partnership with the community for those with a terminal illness, please donate $15 to help this fantastic organisation reach $15,000 - wouldn’t that be a great 15th Birthday Gift for the Toowoomba Hospice?

You can donate now via https://www.givenow.com.au/hospice-15for15

Hang Ya Boss Out to Dry

In July, Amanda and Sammi attended morning tea at the Toowoomba Hospice to celebrate the funds raised at 2018’s Hang Ya Boss Out to Dry.

Through this event, Amanda raised almost $4,000 for the Hospice - thank you to all of our clients, friends, families and team members who donated to support this fantastic organisation!

Breakfast with Queensland Chief Entrepreneur

PT team members Amanda, Dan, Kathryn, Nathan and Lauren attended breakfast with Steve Baxter at Canvas Coworking Inc.

Steve Baxter is well known for his role on the television show ‘Shark Tank’, following his success as an entrepreneur over the last 20+ years.

Joining Steve at this breakfast were four other entrepreneurs, as part of a tour through to the Western Downs.

Thanks to Joy Taylor and David Masefield for putting on such a fantastic event!

Homeless for a Night

On Monday 6^th August, members of the PT team braved the cold to participate in the Homeless for a Week sleepout.

This event aims to raise awareness of homelessness in Toowoomba, as well as much needed funds for the Base Services Basement Soup Kitchen.

As well as providing free lunch time meals, the Soup Kitchen supplies swags, food hampers, clothing, hygiene packs, case management and access to outreach support services for those in our community who are doing it tough.

Thank you to everyone who supported us – we smashed our target of $1,600, raising $1,870!

It's not too late to donate to this fantastic cause! Please visit https://homelessforaweek.com.au/s…/participants/power-tynan/ to show your support!