President John Bolto welcomed Rotarians, and all joined for the Singing of the National Anthem.
_________________________________________________________________________________________________________________________
Visiting Rotarians and Guests:
Pres John warmly welcomed the guests to our meeting;
- Julie & Bernard Schortinghuis (guest speakers)
- Ondina Brash
- Marion Cahif
- Bill Charlton (guest of Peter Marfleet)
- Ian Jackson
Apologies and LOA: 33 members and 6 guests were in attendance. 12 apologies & 8 LOAs. Members need to remember to book their guests in for dinner!
_________________________________________________________________________________________________________________________
Question of the Week:
Q. Name the WA Rotary veteran who received the PolioPlus Pioneer Award at the recent RI District 9455 Conference.
A. Dr Ken Collins Answered correctly by Kevin Jackson.
_________________________________________________________________________________________________________________________
Family & Friends Announcements:
Leon advised that Hien Ng has recently had life-saving liver transplant surgery. He is recovering well but it is early days.
Craig James advised that the District is looking for volunteers for a swimming and water safety program. Please consider.
_________________________________________________________________________________________________________________________
Birthdays & Anniversaries: Bob Davis
Bob announced the following birthdays and anniversaries:
No member and/or partner birthdays but a couple of anniversaries;
- Dick & Jo Sudlow - 52 years of marriage
- George & Elizabeth Melville - 55 years of marriage.
_________________________________________________________________________________________________________________________
Club Announcements:
Charitable Trust: (Russell Hawkins):
Nothing to report.
Club Secretary’s Report (Craig James):
Board meeting tonight at Mintrex office.
Club Treasurer’s Report (Leon Lorenzen):
Nothing to add at this stage.
Members Attendance: 33 members at 56% attendance rate.
_________________________________________________________________________________________________________________________
Committee Reports and Announcements:
Club Service: (Anthony McGrath)
Guess who is Coming to Dinner is on 31st August 2019. Thanks to Anita for hosting an early Dinner. We are looking for one more host.
Community Service: (Tim Humphry)
Apology - no report.
Vocational Service: (Michael Bisset):
Small steps forward in the Vocational events.
Peter Marfleet reported on the Parkinson’s WA event - “Walk in the Park”. This will happen on 15 Sept 2019 and consists of a couple of walk categories for fundraising. Since at least four RCD members have Parkinson’s we should as club support this worthy event. Go the Parkinson’s WA website and register or see Peter.
Foundation and International Service: (Anita Bourke):
Wesley Sim has launched a Global Grant application for medical equipment for the Nokor Tep Cambodian Hospital.
Public Image: (Kevin Jackson):
The Men’s Shed had a great article in The Post recently.
Movie Night is on hold at the moment but stay tuned.
Jon Steward is organising a visit to the Harry Perkins Institute – “Live in the Lab”. Being held on 18 Sept 2019 at $35pp (max 20 people per group). He will ascertain interest next week.
Membership: (Peter Panek):
Peter is going on holiday soon so look after yourselves.
Youth: (Kim Smith):
Nothing to report.
Men’s Shed: (Trevor Gorey):
- Big splash in The Post!
- Waiting on Lotterywest Grant for equipment.
- Should be open for business in a couple of weeks.
- Formal opening probably in Nov 2019.
_________________________________________________________________________________________________________________________
Sergeant: Trevor Gorey
President’s Report: John Bolto.
Rotary Leadership Institute – nominations please?
48th Rotary WA Ladies Seminar and Luncheon – 26th Oct 8.30am to 3.30pm, Hyatt
John Hopkins request for speaker nominations for October and November. Need three more speakers.
Cambodian Trip to visit Nokor Tep, Nov 17th – 24th 2019. More info when Anita gets back.
Lumiere, 23rd August, Claremont - 𝙨𝙝𝙞𝙣𝙞𝙣𝙜 𝙩𝙝𝙚 𝙡𝙞𝙜𝙝𝙩 𝙤𝙣 𝙢𝙚𝙣𝙩𝙖𝙡 𝙝𝙚𝙖𝙡𝙩𝙝.
President is Prescient - PM Scott Morrison announced at COAG in Cairns on Friday that Australia would ban the export of Plastic Waste. China stopped taking it and Malaysia and Indonesia are about to do the same. Australia produced 4.3m tonnes in 2017/18 of which only 12% was recycling, none in WA. Green Batch will change this but not running yet.
_________________________________________________________________________________________________________________________
Sergeant: Trevor Gorey
Fines were as follows;
- Wine Table
- Peter Panek / Neil Wilkie & Anita Departure tax.
- Arrivals tax John Murdoch
- Laurie Hegvold – Weight loss program
- Peter Panek - Wine tasting night meant he didn’t go for a morning bike ride!
- Chris Cole for urging the Men’s Shed to purchase a top-end wanky coffee machine.
- John Thornton for blowing a flat note!
- Pek Goh - winning the Footy Tipping
- Craig James for his ageist comments.
- John Bolto for bragging about PM’s plastic initiative.
- Peter Panek bought the Box and paid out on Trevor Gorey for insisting on installing gas appliances in the Men’s Shed - even though there is NO gas reticulation.
_________________________________________________________________________________________________________________________
Presentation, Guest Speakers: Julie Schortinghuis - Intergenerational Wealth Transfer
Bob introduced Julie who he has known for a long time. He has been a friend of the Schortinghuis for over 30 years. Bernard was a guest boarder during his ATAR exams whilst his parents ran away.
Julie presented a talk on Intergenerational Wealth Transfer.
|
Main points are detailed below;
- At present we are looking at the largest-ever transfer of wealth ($3 tril) within the next decade.
- Talking about wealth transfer between generation can be seen as culturally taboo.
- Our detailed circumstances are all different. Hence one size does NOT fit all.
- Common Questions;
Early inheritance. How can we help the kids now?
Will the children spend it wisely?
How do we deal with children with health & other issues?
Asset protection from children’s partners.
Ways to minimise tax in the event of death.
Ways to have greater control over the beneficiaries.
Hitting the $1.6mil cap in Super.
Beware of gifting rules if you derive any income from Centrelink.
|
 |
Julie focussed on the following three issues;
- Early Mortgage Repayments;
This is one of the best things that you can do for your children. Due to the effect of compound interest, it is enormously effective. Some potential issues; Fairness for other children, children re-drawing off the mortgage and children gearing up more.
- Contributions to Children’s Super Fund;
The Fund grows in a very tax effective way.
Compounding effects are significant.
Beware of max non-concessional contributions amount ($100k in one year, $300k in three years)
The ability to make binding nominations to a particular child.
It sits outside of the estate..
Note preservation age.
- Investment Bonds;
Designed to typically be for a 10-year period.
Some advantages;
- No minimum amount to invest
- No preservation age
- If you hold for the 10 years, NO capital gains and/or other tax implications! Once in train the govt cannot change the rules.
There is a 125% rule for contributions each year.
- No restrictions on beneficiaries.
- You can put restrictions in place - hence a potential solution for problem children.
Why are they so tax effective? Tax is paid within the Bond. Hence the max internal tax rate is 30% or less. You can withdraw within the 10-year period. Also, note that proceeds pass outside your will.
Questions: Who issues & what is the yield>
Answer: Generation Life and yield depends on normal investment vagaries.
Bob Davis noted that the Aust divorce rate is 50% hence ensure you think about this.
Russell Hawkins couldn’t believe the government has got their fingers into these instruments as yet!
John Bolto offered a wholesome vote of thanks for to Julie for her interesting and relevant talk.
_________________________________________________________________________________________________________________________
Future Events: President John Bolto
|
|
Next Week – Club Forum
|
|
|
Next Week’s Sergeant – Trevor Gorey
|
|
|
August 26th – Club Forum
|
|
|
August 31st – Guess Who is Coming to Dinner
|
|
_________________________________________________________________________________________________________________________
President John thanked;
- NCG staff Denise & her team
- On Par Caterers
- Our 6 guests
- Julie & Bernard Schortinghuis.
and recognised our very generous Sponsors;
- Lizzy Bee-supplier of flowers
- Butler Settineri – Hon Club Auditors
- Paragon Consultants -Our Foundation’s Auditors
- PSZ Accounting for providing Xero Accounting software and Sharesight Portfolio reporting software to the Charitable Trust.
He called on members to recognise RI President Mark Maloney’s Presidential theme for the year, Rotary Connects The World and to Salute the Flag (ed: eventually).
