Blog Posts by Chris

Business losses to scams up 23%

According to the ACCC’s ninth annual Targeting Scams Report released on 21st May 2018, more than 200,000 scam reports were submitted to the ACCC, Australian Cybercrime Online Reporting Network (ACORN) and other federal and state based government agencies 2017. Total losses reported were $340 million – a $40 million increase compared to 2016. Investment scams […] Read More

Should you go guarantor for your adult children?

This is a question that we, as trusted advisors, get presented with quite often. This is becoming more prevalent as millennials appear to get priced out of the property market as they aspire to purchase their first home and parents are anxious to help where they can. According to recent Westpac research, 6% of Baby […] Read More

Top 10 tips to help rental property owners avoid common tax mistakes

The following are the ten common mistakes that the ATO have identified with rental property claims: 1. Keeping the right records You must have evidence of your income and expenses so you can claim everything you are entitled to. Capital gains tax may apply when you sell your rental property. So keep records over the […] Read More

How to lose customers to save very little!

Recently I came across an article published by mybusiness magazine that I thought was very relevant in today’s cashless society. This was reinforced by an experience that I had not that soon after. The following is a summary of that article. Businesses are being urged to weigh up the costs of credit card surcharges, as […] Read More

Thinking of Selling Your Business? 10 Things You Should Not Do!

While every business sale transaction is different, after being involved in many business sales and purchases, I have noticed a few common pitfalls and traps for the owner/seller. Whether your exit is imminent or 10+ years from now, here are a few to watch out for on your path forward, a list of what not […] Read More

Elder Abuse – Can you Recognise the Signs?

The Elder Abuse Prevention Centre, based in Queensland, defines elder financial abuse (EFA) as the illegal or improper use of a person’s finances or property by another person with whom they have a relationship implying trust. This is the most common type of elder abuse, with studies in Australia indicating that up to five per […] Read More

Social Media Facts That Will Make You Sit Up And Take Notice

We have been a strong believer in the use of social media to get our business message out there. In fact, we have been using social media since 2010, so would be seen as an early adopter in this space. We believe that social media should not be used solely to push your products and […] Read More

Buying or Selling a Property in Australia?

The foreign resident capital gains withholding tax rules have been in effect since 1st July 2016. As from this date, Australian residents selling real estate with a market value of more than $2m or more need to apply for a clearance certificate from the Australian Taxation Office (ATO) to ensure the purchaser does not withhold […] Read More

$20,000 Asset Write Off extended to 30th June 2018

The threshold for the special immediate write off for tax purposes for assets costing less than $20,000 net of GST was to be reduced to just $1,000 from 1st July 2017. In the last couple of years, this has been available for all businesses with a turnover of less than $2m. However, this turnover threshold […] Read More

Getting Your House in Order

Our culture at Green Taylor Partners requires us to go beyond completing your tax returns. Our vision includes “being proactive in providing innovative solutions to our clients”. In pursuit of this vision, our traditional tax client interview checklist includes a number of additional questions, totally unrelated to tax. This checklist has been developed over the […] Read More

The 6 Financial Mistakes To Avoid In your 50’s

I recently came across an excellent written by article by Jack Derwin for that I thought would be of interest to our readers. This was of particular interest to me as I am in this age group and many of my clients are as well. This article is summarised below with additional comments as […] Read More

Dealing with Staff Dismissal

As a general rule we like to make our blog posts positive in nature. However, business life is not always like this and sometimes we find ourselves in a position where we need to dismiss a team member. Such dismissals can occur for a number of reasons including: Advances in technology Significant change in a […] Read More

Watch Out for Industry Disruption

This is an excerpt from a great article by Joe Magyer “A Failure of 244 Years in the Making” which was published by share advisory service  “The Motley Fool”. My parents bought a cultural icon to grace my childhood home: the Encyclopedia Britannica. By showcasing the set on a shelf just inside our front door, […] Read More

Final Tax Planning Options for 2016

Over the last months we have been busy reviewing our clients’ tax positions. The purpose of this is to assess the potential tax impost for the year so that action can be taken to minimise it if necessary or otherwise plan for payment by the due date with no surprises later in the year. It […] Read More

Do you have disaster recovery plan for your business?

Most business owners are optimists! That is why they went into business in the first place. However, being optimists, many business owners don’t consider the risks that can threaten the very existence of their business, and as such, their own and their employees’ financial well being. The purpose of this blog post is to get […] Read More

Understanding Your Breakeven Revenue

A very important Key Performance Indicator in any business is its breakeven income. Simply put, a business’s breakeven is the amount of sales that a business needs to earn to not make a profit or loss. This can be measured on a daily, weekly, monthly or annual basis. However, as I said – this is […] Read More

Four important steps in planning for aged care

Getting old is one thing that those of us lucky enough will need to deal with. One of the more challenging and complex areas to deal with is aged care. Planning for aged care, although includes structuring assets so as to minimise the costs associated with aged care, needs to include being aware and understanding […] Read More

5 lessons from customer service systems failures

I’d like to share with you an experience that may wife and I recently had in order to demonstrate what can happen when customer service standards are flawed or fail. Last year we had the fantastic experience of spending five weeks in India. What a great and enlightening experience! However, the memories of that experience […] Read More

Quality of leadership can make or break a business

The success of a business truly lies with the people who work in the business. However, how a team performs is generally a direct result of  the ability of their leaders to lead. It has been said that team members will treat customers in the same way as leaders treat their team. It’s unfortunate that […] Read More

5 Reasons Why Business Fail To Work as a Team

I have just read a great book written by Patrick Lencioni which provides an insight as to why teams fail to achieve great things. The book, ‘The Five Dysfunctions of a Team”  has been based around an online assessment in which nearly 15000 participants undertook. The outcome of the assessment was that 68% of teams […] Read More

How to take your business to the next level

Some 20 years ago I went to a seminar on business development and strategies for business growth. At that seminar I picked up one really critical principle – the principle known as the Pareto Principle or the 80/20 rule. I subsequently purchased a book written by Richard Koch called “The 80/20 Principle” which provided a […] Read More

My three words for the coming new financial year

I recently came across a great little article via CPA Success. It centred around Chris Brogan’s 3 words tradition. Chris Brogan is a content marketing and lead generation expert. This is a simple concept to get you focus on what’s important to you for the next year and helps you prioritise opportunities and challenges that […] Read More

Failure – Avoid or Embrace?

Failure is something that most people try to avoid. This is perfectly natural as no one likes to admit failure – particularly if that failure results in the collapse of a business and the impact that has on the owners, team members, suppliers and customers! However, the fear of failure also has the effect of […] Read More

If i’m making a profit, why can’t I pay my bills?

This is a question that we come across regularly in our consulting with clients. The simple answer is that profit simply does not equate to cash! There are many outgoings that you incur day to day that are not considered to be an expense in working out your profit. Such things as asset purchases, repayments […] Read More

How Will You Gain Happiness in Your Life?

Recently I came across an interesting Blog post on the Harvard Business Review, HBR Blog network. Written by Dorie Clark, Strategy Consultant, it was headed “Why Can’t We Stop Working?” The article spoke about the writer meeting with a friend she hadn’t seen for a couple of years. What she saw of what once was […] Read More

A Simple Smile Could Drive Profits by Over 200%!

Last week when I was on leave I was walking down the street to purchase a newspaper. On the way I passed a young girl busily setting up outside tables at a cafe.  I was about to say good morning but she turned away, totally ignoring me. I suspect this is what she did to […] Read More

How to Avoid Becoming a Commodity!

These days more than ever the competitive advantage pursued by many is to discount and commodities an industry. Prime examples of this include warehouse pharmacy stores, electrical retailing and hardware. As a result, the relentless pursuit of being the cheapest product and service provider has meant that the smaller service focused business is eventually forced […] Read More

Are Online Shoppers only concerned with Price?

It’s easy to assume that the online shopper is attracted to that medium solely by the cheaper prices that may be available. And, if price was the only criteria, the majority of bricks and mortar stores (B&M) would well and truly be out of business by now. Yes, as always, there are a number of […] Read More

7 Key Factors That WILL Maximise The Value Of Your Business

One of the major reasons why you start and build a business is to be able to sell it at some time in the future for a profit. So… What are the factors that will maximise your selling price? It’s really important to understand this early so that you can put in place the necessary […] Read More

13 Tips for Effective Marketing through Facebook

As I have highlighted in my earlier blog articles, you should have a social media presence as part of your marketing strategy. The most popular platform is currently Facebook. I therefore recommend that if your marketing plan incorporates a social media presence, then you should set up a Facebook page as a minimum. To use […] Read More

Are You Burying Your Head in the Sand?

Over the last month I have read a number of articles which reaffirm the importance of your business having an online and/or social media presence. I sourced these articles whilst researching my presentations for the Social Media Workshops that I presented for the Wimmera Development Association around the Wimmera in May and June. The first […] Read More

The Fine Line between Business Failure and Business Success

The results of a major research study into small/medium enterprises were recently released which provide an interesting insight as to the reasons for and impact of business failures. The study was conducted among 1018 business owners or business decision makers of organisations of 200 employees or less. The study also was conducted among 212 accountants […] Read More

12 Simple Steps to Creating Wealth & Financial Freedom

Want some simple tips aimed at helping you create wealth and financial freedom? Here they are, based on my own personal experience of over 33 years of working with clients: Establish clear goals – remember, they need to be SMART i.e. Specific, Measurable, Attainable, Realistic and Time Specific. Never forget your goals. It’s easy to […] Read More

Things are tough out there in Business!

I think we’d all agree that things seem pretty tough out there in the business world today. In fact, many would think we have been hit with the perfect storm – recessionary like conditions, political uncertainty, growth in internet ecommerce, increased consumer saving, just to name a few. However, as a business owner, you have […] Read More

Guarantee your Business Success (or substantially improve your odds!)

Last month David Hadley posted an excellent blog on a couple of instances of poor customer service that he or members of his family experienced whilst shopping locally. The disappointing thing about one of those experiences was that the perceived poor customer service was provided by the new owners of a business that had just […] Read More

Business Failures on the Rise; What can you do now to avoid being a statistic?

Some 20 years ago I went to a seminar on business development and strategies for business growth. At that seminar I picked up one really critical principle – the principle known as the Pareto Principle or the 80/20 rule. I subsequently purchased a book written by Richard Koch called “The 80/20 Principle” which provided a […] Read More

How to avoid being ripped off!

Recently you may have received a letter jointly distributed by Australia Post, ASIC and the Australian Crime Commission (ACC) warning of increased activity by organised criminal groups targeting the savings of Australians through investment fraud. These organised criminal groups are located not only in Australia but around the world. It just so happens that at […] Read More