Throw money worries into the mix and you will soon find the knock-on effects of anxiety, depression, stress and other mental illness can affect far more than your business, including your ability to function well and those around you.

As your trusted adviser, MartinCo understand the struggles small business owners face and we can offer you financial counsel, but for more deep-seated support there are others better equipped to help.

The good news is that there is now greater awareness of mental health and support for those experiencing difficulties. The ATO recognise this, and have recently shown significant commitments to support the mental health of small business owners in the lead up to World Mental Health Day, which was on the 10 October. 

“One accounting body has found in its surveying of small business owners, over 90 per cent say engaging with an accountant significantly lowers their anxiety…”

ATO Deputy Commissioner for Small Business, Deborah Jenkins, acknowledges that small business owners experiencing the warning signs of a mental health condition can check out the support available from the ATO at:

https://www.ato.gov.au/smallbizmentalhealth

But what are the warning signs?

• finding it hard to concentrate;
• feeling irritable, stressed or very emotional;
• experiencing difficulty sleeping, or waking very early morning and not being able to get back to sleep;
• inability to switch off from thinking about work even when not at work;
• a change in eating and/or drinking habits (including eating less/more or drinking more);
• withdrawing from family and friends.

ATO support

If your difficulties are affecting your ability to meet your tax obligations and super commitments the ATO can remove some of the stress involved. Their support includes:

• tailored payment plans;
• delaying a lodgment or payment;
• organising a call-back or assistance visit; and
• help to alleviate some of the pressure through its complex issues resolution service (see the Let’s Talk section of ATO website).

You can call the ATO direct on 13 11 42 or ask us to speak to them on your behalf by nominating us as your representative.

How to access help

While you may have heard of large companies offering employee assistance programmes, if you own and/or run your own business, you probably won’t be able to access these or offer them to your employees. There are quite many agencies that can help if you think you, or your staff, are suffering from mental health-related issues, including:

• Beyondblue information line on: 1300 224 636;
• Lifeline (24/7) on: 13 11 14;
• Black Dog Institute at: blackdoginstitute.org.au;
• MensLine Australia on: 1300 78 99 78;
• Suicide Call Back service (24/7) on: 1300 659 467;
• Emergency ambulance etc, on: 000;
• Psychotherapy and Counselling Federation of Australia (PACFA): pacfa.org.au/find-a-therapist;
• Australian Psychological Society (APS): psychology.org.au/FindaPsychologist;
• Australian Clinical Psychology Association (ACPA): acpa.org.au/find-a-clinical-psychologist/.

Talking to your accountant may be a first step

If you are experiencing difficulties in meeting tax and super commitments or having issues with debt, talking to us is a great first step. Nothing gives peace of mind like knowing that your accounts are in order. But the thing to remember is that by also talking to someone experienced in the mental health field, you are helping yourself, your business and those around you, so don’t be alone and suffer in silence.

If you would like more information contact MartinCo Today

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Our office will be closed from 5pm Thursday 21^st December 2017 and will reopen on Monday 8^th January 2018.

We wish you all the best for the Christmas season and New Year.

From Peter, Andrew, Todd & the staff at MartinCo

If you would like more information contact MartinCo Today

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If possible, arrange for the receipt of Investment Income (e.g. interest on Term Deposits) and Contract Date for the sale of Capital Gains assets to occur AFTER 30 June 2017.

The Contract Date is the key date for working out when a sale has occurred, not the Settlement Date!

Contact us TODAY before the June 30 deadline for assistance to reduce your tax!

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Ensure that you have kept an accurate and complete Motor Vehicle Log Book for at least a 12 week period, which is current within the last 5 years. The start date for the 12 week period must be on or before 30 June 2017.

You should make a record of your odometer reading as at 30 June 2017.

Contact us TODAY before the June 30 deadline for assistance to reduce your tax!

The post Tax Planning: Motor Vehicle Log Book appeared first on MartinCo.

Make payments for repairs and maintenance (business, rental property, employment) PRIOR to 30 June 2017.

To claim an outright tax deduction for repairs and maintenance on your investment property, the damages must have been caused by your tenant. If you have just purchased the property and never had a tenant in the house, then clearly you won’t have a leg to stand on. The good news, however, is that these expenses will be classed as capital, and you can

Contact us TODAY before the June 30 deadline for assistance to reduce your tax!

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