Powerline - Summer 2015

My first job is to welcome the four new Directors to Power Tynan – Gilda, Sharon, Brad and Dan.  I am privileged to say I am in business with these dedicated, talented and hardworking individuals. There is a marked difference between saying, “I work with someone”, and saying, “I am in business with someone”.

Our four new Directors and I have very similar goals and the time we’ve spent strategising together has created a very strong bond.  Of course it is a huge step for Gilda, Sharon, Brad and Dan to take on the extra responsibilities because, as well as the obvious monetary investment; there is also the corporate responsibility, which in today’s environment is very onerous.

On another note, our firm received some excellent accolades from our peers in the Australian accounting profession, when we were fortunate enough to be finalists in five categories of the Australian Accounting Awards held in Sydney recently.  Power Tynan is recognised as a leader in the profession both regionally and nationally, and these nominations reflect how far our firm has progressed over the years.  We were finalists in the following categories:

  • Thought Leader of the Year - Paul Hilton
  • Executive of the Year - Amanda Kenafake
  • Accounting Student of the Year - Ben Tansky
  • Office Administrator of the Year - Lauren Guymer
  • Graduate Program of the Year - Power Tynan

Amanda and Lauren won their categories, with Amanda also winning the AccountantsDaily Excellence Award. This award recognises the year's top performer, being the individual who received consistently high scores from all judges – kind of like the Gold Logie!  Congratulations to both Amanda and Lauren for their outstanding work, being recognised as leaders in our profession.  I would also like to thank our staff and you our clients for your continued support, as we would not have achieved this without your contribution.

The last 12 months have been challenging. While some sectors are performing well, others are in severe decline and consequently we have been consulting with many of our clients about the need to create real productivity gains.  When implementing any change to a business, the question needs to be asked - if it doesn’t create an efficiency and productivity gain, then why do it?  In this economic climate, margins are being eroded, so the need to create real productivity gains is essential to maintain your margins. If you need assistance or would like to talk about how productivity gains can be achieved in your business, please contact your adviser to discuss.

There is a complete change in the way we as a nation are responding to the challenges we face, with the new Prime Minister Malcolm Turnbull leading a conciliatory approach to address difficult but necessary topics. I welcome this approach to achieve full engagement to ensure we kick start our economy.

Finally, please enjoy the Christmas period with family and friends.  This is the one time of the year when you can put your feet up and recharge your batteries to start afresh in 2016.

Have a safe and happy Christmas and all the best from the crew at Power Tynan.         

For many of us, the ability and opportunity to socialise with our friends is a given, and can sometimes be taken for granted. Unfortunately, there are people within our community who struggle to interact with others, going unnoticed about their day to day lives.

For these individuals, Rosie’s Toowoomba provides unconditional acceptance and friendship via their Street Outreach programs, which run three times a week throughout the city.

To assist with this invaluable initiative, the Power Tynan Charitable Trust recently presented Jon Martlew from Rosie’s Toowoomba with a $1,500 cheque.

"Our work is mostly funded by donations such as this from the local community, so we really appreciate the support,” said Jon. “Regardless of the weather, our team are there to provide friendship and encouragement, as well as a cuppa and a bite to eat.”

The funds donated by the Trust will be used to not only operate the Street Outreach programs, but also to provide backpack beds to those in need.

"Many of the people we see at our Street Outreaches are homeless or at risk of homelessness, so we also have backpack beds available,’ said Jon. “Not only are these easy for the individual to pack up and transport when they are moved along, they are also insulated and fire retardant.”

Executive Director Amanda Kenafake said staff at the firm vote to determine which charities the Trust will support each quarter.

"Many of our staff have seen the Rosie’s Street Outreach team in action within our community, and feel it is a fantastic cause to support,” she said. “We are also looking forward to volunteering at these Street Outreach programs in the future.”

Rosie’s Toowoomba run their Street Outreach programs three times a week – Wednesdays at Harlaxton Park (5pm – 7pm), Fridays at the corner of Ruthven Street and Chalk Drive (5pm – 7pm) and Sundays at Clewley Park on Water Street (10:30am – 12:30pm). For more information, visit www.rosies.org.au.

The Power Tynan Charitable Trust has donated over $130,000 to regional charities since its inception in 2010, and is open to the firm's staff, clients and all members of the public to contribute funds.

To donate to the Trust, or to nominate a charity to receive support from the Trust, visit http://www.powertynan.com.au/community/power-tynan-charitable-trust or contact our office on 07 4688 8400.

A few years ago an independent research firm was commissioned to find out what retirees considered to be the major issues they face in retirement.  What the research found was that the major issues and fears these groups had could be summarised into three groups:

  • Longevity – “How long will I live for, and will my capital last?”
  • Inflation – “Will my money be able to retain its spending power?”
  • Income – “Where will my income come from?”


Our life expectancies are increasing over time.  People today can expect to live, on average, 5 to 7 years longer than our parents or grandparents did.  The problem is that, as we live for a longer period of time, we also need to support ourselves for longer in retirement.  This is also compounded by the fact that people desire to retire earlier these days.


Another issue facing retirees is whether their capital will keep pace with inflation.  Periods of high inflation can erode capital over time if the investor doesn’t have sufficient growth assets in their portfolio to compensate for inflation.  The problem is, the older the investor, the greater the preference to cash investments.  However, having a large allocation to cash can actually be detrimental to an investment portfolio over the long term as inflation erodes cash.  To keep pace with the costs of living over time, it is important that all investment portfolios have some exposure to growth type assets.  The extent of this exposure, however, will be dictated by the individual’s tolerance to risk.


There are three main sources of income in retirement.  They include superannuation (in the form of a pension income stream or lump sum withdrawals), non-superannuation assets (in the form of investments such as shares, property and fixed interest/cash), and Centrelink benefits (Age Pension).  The capital needed to provide the income you require from both superannuation and non-superannuation assets will vary depending on how much you need in retirement, your age at retirement and how long you need the funds to last.

The latest ASFA Retirement Standards Report released in May 2015 for the March 2015 quarter shows a couple looking to achieve a comfortable retirement will need to spend $58,440 a year, while those seeking a modest retirement lifestyle will need to spend $33,800 a year.

The following table demonstrates various income levels and relative capital requirements

Retirement Income

Over 20 years

Over 25 years

Over 30 years





















Source: SPAA Annual Conference 2007 Assumptions 7% return, 3% inflation, tax & fees not included

Based on this table, a couple enjoying a comfortable lifestyle in retirement, receiving $50,000 income for the next 20 years, will need at least $700,000 in capital, or nearly $900,000 if they want their funds to last for 30 years.

Centrelink benefits are available to supplement other income if your financial position qualifies you for a full or part age pension payment.  However, there should be an attempt in any retirement plan to minimise the dependency on Centrelink benefits.  This mitigates potential regulatory risk in relation to Government policy changes in the future.

The concern about continued affordability of Government benefits is very real.  Lower birth rates since the 1970s and increasing life expectancies over the last century have resulted in the average age of the population increasing.  Australians will live longer and continue to have one of the longest life expectancies in the world.  According to the 2015 Intergenerational Report“…in 2054-55, life expectancy at birth is projected to be 95.1 years for men and 96.6 years for women.  A greater proportion of the population will be aged 65 and over.  The number of Australians in this age group is projected to more than double by 2054-55 compared with today.”

The implication of this is that in the future, an increasing percentage of the population will be older than the retirement age of 65.  According to the 2015 Intergenerational Report, in 1974-75, the number of people aged between 15 and 64 for every person aged 65 or over was 7.3 people.  Today, this estimate is closer to 4.5 people and is projected to nearly halve to 2.7 people by 2054-55.  This means there are less people generating income to support the retired.

It can be seen that there is an arising problem in terms of affordability of Centrelink benefits.  This has led to the Government introducing tax incentives to older working Australians to remain in the workforce.  They have also progressively increased the eligibility age for age pension benefits to 67 – both measures are designed to address this issue.

From this you can see the importance of being self-funded, or largely self-funded.  The more you can save in both superannuation and non-superannuation assets means a more comfortable standard of living in retirement, hopefully without relying on Centrelink entitlements.  If you would like us to discuss your retirement health check with you, please contact our office.

This quarter we celebrated the Power Tynan anniversary of Kathryn Sainsbury, who has been with the firm for five years.

Date & Place of Birth

20th July in Toowoomba


I attended St Saviour's College, graduated from USQ with a Bachelor of Commerce/Bachelor of Business majoring in Accounting & Administration Management, and I am currently completing my CPA.

Hobbies & Interests

I am an avid baker; I love books and movies, and enjoy catching up with friends over a coffee.

When did you start working at Power Tynan?

December 2010

Why did you apply for a job at Power Tynan?

I applied for a job with Power Tynan because I wanted the opportunity to work while I was completing my university degree. I wanted to gain real world experience rather than learning everything from a classroom.

Why do you enjoy working at Power Tynan?

I enjoy working at Power Tynan because I get to work with great people. Everyday I am given the opportunity to learn new things and develop my professional knowledge all the while being supported and encouraged.

Each quarter we interview one of our clients to get an insight into their business. This issue we spoke to Jay Sharpe of Sharpe Workplace Solutions (SWS).

When did your business commence?

Sharpe Workplace Solutions (SWS) started in 2006 with an office in Toowoomba. SWS now has offices in Toowoomba, Brisbane and Gladstone.

What does your business do?

SWS is a progressive client focused Industrial Relations and Human Resource Consultancy firm. We provide a range of industrial relations and human resource services to small, medium and large businesses across both the private and public sectors in Australia. Our services include:

Industrial Relations

  • Enterprise Agreements & Employment Contracts
  • Employment Law, Award Interpretation & Advice
  • Fair Work & State Tribunal Advocacy & Representation
  • Dispute Resolution & Mediation
  • Discrimination Matters

Human Resources

  • Compliance (HR Audits)
  • Staff & Performance Management
  • Position Descriptions
  • Policy & Procedures
  • Succession Planning
  • Change Management

Training & Development

  • Bullying & Harassment (Discrimination)
  • Workplace Investigations
  • HR Staff Mentoring
  • Performance Management
  • Enterprise Bargaining

Workplace Investigations

SWS conducts thorough workplace investigations which result in robust, legally sound and compliant reports. Our professional and experienced team conducts investigations into matters such as bullying and harassment, discrimination, staff conduct capacity, performance issues and misconduct matters.

Workplace Health & Safety

  • WorkCover & Injury Management
  • WHS Advice & Support

What makes your business successful?

Knowing our clients' businesses well, which allows us to provide personalised and professional services with attention to detail.

What has been your biggest achievement to date?

Growing the business exponentially from very humble beginnings in 2006 and developing from scratch a new 'multi-skilled' employee classification structure for several Queensland Local Government Authorities, which resulted in a departure from their old rigid Award classification structures to a modern structure, allowing for greater workplace flexibility, productivity and efficiency.

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

In business, staff are one of the most important resources, and how you manage your staff will have a direct impact on the success of your business. Keep staff management simple by establishing clear and straightforward terms and conditions of employment, and engage in regular and open communication with staff on any issues that may have an impact on them.

Many terminally ill patients wish to spend their final stages of life in the company of family and friends, making the most of the time they have left. Being confined to a hospital bed can make this difficult, whereas a relaxed, more private environment allows quality time together.

To make this a possibility, the Stanthorpe Palliative Care Unit is working with the community to bring palliative care to people in their own homes.

To assist with this community initiative, the Power Tynan Charitable Trust recently presented Dr Dan Halliday and Jan Faulconbridge with a $1,500 cheque.

"For a small town like Stanthorpe, we are really lucky to have such fantastic facilities and staff available at the hospital," said Dr Halliday. "We are continuously working with the community to make it even bigger and brighter."

Executive Director Gilda Brisotto said staff at the firm vote to determine which charities the Trust will support each quarter.

"Many of our staff have known someone who has been cared for in the Palliative Care Unit, and were very passionate about supporting this cause," she said.

To donate to the Power Tynan Charitable Trust, or to nominate a charity to receive support from the Trust, visit http://www.powertynan.com.au/community/power-tynan-charitable-trust or contact our office on 07 4688 8400.


TSBE Conference

Paul Hilton and Amanda Kenafake attended the Ag in the Asian Century National Export and Innovation Conference, hosted by Toowoomba and Surat Basin Enterprise (TSBE).

The conference featured world class speakers, delivering practical knowledge and the latest information on investment, technology, innovation, market intelligence, packaging, branding and e-commerce opportunities.

Baby News

Congratulations to Sarah Pearce and her husband Nathan on the safe arrival of Macey Jane, born on Friday 9th October (weighing in at 9 pound 10!), and to Paul Best and his wife Kara, with Adelaide Elizabeth arriving on Wednesday 21st October.

We can't wait for these new recruits to pop in for a visit!












Australian Accounting Awards

Members of the Power Tynan team attended the Australian Accounting Awards in Sydney at the end of October, where the winners of each category were announced in front of 350 guests.

Power Tynan were named as a finalist in five categories, being Graduate Program of the Year, Accounting Student of the Year (Ben Tansky), Executive of the Year (Amanda Kenafake), Office Administrator of the Year (Lauren Guymer) and Thought Leader of the Year (Paul Hilton).

Amanda and Lauren took out their categories, with Amanda also awarded the AccountantsDaily Excellence Award. According to the Awards program, this award "recognises this year's top performer. This individual received consistently high scores from all judges, highlighting excellence in the business of accounting coupled with a true passion for the industry".

Congratulations to both Amanda and Lauren on such a fantastic achievement!

Chamber of Commerce - Future Leaders

Congratulations to Kathryn Sainsbury, who is now a member of the Toowoomba Chamber of Commerce Future Leaders committee!