McCarthy & Co Accountants in Brisbane, Queensland, Australia | Business consultant

McCarthy & Co Accountants

Locality: Brisbane, Queensland, Australia

Phone: +61 7 3208 0488

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• Tax preparation service
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25.01.2022 I find this link interesting because of a few things: 1. That MYOB predicts trouble when JobKeeper finishes at the end of September (true) 2. How far MYOB subscriber numbers are behind Xero... 3. That MYOB has been bought out by a private equity firm. 4. That MYOB will move into finance as a quasi-lender. https://www.smh.com.au//myob-cuts-130-jobs-and-warns-of-ar

25.01.2022 The first Cash Flow Boost payment has been either credited to your business bank account or applied to the ATO Integrated Client Account from today. The Cash Flow Boost applies to employers. The minimum payment is $10,000 for this period ($20,000 total). The maximum is $50,000 for this period ($100,000 total). ... Grant

25.01.2022 Here is the final announcement and rules for JobKeeper. This is relevant for our client businesses with service entities employing staff. Released 11pm Friday night (tonight)... Ill read tomorrow. We expect no further amendments in JobKeeper rules. Coronavirus Economic Response Package (Payments and Benefits) Amendment Rules (No. 2) 2020 I, Josh Frydenberg, Treasurer, make the following rules. Dated 1 May 2020

24.01.2022 A good summary here. We have held off on advice for JobKeeper until Wednesday when itll be presented as law. There have been many revisions to eligibility in fact sheets to date. We will keep you posted. https://www.smh.com.au//jobseeker-or-jobkeeper-the-answer-

24.01.2022 JUST ANNOUNCED: Were opening a second round of grants for small businesses impacted by COVID-19. Were investing an additional $100 million back into Queenslan...d Small Businesses to help them recover & help with our plan to create more jobs for QLD. Bayside business owners like Holly from Cultivate Design Co will be able to apply for grants of up to $10,000 to help them prepare for life after COVID. You can read over the guidelines now and grants will officially open on 1 July. MORE INFO: https://www.business.qld.gov.au//advice-su/grants/adaption

22.01.2022 This is a good explanation of JobKeeper rules for the second tranche (1/10/20-31/12/20) and the third tranche (1/1/21-31/3/21) I’ve read commentary that between 1/3 and 2/3 of current JobKeeper recipients will not meet eligibility rules from 1/10/20 (next week) So amongst other things I’ll be reading up on the alternative tests. These tests were only released in the last few days. ... I’ll stay in touch. Grant https://www.accountantsdaily.com.au//14833-jobkeeper-2-0-r

21.01.2022 A bit nerdy. Though so important. https://www.accountantsdaily.com.au//14400-ato-extends-job

20.01.2022 Job Keeper has become law overnight. We will be in contact with all clients affected. We are encouraging affected clients to register directly. You can do this here:... https://www.ato.gov.au/general/gen/JobKeeper-payment/ If you want to learn more about Job Keeper here then this is the most extensive link we have found: https://treasury.gov.au//JobKeeper_frequently_asked_questi

19.01.2022 MAKING YOUR BUSINESS EMERGE "ANTI-FRAGILE POST COVID-19 How you did in this pandemic as a country, a village, a business, a group or an individual whether emotionally, economically or morally is an indication of how robust you are and how fit you will be for the next decades - Nassim Nicholas Taleb. Ive been reading a lot of Talebs books recently. He is a financial analyst and statistician of note who has written several books about uncertainty and how to navigate throug...h that. The books are not easy reads. Very clever though, they make you think. In Talebs book Anti-Fragile which I recently finished he talks about responding to external shocks (Covid 19 being a prime example) and coming out the other side stronger. Being anti-fragile is far more than being resilient or robust. The resilient resists shocks and stays the same; the anti-fragile gets better. The fragile suffer. The book progresses and in great depth discusses the domain of the fragile and the opposing domain of the anti-fragile explaining how fragility can be detected, measured and transformed. I am currently applying a number of Talebs anti-fragile concepts to strengthen me and my business. Once these concepts have been road tested sufficiently I will develop an anti-fragile program using Talebs concepts for clients use. The intent is to make you and your business stronger in the face of uncertainty. The program is planned to be a monthly subscription service where you will be trained and supported. With uncertainty arising from Covid 19 and a looming economic recession the program is something that I expect to be of value to you. To learn more about Taleb or anti-fragility I suggest you look up YouTube which has some good summaries of the concepts and of the author. Wikipedia is also a good start as well. Please contact us at [email protected] if you would like to learn more about this program and we will send further information. #mccarthyandco #accounting #professionalservices #resilience

18.01.2022 CASH FLOW BOOST - ATTENTION ALL EMPLOYERS Temporary cash flow boosts have been offered by the Federal Government to support small and medium businesses and not for profit organisations during the economic downturn associated with Covid 19. The stimulus ranges between $20,000 to $100,000 and will issue for eligible businesses that employ staff.... The Boost will be a credit delivered at the time that you lodge activity statements and the amount of tax withheld from wages determines whether you receive the minimum of $20,000 or more over the term. Timing of the Boost payments is dependent on whether you lodge activity statements for PAYG withholding monthly or quarterly. The Boost payments we have seen to date have been netted from the GST and PAYG liabilities for the March 2020 period with any balance refunded. In most cases the Boost payment is automatic once you lodge. If you want to know more about your likely Cash Flow Boost amounts and their timing, please contact us. #mccarthyandco #accountingservices #professionalservices #cashflow

18.01.2022 Still to be verified. This is a copied report of what the Federal Government Stimulus Package #2 is to be. It will be formally announced late today by the Prime Minister. ... Watch this space. Grant

17.01.2022 Loving this post on a local FB group Yes - often we are sought out to help when a $6 haircut has gone wrong. Please contact if you need such help. Grant

17.01.2022 The GST has just turned 20 years old. When proposed a few years earlier by then Liberal Federal leader John Hewson as his key policy leading to the Federal Election you can see here why the policy had difficulty getting traction with the public. Hewson lost the unloseable election to Keating shortly after. I remember this interview well. https://youtu.be/a11EGkZFcXk

17.01.2022 Stunning statistic from The Grattan Institute. Thats why economic disruption needs such stimulus.

15.01.2022 A generous concession from the ATO re #JobKeeper. A problem with the rules for some businesses was that they had to pay staff at the JobKeeper rate and then get reimbursed from May 2020. For businesses who could not afford this cash outflow or get short support from their bank many opted out of applying for JobKeeper. Its not too late. You have until 8/5/20 to apply for JobKeeper. Let us know if you need help.

13.01.2022 Hot off the press. Tax concessions flagged ahead of next Tuesday's Federal Budget. https://www.accountantsdaily.com.au//14895-tax-concessions

13.01.2022 To me this is a very deceptive graph due to scale. The share market correction due to the virus is in the order of 30% which impacts superannuation balances and self funded retirees wealth. The scale of the graph on the left is out.

12.01.2022 This is a bit wonkish. But its a summary of the JobKeeper rules and implementation to date. Plus an explanation about the tightening of rules. https://treasury.gov.au//files/2/jobkeeper-review-2020.pdf

11.01.2022 Hot off the Press The $150,000 instant asset write off has been extended six months to 31/12/2020.

11.01.2022 Please make sure your Declaration is lodged by 14th August. If youre not sure how then please contact us. We offer this as a complimentary service for all clients. ... We have seen some firms charging $330 per monthly declaration. We will never do that.

11.01.2022 A personal post today. Here are our families two horses Savana (brown; Arab/Warm blood mare) and Bella (Palomino mare). Theyre pets and they have been a project for my wife. I did not understand how big (600kg each) nor how flighty/sensitive they can be (to noise, smell, weather). My boys are great riders but they have unfortunately lost interest. And if youre curious - no I do not ride; yes I do help cleaning up after the horses. And finally yes I have been kicked in the bum by the (brown) horse. Painful. But Im a lot better now at reading their body language.

10.01.2022 Stimulus #3 We will digest this and be in contact. Grant

10.01.2022 The ATO has released comprehensive guides on #JobKeeper this afternoon (19/4/20). We will read these (probably not 10pm tonight - tomorrow instead). To learn more follow the link: https://www.ato.gov.au//JobKeeper-Payment/JobKeeper-guides/... We will be in touch with all affected people.

09.01.2022 Im always really reluctant to sprout an investment. Let alone an article about investment. This is very interesting. You cannot help but notice Afterpay stickers on many shop windows. Its shares were only a few dollars each; currently around $70 each. https://www.firstlinks.com.au/11-lessons-from-my-lousy-50k-

09.01.2022 Something a bit different. A few ideas in a short video about focus and attention. I hope you find it interesting.

09.01.2022 Everything that you wanted to know about JobKeeper 2.0* But we’re afraid to ask Current as at 25/9/20... https://www.ato.gov.au/misc/downloads/pdf/qc62125.pdf

09.01.2022 A detailed explanation of incentives and concessions in response to the Coronavirus impact to Australia. This is expected to pass as law tomorrow when a quorum of parliamentarians meet. We are still getting our heads around this. ... Im thinking of hosting a Zoom meeting and posting all details in a Q&A format on our website. Grant https://ministers.treasury.gov.au//supporting-australian-w

09.01.2022 A good summary of personal payments.

09.01.2022 The best calculator I can find on the Covid concession for employee wages tax. Great work here by #Digit. Grant

08.01.2022 For some of us the #Covid and #JobKeeper rules are a bit like this. If you need help then please contact us. We will be releasing FAQs of the rules tomorrow. Grant

07.01.2022 A summary of the asset thresholds for an immediate depreciation write off. The current threshold of $150,000 per asset will reduce to just $1,000 after 31/12/20 Please note that special rules apply to vehicles. Grant

06.01.2022 A great explanation of #JobKeeper reforms. The reforms discuss the extension of the program by date and by employee. A key takeaway now is that eligible employees include those employed after 1/7/2020. If you have any such employees then action is required NOW. If you need help please ask... https://www.ato.gov.au//Extension-of-the-JobKeeper-Payment/ https://www.ato.gov.au//Extension-of-the-JobKeeper-Payment/

05.01.2022 We are all getting a bit physical at home to tail out the weekend. The #ATOPortal is down this weekend in preparation for #JobKeeper2. Back to it tomorrow. Also reading commentary on #Antifragility (Post Traumatic Growth) by Nassim Taleb. I’ll feature more on that later

05.01.2022 TAX PLANNING TIPS 2019/20 - PLENTY OF OPTIONS With June 30 fast approaching we draw your attention to tax planning opportunities for financial year 2019/20 before it is too late. https://bit.ly/2Vw5RAD #mccarthyandco #accounting #professionalservices #taxplanning #taxtime

03.01.2022 Its been a hectic week! We are open for business and here to help. The Covid-19 crisis is affecting a number of clients. To date there have been two stimulus packages enacted as law and there is talk of more to come. ... At this stage the measures (unfairly) target employers only. Including those in companies or trusts with employee shareholders/directors/beneficiaries. We have been in contact with (nearly) all of those clients. By phone and by email. We have also urgently pushed through personal tax work for people stood down or retrenched or whove lost work and who are getting personal tax refunds. We have been working through contingencies if there is a total lockdown too. A big challenge personally. We will communicate with relevant clients if or when extra stimulus gets announced be it for: - proposed rent relief measures - stimulus for sole traders (if it comes) - other measures. Please call the office to talk things through. Call any time as many are doing it tough. Grant 32080488/0407602041

03.01.2022 JOBKEEPER - FAQs Government stimulus during the Covid 19 crisis has been critical in keeping many businesses operating. https://bit.ly/3id5OUg #mccarthyandco #accountants #professionalservices #jobkeeper #stimulus

02.01.2022 Federal Budget papers are now released. I’ll be issuing a summary in the next day or so. The big ticket items as far as I’m concerned: 1. Backdating of personal income tax cuts to 1/7/20 (three months ago)... 2. Depreciation immediate write off extensions 3. Job Hiring subsidies - applicable for nearly all businesses. 4. Loss Carry Back of 18/19 income tax. Grant. https://budget.gov.au/2020-21/content/overview.htm

01.01.2022 The most up-to-date resources for #Covid and #JobKeeper. Relevant for all business clients and ABN holders which have experienced more than a 30% drop in business compared to the same time last year. We are working on FAQs (frequently asked questions) for you. https://www.ato.gov.au//JobKeeper---timeline-of-content-u/

01.01.2022 This is a ridiculous bungle. I suspect that what has happened is that self lodgers have incorrectly lodged the JobKeeper application form. Its either up to the ATO to contact affected people to get the form revised; the applicants to seek a review or leave it be as a reduced stimulus amount. We can review what youve lodged and can help if you think theres an error. I suggest to get in BEFORE 31/5/20... https://www.abc.net.au//jobkeeper-numbers-cut-by-/12277488

01.01.2022 Hot off the Press. Reforms to JobKeeper rules have been announced this morning. The effect of the changes are to: 1. Extend the program to 31/3/2021... 2. Taper/reduce the support 3. Tighten eligibility after 30/9/2020 We will keep you posted as further details emerge. Grant https://treasury.gov.au/coronavirus/jobkeeper/extension