Powerline - Summer 2018 - Power Tynan Accountants | Advisers | Financial Planners

: Powerline - Summer 2018

Hi all, and welcome to the final Powerline for the 2018 year - and WOW what a year it has been!

In my first year as CEO of Power Tynan, as a team we have achieved some amazing things, worked with some amazing clients and delivered some truly inspiring outcomes and results for all involved.

I was working on my 100 Day Plan in December 2017, on what my first 100 days as the CEO would look like. I think I should have added another 0 to the end of the 100 Day Plan, its amazing how quickly those first 100 days has gone! In fact the entire year has sped by, I can't believe its only 4 sleeps until Christmas!

Ordinarily at this time of year, and early in the new year, we are having our Christmas/New Year parties and catching up with everyone. However, this year we have decided to do something a little bit more special as on the 1^st April 2019, Power Tynan turns 50!!

Its been an amazing journey, or so i’m told by the clients who have been a part of the Power Tynan family since it began, and also our very own Edna Hurtz who has been here for almost 47 years!

I can’t wait to start organising this event and touching base with everyone who has been a part of this journey. I wonder if Mr Power thought this business would stand the test of time, and if he could foresee how it would change and what it would morph into over the years. If anyone has any memorabilia or photographs, please get in touch with us so we can really do something special.

At the beginning of November, Gilda & I attended the World Congress of Accountants, with over 6,000 attendees from all over the world. I was lucky enough to speak at this event, and it’s a truly humbling experience to represent Power Tynan and hear from a number of different people who are truly amazed of our significant achievement for a non corporate, non family business.

We wish everyone an amazing Christmas, and hope you all enjoy the festive season with family and friends. Cherish the people that are a part of your life and make sure you take time out to spend with your loved ones.

All the best for 2019, and look forward to talking to you all in the New Year!

: Powerline - Summer 2018

In October, the Power Tynan Charitable Trust donated $1,500 to the Leukaemia Foundation, for their annual Light the Night event.

Light the Night is the Leukaemia Foundation’s evening lantern walk, an empowering, beautiful and supportive event that brings family and friends together with a united goal: to fund research that will help beat blood cancer.

Light the Night was held in Stanthorpe on Friday 19th October at Quart Pot Creek, Lions Park.

The event included entertainment, a sausage sizzle sponsored by Stanthorpe Lions Club, sweet stall, multi-draw raffle, lanterns for sale, face painting and children’s activities by the staff at Country Kids Early Learning Stanthorpe.

: Powerline - Summer 2018

Each quarter we interview one of our clients to get an insight into their business. This issue we spoke to Scott & Duane from Suncoast Fresh.

When did your business commence?

2008

What does your business do?

Suncoast Fresh is a leading provider of wholesale fresh produce to a diverse mix of clientele ranging from some of Queensland’s best restaurants, cafes and clubs to hospitals, aged care, schools and community groups.

Our business services the Sunshine Coast, Brisbane and Byron Bay and recent expanded to include Toowoomba and Gold Coast.

We operate with a committed passion in supporting local farmers throughout those regions.

What makes your business successful?

Like many SME businesses, we are hands on business leaders.

Our team feels the passion we have for our industry and our willingness to make things happen, be accountable and look to constantly improve.

What has been your biggest achievement to date?

From a core business perspective, to still have people working for us that have been here from the start, we feel speaks volumes about the culture we have all built together.

From an Industry perspective, being approached by the world’s best restaurant, Noma from Denmark, to exclusively supply when they did a pop up tour in Sydney in 2016.

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

We have three:

Prepare yourself for business – it starts with an idea, but be objective - particularly around your own skill set and attributes - ensure there is a demand, and understand your competitors
Understand your customer – who is going to buy your product and service and why? Once you understand your customer, you can drive sales, profit and growth
Develop a business plan – give yourself some direction, define your objectives and how you will achieve them, set goals and milestones and acknowledge the good work you and your team have done when you achieve these

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

Always maintain a solid connection with family and friends, and exercise is great for overall wellbeing, plus an occasional trip overseas or afternoon at the V8’s is a nice bonus!

: Powerline - Summer 2018

With the Festive Season upon us, many of our clients are organising Christmas parties for their team members or customers, and want to ensure they don’t end up with an uninvited visitor to their Christmas celebrations – the Grinch (or tax man!). While trying not to reduce the excitement of your Christmas festivities, we thought we would share some information in relation to the tax implications of having a celebration or giving a gift.

Many employers do not realise their Christmas party and Christmas gifts will usually be seen as entertainment by the ATO, which could then lead to the celebration being caught under the Fringe Benefits Tax (FBT) regime. In order to avoid this, there are certain limits you can put on the party to ensure that while employees are still enjoying themselves, you don’t end up paying for the party twice.

CHRISTMAS PARTY
The tax implications of your Christmas party can vary depending on where the party is held, the amount paid per person and whether the person is an employee, associate (partner/family) or a client. The table below explains the different treatments:

As an example from the table above, if you were to hold your Christmas party for your employees and their associates with a total of 12 people at the local tavern, you would need to ensure that the total cost of the party doesn’t exceed $3,600 (GST inclusive), otherwise you will face Fringe Benefits Tax. In saying this, the entire party will also not be tax deductible and you will not be able to claim GST on the expenses.

CHRISTMAS GIFTS
Christmas gifts may also fall under the same entertainment regime as the Christmas party, depending on the enjoyment that your employees or clients will receive from the gift. The table below explains the different treatments:

You will notice above that the difference in treatment depends on whether the gift is viewed as entertainment. The definition of entertainment is not definite, however you should be able to explain how a gift is not entertainment. For example, gifts such as flowers, gift vouchers and perfumes are not seen as entertainment, whereas tickets to a movie, passes to a theme park or a voucher for dinner will be seen as entertainment.

All of the information above is relative solely to an employer who uses the Actual Method of calculation for FBT purposes. If you use a different method to calculate your entertainment expenses, a different set of calculations will be necessary.

We hope that this article helps to clarify any questions you may have in relation to Christmas expenses, however if you have any further queries or require additional information, please contact your trusted adviser and - most importantly - enjoy your Christmas festivities!

: Powerline - Summer 2018

This quarter, Jo Fox celebrated ten years with the firm.

Date & Place of Birth

24th November in Stanthorpe

Education

I attended St Joeys Stanthorpe up until Year 10, and completed Year 11 & 12 at Stanthorpe State High School

Hobbies & Interests

Three kids take up any time for hobbies and interestes, but I do love camping, socialising, movies and music

When did you start working at Power Tynan?

I started in November 2008 after having my third child

Why did you apply for a job at Power Tynan?

I needed a change as I had worked at NAB for 16 years, and the culture and reputation of PT was exciting to me

Why do you enjoy working at Power Tynan?

I love the work and the clients I see every day. I have been able to enjoy the best of both worlds as PT has been very understanding when it comes to being a mother of three and trying to juggle both - I have never missed the kids functions and activities. It is a very well balanced work & homelife situation.

: Powerline - Summer 2018

Graham & Mark from the Toowoomba Hospice visited our team in November to accept a donation of $4,000 from the Power Tynan Charitable Trust.

Toowoomba Hospice Association is a community based private healthcare facility which provides free palliative care to the terminally ill. The Toowoomba Hospice facility has been designed to provide patients with a family friendly "home like" environment during the final phase of their life.

This donation will go towards the Adopt A Room program, where the money is used for fresh paint, carpet, linen, furniture, periodic professional cleaning, general maintenance and up keep of the rooms at the Toowoomba Hospice.

Power Tynan has had a wonderful relationship with the Toowoomba Hospice since its inception, and are proud to support and work with such a great team!

For ways to support this fantastic organisation, please visit https://www.toowoombahospice.org.au/your-support.html

: Powerline - Summer 2018

SMSF & Accounting Awards

Our very own Mark Silvester took out Auditor of the Year at the 2018 SMSF & Accounting Awards, while PT were awarded Multi Service Firm of the Year.

These awards acknowledge individuals and businesses who are leading the way in SMSF advice and accounting by championing professionalism, quality advice and innovation.

Congratulations to Mark and our entire team on winning these awards!

CPA Graduation

Congratulations to Paul Hobbs for successfully completing his CPA and receiving his certificate at the Toowoomba & Darling Downs Certificate & Awards Ceremony.

Future Leaders

Congratulations to our very own Peter Rowe for being elected as one of four members on the 2019 Future Leaders Toowoomba Advisory Group.

This group is made up of young business leaders from our community who assist the Toowoomba Chamber of Commerce to engage

with the next generation of professionals within our region, across all industries.

Wedding Bells

Congratulations to our very own Ben Twidale and his partner Tracey, who tied the knot in a beautiful ceremony at the Gold Coast on Saturday 8^th December.

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

Adopt A Family

In December, the PT team delivered Christmas hampers as part of The Chronicle's Adopt A Family appeal.

This appeal aims to help struggling local families have a special Christmas.

Thanks to our team for their generosity in giving back to our community - we are very proud of your support of this fantastic local initiative!

Christmas Wonderland

On December 18th, the PT team volunteered at Toowoomba's Christmas Wonderland.

This magical event not only celebrates the joy of Christmas, but also raises funds for three local charities - Lifeline Darling Downs & South West QLD, Toowoomba Hospital Foundation and Toowoomba Hospice.

To show your support for these wonderful organisations, and to experience the beautiful lights display, be sure to visit the Botanic Gardens at Queens Park - the event runs right up until Christmas Eve!