Why choose Power2 to do your tax?
Life’s too short to stress over a boring tax return. Let Power2 do the bulk of the work! Our aim is to make your experience as quick and painless as possible.
Why should you come to Power2 for your Tax return?
- You get a refund sooner!
- Most of the tax returns we do are lodged with the tax office the day of your appointment!
- You don’t have to pay on the day of your appointment
- If you wish your fee can be paid from your refund.
- We have specialists to suit you
- Rental properties, managed funds, salary packaging, redundancy and shares, our team know it all!
- An experienced Local team
- Power2 is a locally owned business who lodges over 3500 tax returns every year. We employ experienced people and use quality systems to ensure we claim every legitimate tax deduction and rebate for which our clients are eligible.
So if you are a wage or salary earner; have ABN income; run a small business, have investments such as property, shares or managed funds, then talk to Power2 we have the specialist team for all your taxation needs.
What to expect from your first meeting with Power2
An appointment with a financial planner doesn’t have to be scary. Here’s what you need to know.
In a good meeting, you can count on being the one doing most of the talking while being reminded that it’s your money, and your decision.
As is so often the case, we fear what we don’t know. It can be a daunting task to muster up the courage to finally face our finances head-on and make the decision to meet with a financial planner. Many of us don’t know what to expect and find our self asking questions such as, “What should I know before speaking to a planner or advisor? What should I bring? What kinds of questions will they ask me?”
While the nature of every meeting is unique, as the needs of every client will vary, here’s a typical outline of what your conversation with a financial planner may look like:
Financial snapshot
Before we can figure out where we’re going, we need to determine where we are today. You would never attempt to give a friend directions if you didn’t know where they were coming from. Much the same with your financial plan; your planner can’t help guide you until he or she knows the starting point. You’ll discuss your current assets that may include a savings account, checking account as well as any superannuation you have through current or former employers. It’s also important to review any debt that you may be carrying. This may include credit cards, student loans, car loans or perhaps a mortgage. Your adviser will also consider any existing life insurance cover you hold as mitigating risk an important part of planning.
Cash flow analysis
Once a baseline has been established for your assets and your liabilities, it’s time to assess your monthly cash flow. This is a fancy way of saying you’re going to discuss how much money you make every month, how much you spend each month, and how much you are saving. Your planner is getting an understanding of how much you have available to reasonably save and invest on a monthly basis. This is a great time to discuss where you would like to cut back on certain expenses. Whether you’re spending too much on happy hours, expensive dinners, or shopping at your favorite boutiques and department stores, we all have areas where we can cut back on spending.
Setting goals
Now that we know where we stand financially and how much we have available to invest each month, we need to figure out what we’re doing with those savings. This is how you know your advisor is focused on helping you meet your objectives because this is where you’ll be asked questions like, “What are your goals? What are you hoping to achieve? What’s most important to you?” To help you put together an investment plan, your planner needs to know when you plan on needing that money. Are you hoping to buy a house in the next three to five years? Are you saving to afford a big vacation every year? Are you trying to pay off your debt? Are you planning to put away funds to cover unforeseen expenses in an emergency savings account? Are you looking to start saving for your retirement? By prioritizing your goals, your planner can help put a plan in place that is intended to help get you there.
Finance 101
Based on the information that you’ve shared, your planner will discuss with you some preliminary thoughts and ideas around your expressed ideas and goals. Topics touched on could include Investment Risk and Return, Saving (both inside and outside of Superannuation), Insurance, Centrelink and other discussion points to help you both understand the best course for you. It is important after all to be sure that your plan aligns with your goals, time horizon and risk tolerance. Reviewing all factors enables you both to make educated, informed decisions.
Written plan
At the end of the meeting, you’ll have the beginnings of a plan that outlines how much you wish to be saving each month, what those savings are for, where you would like them invested and why. You’ll have a strong grasp of where you are financially, where you want to go, and how you’re planning on getting there. It’s important to remember that you are the decision-maker and your planner is there to help guide you on your journey to reaching your goals.
You can count on being asked a lot of questions. In a good meeting, you can count on being the one doing most of the talking while being reminded that it’s your money, and your decision. Most importantly, you can count on leaving the meeting with a personalized outline designed specifically to help you reach your goals.
Your Checklist to Choosing a Financial Planner
The stakes are high when you open your finances to a planner, so don’t skimp on your homework.
Do your due diligence
Choosing the right Financial Planner is vitally important to your financial well-being. This is someone you will trust with your investments, which makes it a high-stakes decision. Do you know what qualifications to screen for or which questions to ask? The Financial Planning Association of Australia is a great place to start your search.
Power2 is an FPA Professional Practice and all planners are members and signatories to their code of conduct.
Review qualifications
How do you make sense of the alphabet soup in Financial Planner designations? Do your homework, and find out which titles, such as Certified Financial Planner, offer the kind of expertise you’re looking for. Many designations sound impressive, but they don’t require more than a couple of two-hour classes.
Power2’s Certified Financial Planner and Associates all hold university degrees along with post graduate Financial Planning studies.
Check the Planners history
You would hate to open up your finances to a Financial Planner you later learn has a history of skirting the law. Investors should check the Australian Securities and Investments Commission’s (ASIC) website to review an planner’s history as well as finding other helpful advice.
Power2’s experienced Financial Planning team are all proud to offer ethical client focused advice.
How is the Planner licensed
Is this planner qualified to give you financial advice and who holds their licence? Planners can hold their own financial services licence or they may be operating under a large financial institution. If you want to be sure that your adviser is providing you with advice tailored for you and not the interests of some faceless company ask the question!
Power2 holds its own Australian Financial Services Licence (AFSL) meaning we have no links to large financial institutions which can influence our advice.
Ask to see an example of a client report
If you were thinking of hiring a caterer, you’d try the food first, right? Well it also makes sense to see an example of a Financial Planner’s work before hiring him or her. Ask the planner to provide you with an example of a client’s report. To get a better understanding of his/her services, ask the planner to walk you through each line, explaining the rationale behind the asset mix and the results.
At Power2 we would welcome the opportunity to take you through the quality and depth of the advice you will receive.
Find out how the planner is paid
In a perfect world, the way your Financial Planner is compensated wouldn’t affect the quality of advice you receive. But since that’s not a reality, investors must understand how money motivates planners. Planners must put clients’ interests above their own and their recommendations must suit the client’s financial needs, objectives and unique circumstances. Commission payments to planners from third parties can complicate and confuse this relationship.
Power2 receives its fees from you and no one else. We discuss and agree on fees with you upfront and payment can be either directly from you or paid from your investment assets.
Determine if the planner can speak your language
“Organic growth”, “opportunity costs”, “Alpha and Beta funds”. Investment communication is riddled with confusing terms and complicated concepts. It’s your Financial Planner’s job to translate those ideas and terms into language that is both understandable and relevant to your situation. If an planner isn’t willing to break these terms down for you, you may need to keep searching for a better fit.
At Power2 we believe that education is one of the most important things we can offer. The more you know about your financial plan the better prepared you are to take control of your financial future.
What is Financial Planning
Power2’s Financial Planning team in Mackay is led by Derek Fitzgerald. Derek has twice been selected as one of the top 50 financial advisers in Australian by Australian Financial Review Smart Investor magazine after taking part in their annual Master Class exam.
Derek has completed studies at Deakin University to become a Certified Financial Planner and is a Life Risk Specialist through the Australian Financial Planning Association. He also holds a Bachelor of Psychology from James Cook University and a Diploma in Personal Financial Planning from the University of Southern Queensland. Derek is also one of the Partners of the business.
Our Financial Planning Services encompass:
Retirement planning including:
- Salary sacrifice
- Account Based Pensions
- Transition to retirement income streams
- Centrelink and Social Security Planning
- Self Managed Superannuation
Wealth accumulation including:
- Borrowing to invest
- Regular savings plans
- Redundancy planning
- Investment advice (including property)
Life insurances (inside & outside super) including:
- Life cover
- Total and Permanent Disability cover
- Income protection
- Trauma cover
Estate planning advice including:
- Wills
- Enduring Powers of Attorney
- Disability and Testamentary Trusts
Personal Tax Return Checklist
Now days the ATO provides a lot of the information we need and in many cases this includes payment summary’s and private health documents. Bringing in your own details however ensures things are correct and reduces the possibility of any delays.
We have provided the following lists to help you get your tax completed as quickly as possible. If you are missing, or unsure about, any of the below or your situation isn’t covered bring in what you can and discuss it further with your accountant.
Business Accounting Services
At Power2 we provide accounting services for many leading businesses in the Mackay Region. As business people ourselves, we also advise and consult on growing your business for the future.
Our Business Service team offers…
- Preparation and Lodgement of tax returns
- Self managed superannuation fund accounting and advice
- Preparation and Lodgement of Business Activity Statements
- Review of BAS’s prepared by clients
- Accounting and Tax advice for businesses, large and small
- Advice on Business Acquisitions & Disposals
- Cashflow & Budget Reporting
- Succession & Retirement Planning
- Key Person Insurance for People in Business
Getting information ready for your business tax return? Here’s a checklist!
The attached list is only a guide so if you don’t have everything at your fingertips, talk to us. We will help advise you on your particular circumstances.
So is Power2 right for you?
We like to think we offer much more than just being a place to do your tax.
To discuss the needs of you, and your business and to decide if we are the right partner for you, call our office for an obligation free appointment.
Contact Us Today
Where is my Payment Summary?
Many of us will not get a payment summary this year but don’t worry, Power2 has you covered!
For the 2019 year, your employer may be reporting your tax and super information directly to the ATO meaning you may not receive a payment summary at all.
As part of Power2’s preparation for your tax meeting we make sure to gather and prepare as much of your information from the ATO and other sources as we can, including Payment Summaries and Private health information if they are available.
If you are missing one or more of your Payment Summaries from previous years your best option is to contact that employer to see if you can get another copy. In the case your employer cannot supply a payment summary, check with Power2 and we will assist you.
Power 2 is open for business
But its your call! You can do everything from home!
Income Tax Returns, Business Accounting or Financial Advice, no matter where you are we are here to help.
Read on below to get all the details.
Debbie did it…
After Cyclone Debbie shut us all down a few years ago we decided to make sure Power2 could support our clients even if the physical offices had to close.
Now, Power 2 staff regularly work at full capacity from outside the office and its rare that we, or you, even notice a difference.
What can you do from home?
Income tax appointments? – YES!
Business accounting needs? – YES!
Financial Advice? – YES!
Income Tax Appointments
Just email or call as usual (07 49 577 574).
We will book your appointment and one of our consultants will contact you. We have systems in place to allow your return to be completed and lodged as usual.
Business Accounting and Financial Planning
Meetings happen, problems solved and all with minimal fuss
At your end it is as simple as clicking on a link, after that a web page opens and there we are.
Meetings can be as involved or basic as you are comfortable with. We can share our screen, talk face to face, even pass documents back and forwards.
We also understand that while all this is normal for us, its may be a bit daunting for some. So we make it easy and take things slow.
Our experience is that it only takes a short while before you will be completely comfortable with the process.
COVID19 Tax FAQs
Office matters!
At Power2 we have put many measures in place to protect both our staff and clients during these unprecedented times and particularly during the busy tax Season. Our clients can rest assured that the office is being constantly cleaned and sanitised and that we are following all the necessary guidelines to keep us all safe.
If you are unwell on the day of your appointment please let us know as we have alternative measures in place to make sure you are not inconvenienced and your tax return is still completed on the day.
For any questions regarding our COVID 19 protection measures feel free to contact our office.
COVID tax questions
Following are some COVID specific tax questions. Due to the rapidly changing and ongoing nature of the outbreak, legislation and rulings are shifting constantly meaning the below information can quickly become out of date. Although we try to keep you informed with the below please don’t rely or act on these answers. Make an appointment to discuss and be sure that the answer you act on is the best one for you.
Power 2 – Tax Return Fees
Its all about the money! Yes for the fourth year in a row no fee increase to do your tax!
Date: 09-07-2019