In this issue Win a tablet!
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Our clients shine Powers clients make their mark in national awards
Questions answered Do you really need tax audit insurance?
Last chance
Make the most of flood assistance grants before January ends
Merry Christmas everyone!
DECEMBER 2011
In the LOOP The Quarterly Newsletter for clients of Powers Financial Group
Directors’ Message THANK you to all our clients who have been with us throughout 2011. We feel very lucky to have such wonderful clients, and you can see a great example of client achievement inside this issue on page 3. We’ve also had some achievements of our own this year. We joined the Proactive Accountants Network, were named as one of Queensland’s top 400 privately-owned businesses, and once again made the BRW Top 100 Accounting Firms list. We look forward to seeing you in 2012, but please note that our offices will be closed from Friday December 23 and will re-open on Tuesday January 3.
Plan for your family’s future now By CHRISTIAN CAPP 3251 4444
SUCCESSION, retirement and estate planning are critical issues for many farming enterprises as baby boomer parents transition to retirement. Talking about succession well ahead of retirement is probably the best thing you can do to avoid family conflicts and to make sure your family wealth ultimately ends up where you want it to. At Powers we offer our farming clients a carefully structured succession planning process, starting with each family group (current owners and generational successors) completing their own Farm Growth and Succession Assessment. These assessments will help identify the needs of all family members and provide
a new framework for valuable family discussions to mitigate the fears and uncertainties about the succession planning process. The Family Will tends to be the ‘default’ farm succession plan, but it tends to be the least favourable succession planning option for generational successors wanting to create a more certain future for their family and the farm. Rather than waiting for the events that lead to the reading of the Family Will, we encourage those on the land, particularly generational successors, to more proactively participate in the farm’s succession planning process. ■■ For more information, phone Christian on 3251 4444.