BUSINESS IN BRIEF
MENTAL HEALTH AND SMALL BUSINESS Running your own business can be hugely rewarding, but for many small business owners having sole responsibility for the company’s success or failure can take its toll.
MAKE THE MOST OF THE GREAT BUSINESS SAVINGS YOU RECEIVE THROUGH YOUR NECA MEMBERSHIP NECA provides a range of benefits to support your business operations, including discounts on mobile phone bills, health, business insurance, fleet vehicles, fuel and more*.
Are you considering a vehicle upgrade? As we near the end of another financial year, many businesses may look at upgrading their employees’ vehicles as part of their employment package. A vehicle purchased for the business has certain tax advantages for the business owner, whether the owner is the business or the employee. The ATO website provides a detailed outline of how to claim motor vehicle expenses. Depending on your business structure, you can claim expenses such as fuel and oil, repairs and servicing, interest on a vehicle loan, lease payments, insurance, registration and depreciation.1
It can make sense to buy a new vehicle. Most contractors require work vehicles, and if you use it solely in carrying out your business, and you are registered for GST, you are generally entitled to claim a GST credit.1 With a range of expenses being tax deductible, and instant asset write-off provisions in place for some vehicles, you could end up saving a bundle come 30 June. NECA members can save thousands of dollars, simply by purchasing a vehicle through one of our negotiated deals. Whether you are a sole trader or a large business, you can access these discounts through your NECA membership. You can also take advantage of NECA’s fuel scheme, which provides NECA members with great savings off the fuel pump price and stress-free record keeping. For more information contact the NECA Branch in your state, or visit the NECA website www.neca.asn.au.
While it can be tempting to focus all of your time and attention on your business, it’s also essential that you take care of yourself. As an employing small business owner, or sole trader, you can face a range of unique challenges that can affect your mental health and the mental health of your staff. Depending on the type of small business that you have, these challenges may include:
www.bit.ly/atodeductions * Member benefits vary in each state. Contact your local NECA Branch to find out more.
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PROFESSIONAL INDEMNITY INSURANCE – DO YOU NEED IT? ARE YOU PAYING TOO MUCH? Have you considered Professional Indemnity insurance? Professional Indemnity provides your business with cover for mistakes made while delivering professional services that cause a financial loss for your customers. As a business owner, you may be providing a large range of professional services, either as a stand-alone service or as part of installation and maintenance work. When the time comes for renewal, take the time to review what professional services are included in your policy. Your policy may include services such as testing and tagging, design of PV solar systems, switchboards, security systems or event fire safety assessments. Even the preparation of plans, specifications, calculations and designs is considered to be professional services. Over 400 NECA members choose to insure their business through NECAGuard. Email necaguard@neca.asn.au or phone 1800 335 014 for more information.
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regularly putting in long hours and working intensely to meet the demands of your business or to get your business off the ground; undertaking business-related activities such as responding to business emails and calls after hours - blurring the boundaries between work and home; feeling isolated with not always having someone to share business worries with or with someone who can understand the demands of running a small business through experience; managing ongoing cash flow and financial issues, including chasing invoices and feeling concerned over where the next job is coming from; having multiple roles as well as managing the additional demands of administrative and government regulations - on top of everything else; and feeling responsible to yourself and to others such as family and employees who are being involved in the business to ensure it is successful.
It is important to take care of yourself and stay well as a small business owner so you can stay on top of your businesses demands as much as possible, and still have energy to enjoy life outside of work. If you are struggling with your mental health – you are not alone, get in touch with Heads Up. Visit www.headsup.org.au
June 2021
