Monthly Archives

March 2016

Greenhill Family

Vines and Sheep a Sustainable Option

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Our clients Adam and Grainne Greenhill recently appeared in the Mercury,  the Greenhill family run sheep in conjunction with a vineyard and cellar door in Cranbrook on the East Coast of Tasmania.  The two enterprises work well together, meeting the requirements of sustainable land management that the Greenhill’s are aiming to achieve.  Read the full article here.

Gala Estate Cellar Door:

Gala Estate Greenhill

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Self Interest

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by Lachlan Polkinghorne

 

Who was the politician who made the statement,  ‘In a two horse race always back self interest because you at least know it is trying’?

Our former Prime Minister, Mr Paul Keating, was absolutely correct on this one.  He was right in the sense that if people have incentive to invest, then they will. Remove the incentive and they stop trying and have their hand out.

Cutting out negative gearing, introducing a wealth tax and limiting the tax benefits of superannuation have been suggested to fix the nations budget problem. Such actions attack the basic premise of allowing people scope to build their own wealth, to aspire to improving their own situation and to allow them some comforts at a point in their life.

The attack on negative gearing is falsely based on the assumption that it is the domain of the rich. Purchasing real estate is a relatively simple and mostly conservative way of building wealth over a life time. The tax benefits early in the life of the purchase are vital to help remove some of the risk with the investment decision. Evidence shows that many investors with modest incomes invest in real estate.

At least two prominent charities have supported the introduction of an inheritance tax. It is likely that they do not understand the challenges of retaining a viable farming business operating between generations. For a young couple taking on the challenge of managing and growing a farming business for a lifetime, they need the incentive and security that they can transfer a healthy and robust business to the next generation.

Successive Governments have difficulty in keeping their hands off Superannuation.  Some top end benefits are generous, and could be limited. But the fact remains – tamper with superannuation for the man in the street, and people lose the trust in government, and lose the incentive to invest.

Pollies please – give self interest a chance.

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Andrew Dunbabin is moving, but only to Tasmania!

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From early April Andrew Dunbabin is moving to Tasmania.  This represents a change of location rather than a change of role, with Andrew also remaining as a major shareholder of ProAdvice.’

Clinton Peake for a couple of years has been head of accounting across the firm and recently Lachlan Polkinghorne was appointed ProAdvice CEO.  This completes the transition of all administrative and leadership roles within our business.

We talk a lot about succession with our clients in their businesses and families, and these changes demonstrate that we “practice what we preach.”

Andrew has lived in Victoria and worked with some of our clients for over 30 years and says he has loved his time on the mainland.  He is building a new house and looks forward to assisting clients based in Tasmania, but also throughout Victoria and NSW as well as South Australia.

For many clients who have used mainly phone and email contact, along with visits to your place, nothing will change, but for those who have popped into Geelong from time to time, better coordination of diaries will be required!

Andrew will also be supporting Andrew Beattie and the accounting team in Launceston, to help cater for increasing demand from that location. Jane Chopping continues her role as ProAdvice Business Manager, and takes on the leadership of the marketing and business development areas.

Hamilton office, now with five staff, continues from strength to strength under Kerry Turnbull’s good leadership, and further growth is occurring all the time. Chris Scheid continues to be our South Australian link and services many clients on each side of the border, with accounting support from Geelong and Hamilton.

As ProAdvice continues to grow, our point of difference is our integrated approach to meeting client needs.  Please contact us at any time if we can assist at all.

Yours sincerely

Lachlan Polkinghorne
CEO