Blog Posts by Rohan

You are a long-time retired

For many retirees, there is now a reasonable expectation of increased life expectancy. For many this could mean 20-30 years of life after retirement. However, for many this is a challenge after a long working life. It is becoming a challenge for many and leading to mental health challenges for retirees. The issue is that […] Read More

Employee Entitlements and Rights

Employment related issues are often very complex and therefore a specialised area when requiring consultation. As Accountants we are often asked questions in relation to these matters and although we often have a working knowledge of the rules, by no means are we experts in the area. So where can people access assistance with employment […] Read More

JobKeeper Extension

The Federal Government has extended the JobKeeper support scheme for a further six-month period, which will extend payments through until the end of March 2021. These new rules apply for the JobKeeper fortnight starting 28 September 2020. The extension includes a few changes to reduce the payment rate for some employees, while also extending availability […] Read More

Web conferencing and meetings – The new norm

The Covid-19 period has created massive shifts in the way we all live. One such area that this has seen significant change as social beings is the way we communicate and interact with each other. Gone are the simple face to face meetings across the desk and now usage of online meeting applications are the […] Read More

JobKeeper Update – MYOB & Xero provide set up guidance

MYOB and Xero have both now released guidance on how to set up the JobKeeper Allowance in their respective software packages. We have included links to the MYOB AccountRight, MYOB Essentials and Xero support pages to assist with setting up the payments. Should you have any queries or questions, please feel free to contact your […] Read More

Continued Employment Issues – Coronavirus

Some of the most common questions we are currently receiving from businesses regard employment matters in this period of uncertainty. We must firstly make a disclaimer, as Accountants we are not HR experts and information provided by us below should not be relied on. The information provided below is all in reference to documentation on […] Read More

Update – Economic Response to Coronavirus

This follows on from an article written last week. What a week of change we have all faced. Especially with the events occurring over the last weekend our personal and business lives have, for now, completely changed. Green Taylor Partners are working hard to be here for all clients during this period. If you, your […] Read More

Economic Response to Coronavirus

Please note, parts of this article have been updated and clarified in a later article. As many people will have heard by now the Federal Government announced several measures to assist the economy in addressing the impact of the coronavirus. A number of these measures will have significant tax benefits for our business clients. At […] Read More

Great opportunity or am I getting ripped off?

Today’s blog started with a message on my phone at about 8:15pm on a Tuesday from a friend via Facebook Messenger, “Hi Rohan, just wondering if you have heard of…”. After a quick Google I came up with the results of a Gold Coast based advisory business. Initial alarm bells went off and I fired […] Read More

Never too early for tax planning

The last few months of the financial year see most people turning their business eye towards their tax planning. However, it is never too early to consider tax planning, even now over nine months from financial year end. The following items came about from a recent discussion with a client concerned about what the year […] Read More

Financial education – Rich Dad, Poor Dad

On a recent holiday I read one of the latest book or Robert Kiyosaki, Why the Rich are Getting Richer. This is a reminder of the points taught in Roberts bestselling book, Rich Dad Poor Dad. For those that are not familiar this book the story behind the book is of Roberts Poor Dad, who […] Read More

Moneyball, life lessons

I recently watched the end of great movie which I had not watched in quite a while called Moneyball, a movie centred around baseball and starring Brad Pitt. For those that have not seen the movie, I highly recommend it. The movie is based on a actual events, following the Oakland Athletics baseball team throughout […] Read More

Business lessons from the movie “The Founder”

Like many people I don’t mind the movies, now days with a young family this often means Friday or Saturday night catching up on watching a DVD or now days by renting via the internet. A movie I had been meaning to watch for a while was The Founder. This is the story of Ray […] Read More

Time to get your head in the cloud

What an interesting and fast moving time we are currently living in. Technology is very quickly evolving and providing us opportunities that just a few years ago we could only dream of. Just today when I met with a client who is a sole trader in a trade-related business we looked at three great opportunities. […] Read More

Decision making in stressful situations

Our team recently had the pleasure of hearing a talk from a good friend of mine on decision making in stressful situations. We all think we know about stressful situations, but these were real-world experiences from over twenty years serving as an officer with our Australian and allied defence forces which included a number of […] Read More

What lessons can you learn from the rich?

In the Financial Review 2017 Rich List there was an article relating to lessons from some of those people behind a number of our local house hold name businesses including Gerry Ryan of Jayco caravans, Frank Costa of Costa Fruit and Vegetable and Geoff Harris of Flight Centre to name a few. One of the […] Read More

Tax Planning

May and June is the time for tax planning as 30 June looms down on us. Accountants love 30 June and celebrate like New Years Eve. But the lead up to the end of June is very important for all businesses. Many of our clients have now completed reviews of their figures and have now […] Read More

Bad feedback on Social Media

No one likes to receive negative feedback, especially when it is aired publicly which is the real world of internet and social media. Industries such as hospitality and accommodation have particular websites to leave feedback which commonly involve customers taking photos and posting them via sites such as Trip Advisor and Urban Spoon. But no […] Read More

Remaining profitable on less income

Many small businesses are regularly facing profit pressure coming from either a moving client base to other alternatives or simply price pressure on their products due to competition. This is not just small business but also larger business as well. I recently read an article in regards to BHP and how they have tackled the […] Read More

Working Holiday Makers

With recent changes to the Working Holiday Makers legislation(or Backpackers tax) passing parliament, in addition to taxing overseas employees at 15% as of the 1st January 2017, the employer is required to be registered as employing oversea workers. Below are two links, one to register and another to assist in ensuring the employee is eligible […] Read More

Succession and Estate planning. Where to start.

Recently in discussion with clients it is clear that many people want to undertake the Estate and Succession planning, however they are unaware of how to go about it and who can assist them. Anyone with assets needs to consider their future Succession and Estate planning needs. The terms are used interchangeably, but whilst similar […] Read More

Inheriting Capital Assets

Inheriting of Capital assets from parents and loved ones is becoming a more common issue as many people are holding assets such as listed shares and property at the time of their deaths. Unfortunately, many beneficiaries of estates are unaware of the taxation consequences that will occur in the future due to this. Traditionally most […] Read More

End of financial year clean up

End of financial year is fast approaching and for software users now is time to start working towards getting ready for 30 June. These include payroll year end preparation, debtor review and review of bank reconciliations. Payroll is a very important part of year end preparation which coincides with the preparation of PAYG summaries, Superannuation […] Read More

How have you dealt with your Digital Life in your Will?

I recently attended an excellent Estate and Succession planning seminar. A topic came up with regards to ‘How you have dealt with estate planning for the Facebook Generation’. This was presented by Craig Spink of Spink Legal. In the session it was raised the need to deal with issues such as control of your email, […] Read More

Multi-Peril Insurance

Variability of season is an unfortunate factor that farmers are faced with. Fortunately over the last few years there has been a tool introduced to the Australian market to lessen the loss occurring due to seasonal variability – Multi-Peril Insurance. In general terms Multi-Peril Insurance (MPI) is an insurance policy taken out to mitigate risk […] Read More

Have you documented your Estate planning?

Time and time again I talk to people that have an ‘idea’ of what they want to happen with their estate. They more often than not have a Will and think they may have completed a Power of Attorney. Year after year the we ask those same little questions during their tax interview and before […] Read More

Know your business

I recently read a book, Brick by Brick, which is the story of the Lego company. I would find it hard to believe that there is someone reading this that does not know of Lego. But many would not realise how close the company came to being no longer. Lego as a company started back […] Read More

Computer security

How secure is your computer systems from attack or loss? Over the years I have had any number of clients contact me about loss of data. The main reasons for this are due to computer failure or outside issues such as virus attack. A recent example of this was a client that had been infected […] Read More

Selling your assets

Selling business assets will generally require considering Capital Gains Tax implications. However even when selling personal non-business assets there may be a need to consider Capital Gains Tax. A capital gains is generally the sales price of the items less the cost of the item. The resulting gain may then be decreased by application of […] Read More

Urgent versus important

Human nature tends to have us working on ‘urgent’ matters, since they are at front of mind and require attention now. However in planning and undertaking tasks it is vital to consider the ‘important’ tasks regardless of urgency. This was explored in a book written by Stephen Covey ‘First things first’ and further in ‘The […] Read More

Clients needs and wants

We are living in ever increasingly competitive times in business. The normal way of business is changing with the advent of the internet, cheap imports and national chain stores. These new competitors have bought pricing pressure and an every increasing ranges of products for consumers. We are also in an information age, allowing customers to […] Read More

The internet of things, the Jetsons are becoming reality

The buzz word of the last 12 months has been the ‘The Internet of Things’, geeky it may seem, it also follows on from a recent comment I heard from a prominent IT expert saying that the internet as we think of it will cease to exist. Don’t panic, we are not talking about losing […] Read More

Add-on Software

The current generations of accounting packages such as MYOB and Xero offer access to a wide range of add-on software packages or apps for a better term. These software packages are generally developed by other software developers and often fill specific niches. In years gone by, software users were often frustrated at the lack of […] Read More

Email Etiquette

Email is not a new method of communicating, but there are important etiquette issues to be aware of. Over time a number of usage concepts have evolved to become commonplace in using email. The efficient and appropriate use of email should be your priority. The inspiration for this blog was experiencing a major “no-no” in […] Read More

GST on insurance claims

A common question we are often asked is about GST on insurance claims. This comes about when clients are completing their insurance claim form, where there are questions as to the ability to claim Input Tax Credits (ITC). The questions refer as to whether the business is registered for GST and if so, what percentage […] Read More

Private Health Insurance, know your Gap

As Accountants we often end up discussing private Health insurance for the taxation-based reason of reducing the Medicare Surcharge Levy (1% additional tax).  Another reason that under 30’s buy Private Health insurance is to lock in at the ’30 year old’ rate for life.  (It gets progressively more expensive after age 30). Although these are […] Read More

Old is New Again…the Latest Cloud Based Accounting Software Solutions!

Last week Green Taylor Partners ran an information evening show casing the various cloud based software solutions. Regular readers of our blogs and newsletters will have seen past articles I have written in regards to cloud computing with MYOB and Xero in particular. Through the accreditation process of Xero I have become quite relaxed about […] Read More

Are you a Contractor? Do you have Income Protection?

This blog is covering a topic that I have no doubt has been blogged before. The reason I am bringing it up again is that I have witnessed a stark reminder of the need for Personal Insurances. I have observed a situation of a worker being injured and being unable to work for a period […] Read More

The Evolution of Accounting Software

Christmas week is fast approaching people are busy getting ready for their final Christmas parties, finishing up their drinks and getting those last minute presents (note to self). It is also a time for reflection and what we have achieved over the past year. Of late my reflections have been of the changing face of […] Read More

Are your business systems costing you?

A recent article I came across on ZDNet detailed two studies undertaken by Intel and Microsoft analysing the repercussions of using ageing computer equipment in small- to medium-sized businesses. The studies looked at the repair costs and downtime associated with the use of older computer technology as well as the effects on a business’s credibility. […] Read More

Take a Digital Detox

Are you finding that you spend a lot of your time playing email tiggy? This can be especially prevalent in office environments where team members may be just metres away from each other but communicate via email! This type of communication has been seen to be becoming a real issue within business and having serious […] Read More

What is my Structure?

We often find that business owners do not understand what entity type/structure they operate as. One of the most common examples we see is when a Trust with a Corporate Trustee is used however the business owner believes they are operating as a Company. So… what are the differences and what are the benefits of […] Read More

5 Smart Rules for Life and Death

As accountants we are continually looking to ensure our clients are educated and advised of issues that are important to their lives and their families. I have included the common issues discussed with clients, but have added a new topic not often considered. Do you have a current Will? I stress a ‘current’ Will since […] Read More

Insurance: Have you got your priorities right?

Insurance is often a grudge purchase, whether it be insuring personal assets, your business or personal risk insurances such as Life or Total Personal Disability etc. Many people will have insurance on belongings such as their cars and houses paying thousands of dollars a year for cover, either by choice or due to lenders requiring […] Read More

The best gift you can give your children

I was reading an article by a regular columnist in the Financial Review recently. The article was about the author’s youngest child starting school and deciding on what gift to give him on his first school day… (after being surprised that people actually buy gifts for their children when they start school, I read on) […] Read More

Laptops, Ultrabooks, Tablets, Netbooks… What are they all and what do they do?

With the world of technology developing constantly, the days of just buying a computer with a screen, mouse and keyboard are gone. Mobile device innovations mean we now have a huge range of laptops, netbooks, ultrabooks and tablets to choose from. Not to mention the hybrids that mix laptops and tablets together! The mind boggles! […] Read More

Are your workers Employees or Contractors? The ATO is checking!

The ATO have for a long time been implementing measures to ensure that contractor arrangements are legitimate business dealings. The ATO in their 2011/2012 audit program found that 48% of those businesses reviewed were incorrectly treating employees as contractors (The Taxpayer, October 2012). There are a number of reasons why employers may be treating employees […] Read More

What is your Disaster backup plan?

The recent fire in Warrnambool has caused a myriad of problems in the past week due to the Telstra exchange being damaged, and as such most of the South Western Victoria has been without Telstra phone services. Any Telstra supported landline, internet and mobile devices have been effectively disabled, including many Banks ATM’s, Eftpos machines etc. […] Read More

MYOB in the Cloud

After a long wait MYOB have finally bought their bread-and-butter AccountRight software package (formerly MYOB Accounting) into the cloud, joining their other cloud offering, MYOB LiveAccounts. MYOB LiveAccounts is a purely cloud-based product, operating through an internet browser, making it available anywhere the internet is accessible. It is great for users wanting a basic accounting […] Read More

Moving into the Cloud… or not?

Moving into the Cloud… or not? I recently read an article detailing how Microsoft are moving to a ‘users pays’ software model with Microsoft 2013 and the advantages and disadvantages of this. The article got me thinking about Microsoft’s other Office offering Office 360 which is a cloud based solution. The information world is changing, […] Read More