Carey Group

Yesterday, our team was proud to host one of the 115 exhibition sites at the Cairns Careers Expo 2024.

With an estimated 4300 students in attendance, we had an incredible time sharing insights into life in the financial services industry and shared some laughs with students as they participated in our pop-the-balloon game. It was a fantastic event to be a part of.

Thank you to Business Liaison Association and those involved in pulling this event together.

Our Accounting Partner, Peter Cavallo, who is also the North Queensland HIA Charitable Foundation Ambassador, joined HIA National President Debbie Johnson for Handover Day—NQ Build a Bench 4 Good! As part of HIA’s Build Support Month, members and regions have been competing in a bench-building project to raise funds and awareness for mental health.

The North Queensland team built a bench for The Oasis Townsville to support vets' mental health. Peter and Debbie proudly handed over the finished bench, symbolising our community’s commitment to this cause.

If you would like to support this cause, please reference "NQ Build a Bench 4 Good" when you donate: https://bit.ly/3zMQJWy. The largest donor will be honoured on the bench plaque in the community garden.

Small businesses in Far North Queensland impacted by ex-Tropical Cyclone Jasper can apply for up to $20,000 in grants to aid recovery.

These funds can cover wages, operating costs, and more, with no co-contribution required. If your business has fewer than 20 employees and was significantly disrupted, this grant could be just what you need to get back on track.

Click the link for more information.

https://careygroup.com.au/small-business-exceptional-assistance-grant/

Meet Yasu, our work experience student from Cairns! Over the past few weeks, Yasu has been gaining valuable insights by working closely with our accounting, financial planning, and business advisory teams in our Cairns office.

At Carey Group, we’re passionate about fostering a culture of continuous learning, and we encourage students to explore their potential through hands-on experience. By offering these opportunities, we aim to inspire the next generation of professionals and equip them with the skills and knowledge they need to succeed.

We're excited to see where Yasu's journey in the financial world takes him!

Our Cairns team traded their lunch break for an energising Pilates session at Studio Pilates Cairns on Lake Street. Building on the momentum from last month’s step challenge, it was a fantastic way to keep the active movement going in the office. A big thanks to Studio Pilates Cairns for hosting us and helping us stay active and motivated!

Last weekend, our team had the privilege of participating in the Cairns JCU: Open Day.

Grant and Haydn were on hand to connect with students, offering valuable insights into the diverse career pathways within the Financial Services industry.

They also introduced the exciting paid internship opportunities available within Carey Group, emphasising how these roles can serve as a launchpad for students looking to gain real-world experience and jumpstart their careers in the industry.

We’re always eager to meet the next generation of talent and are thrilled to be a part of their journey into the professional world.

We were recently proud supporters of the Ingham Bowls Club Allamanda 4’s, held in the last week of June. The event was a success, bringing together a wonderful community of bowlers.

Congratulations to all the winners, and well done to everyone who participated and contributed to making the day fun for all!

The Carey Thomson Moore team travelled to Brisbane on Tuesday to meet the Moore Australia team for the first time. Liam, Carl, and Rain showcased the new consulting services now available within the Moore network. Their presentation highlighted the Management Consulting and Corporate Finance offerings, featuring client spotlights on past projects and an interactive activity for their new Moore colleagues to engage in. The day was a great success, fostering strong connections and collaboration within the Moore network.

We are excited to announce the Carey Thomson Moore (CTM) Consulting joint venture. An initiative between Carey Group and the Moore Australia (QLD/NNSW) firm, this new partnership, which incorporates Carey Group’s existing consulting and corporate finance team, begins today, 1st July 2024.

“Joining forces with Moore Australia, a member of the Moore Global network, will significantly enhance the our market reach and position Carey Group’s existing consulting and corporate finance team for even further growth and client impact. With Moore Australia’s strong presence across Australia, complemented by Carey Group’s strong presence throughout North Queensland, this joint venture unlocks immense value to our existing and future clients” said Joe Carey, Chairman of Carey Group.

“As part of this transition, our CEO Matt Thomson, will step into the role of CEO at Moore Australia.

We extend our heartfelt gratitude to Matt Thomson for his invaluable contributions as Carey Group CEO over the past five years. His leadership has driven remarkable growth and positioned Carey Group for continued success. We are fortunate to retain his expertise within the joint venture CTM Consulting business”

This joint venture for management consulting and corporate finance services marks an exciting new chapter for Carey Group, and alongside Moore Australia, will deliver premier consulting services across the region and complement Carey Group’s ongoing services of accounting, financial planning, audit and SMSF.

Celebrating Rob's Incredible Journey at Carey Group!

Robert Carey (Rob) has been instrumental in shaping Carey Group for over 52 years.

As Rob looks ahead to retirement, it’s fitting that we reflect on Rob’s remarkable contributions.

Rob joined his father, Brian Carey at Carey and Hackett in the early 1970s. A natural leader, he took the helm of Carey Group in the late 70s/early 80s, when it was still a small practice based in Ingham. He was instrumental in expanding the accountancy practise north to Cairns and the Tablelands, west to Hughenden and Richmond [grazing clients] and south to Brisbane, Gold Coast and Melbourne.
Rob’s clients remain loyal to Carey Group, often spanning multiple generations. His passion for exceptional client service and commercial advice has left an indelible mark.

Over the decades, Rob has mentored numerous team members, including many of our current Carey Group partners. His influence extends beyond Ingham to our practices in Cairns, Tablelands and Townsville, shaping countless careers along the way.

Rob will retire from full-time work on 1st July 2024. He will, however, continue to provide ongoing support as a consultant to the Carey Group team and clients during his transition to ensure that client’s needs and requirements are satisfied. Rob’s clients will continue to be supported by the Carey Group Partners and the support team. Rob’s offer to continue to act as a consultant to the Carey Group to assist with the client transition, speaks volumes of his commitment to the firm, the team, and the firm’s clients.

It is well known that many of Rob’s clients have become personal friends over the years and we are sure that this relationship will not disappear because of Rob’s retirement.

Please join us in reflecting on Rob’s incredible influence on our business and wishing him all the best in his well-deserved retirement.

On behalf of all staff and clients of Carey Group, thank you Rob. Enjoy your retirement.

Last week, our partners Joe Carey and Daniel Hogan, together with several members of our team, visited the Townsville Helicopters hangar. During the visit, they had the privilege of meeting Matt Hall Racing and other sponsors of the weekend's events, as well as seeing the impressive Lexus of Townsville plane.

We’re proud to be a gold sponsor of the Richmond Field Days & Races once again this year! We are looking forward to connecting with the community, enjoying the festivities, and supporting such a wonderful event.

⚡ GOLD SPONSOR SPOTLIGHT ⚡

A special thanks to Carey Group for sponsoring the 2024 Field Days and Races.

The Carey Group have over 70 years of history & experience in Financial Services & Business Advisory. We aim to be the premier Accountancy and Financial Services business of first choice, built around clients and staff who value and respect the ethical service and advice we provide.

🖱 www.careygroup.com.au

Meet Carl // As a Senior Advisor in our Consulting team, Carl has recently relocated from Townsville to our Cairns office to assist building our Consulting team in Cairns. Carl specialises in business system selection and implementation, business case writing, and corporate project coordination.

With his dedication to quality and advanced problem-solving skills, Carl adds valuable depth to our growing Cairns team and supporting our consulting services to the far north Queensland region.

Congratulations to our clients Jason and Brydie, as well as the entire team, on these remarkable achievements. These milestones stand as a testament to the dedication, hard work, and determination of both our clients and their team. Well done!

Treasurer Jim Chalmers unveiled the 2024-25 Australian Federal Budget on Tuesday, May 14th, 2024, featuring updates to economic forecasts. The Government has confirmed updated personal tax cuts, effective from July 2024, reducing some tax rates and increasing income thresholds. Alongside this, small businesses will benefit from a temporary increase in the instant asset write-off threshold for the 2025 income year, aiming to stimulate investment. Click the link to read more about these changes aimed at supporting both individuals and small businesses:

https://careygroup.com.au/2024-2025-australian-federal-budget-update/

Happy National Administrative Professionals day! Today we celebrate the dedication and hard work of our administration team here at Carey Group. We are grateful for everything they do!

Warmest congratulations to Britney Anastasi, a member of our Cairns team, who proudly graduated last Thursday from CQU Cairns with a Bachelor of Accounting, majoring in management. Since 2018, Britney has graced Carey Group with her presence, initially joining as our Receptionist. Your achievement is truly commendable, Britney—well done!

Over the last few weeks, we held an Easter colouring competition for primary school-aged children across our offices.

Congratulations to our winners, chosen through a raffle held last Thursday! We were thrilled to see so many talented and colourful drawings and we look forward to doing it again next year.

Join us in celebrating the achievements of Hayley Casale, Monique Mowat, and Morgan Dray as they graduated from James Cook University yesterday! 🎓

Each of these incredible women has earned a Bachelor's Degree and are now forging ahead in their roles as Graduate Accountants. 📈💼

Well done, ladies! This marks a significant milestone in your careers, and we're incredibly proud of your hard work and dedication!

Our Business Advisory team, acting as Big Wheel’s Outsourced CFO, had the privilege of supporting the annual Big Wheels Truck Alignment Owner’s conference in Coogee, Sydney last weekend.

The conference was a resounding success, bringing together the Big Wheels national Franchise owners for a day of business strategy and enriching professional development sessions.

Our Business Advisory team recently had the pleasure of guiding Dr. Lombardi and Dr. Collins through the business acquisition process, supporting their transition as the new owners of North Queensland Family Dental

It has been an absolute pleasure partnering with such dedicated professionals, and we look forward to witnessing the continued growth and success of their practice.

This year Carey Group celebrated International Women’s Day a little differently by hosting a Roadshow across 3 of our offices. This event aimed to provide clients with practical tips and insights to empower women in securing their financial future.

Chace and Louise, members of our Financial Planning team, led these events and were delighted with the positive feedback they received.

We would also like to extend our heartfelt thanks to each and every one of our 64 women employees for their incredible dedication and contributions to Carey Group. Your hard work and commitment make a significant impact, and we are truly grateful to have you as part of our team.

This week's Lunch n’ Learn session featured Ashley McCulloch, Kylie Dennis, and Claudio Lasschuijt from Gallagher Insurance!

They gave our team vital information on topics including Government Cyclone Reinsurance Pool, Cyber Insurance, Business Structure & Related Entities, Asset Sum Insured, and Business Interruption.

Such an insightful session and one that has undoubtedly built on our understanding of the insurance landscape. We're grateful for the opportunity to learn from industry experts.

Yesterday, Partners and members of our Townsville office attended the attended the Townsville Enterprise Exploring Townsville's Manufacturing Landscape - Leadership Lunch.

This insightful event featured CBA speakers Maria Christina and Camilla Waterhouse, who spoke about industry opportunities, technology investments, and the evolving ESG landscape.

The panel discussion with Claudia Brumme-Smith also offered valuable insights into business resilience and the future of manufacturing in Townsville.

Last Friday, Markwell Group's leadership team gathered in our boardroom for a business coaching session over lunch. With around 13 leaders present, it was an insightful and collaborative experience.

Our CEO, Matt Thomson, led the presentation to Markwell's senior team, focusing on strategies to enhance leadership and drive performance.

📢 Tax Update Alert! 📆

After much speculation, the Government has announced a revision to the legislated Stage 3 tax cuts set to commence on July 1, 2024. This means more Australian taxpayers will receive a personal income tax cut, taking home more from July 1. However, the impact may be less favourable for some compared to the original design.

🔄 Key Changes:

The revised tax cuts aim to benefit lower-income households impacted by living costs. Residents with taxable income under $146,486, who have an income tax liability, will receive a larger tax cut. For instance:

💰 An individual with a taxable income of $40,000 will now receive a $654 tax cut.

💰 An individual earning $100,000 will enjoy a $2,179 tax cut, an $804 increase from the current Stage 3 plan.

🚫 Impact for High Earners:

An individual earning $200,000 will see the Stage 3 plan benefit reduced to around half, from $9,075 to $4,529. While still beneficial, it's not as substantial.

🩺 Medicare Levy Relief:

Low-income earners will experience additional relief, with Medicare Levy low-income thresholds expected to increase by 7.1%. An individual might not start paying the 2% Medicare Levy until their income reaches $32,500.

💼 Budget Considerations:

The proposed redesign aims to be revenue-neutral compared to the existing budgeted Stage 3 plan but is projected to cost around $1bn more over the next four years before bracket creep starts to diminish gains.

🔍 The Road Ahead:

The Government needs to swiftly enact amending legislation to make the redesigned Stage 3 tax cuts a reality by July 1, 2024. Garnering support from independents or minor parties will be crucial for its passage through Parliament.

🕰️ How Did We Get Here?

First announced in the 2018-19 Federal Budget, the personal income tax plan aimed to combat 'bracket creep.' The three-point plan introduced incremental changes, with Stage 3 initially set to take effect from July 1, 2024.

Stay tuned for further updates.

12PM OFFICE CLOSURE // We have been monitoring Tropical Cyclone Kirrily and have decided to close our Townsville and Ingham Offices from 12pm today for the safety of our staff and clients. Our other locations will be open until our usual office closing time of 5pm.

We will also be closed for the Australia Day public holiday tomorrow and will be back open 8am Monday 29th January.

🌟 Introducing Nicole Cavati, a valued part of the Carey Group team since December 2010! 🗓️ Beyond the office walls, Nicole is an avid enthusiast of the great outdoors. She loves boating and swimming around the neighbouring islands.

Nicole's appreciation for working at Carey Group stems from the wonderful people she works with and the close-knit work environment. And let's not forget the icing on the cake – those yummy morning teas!