The Value Add
With beyondblue estimating that 1 in 5 employees are likely to be affected by a mental health condition, even if you are feeling fine, someone you know may be dealing with mental health issues.
In this edition we look at how to start the conversation with someone who is struggling.
We also look at the range of ATO webinars and videos to support SMSF trustees, as well as the newly enacted Small Business Restructure Roll-Over.
The second instalment of our video series on trusts covers why you might use a trust.
Start the Conversation with Someone Who Is Struggling
(reproduced from WorkCover Queensland)
Managers can find it difficult to know how to take the right kind of early action to control the risk of psychological injuries in their workplace.
While prevention is always better than cure in terms of fostering a positive work environment, it is important to also know how to talk to a worker who you notice might be struggling.
Here are some practical tips from beyondblue to give you confidence in your interactions with your workers.
Creating a positive work environment
- Provide constructive feedback to staff about their performance
- Reward and celebrate achievements
- Be approachable
- Manage conflict quickly and effectively
- Talk to your staff, particularly about changes that affect them
- Don’t tolerate harassment and bullying
- Be aware of the impact of unrealistic workloads and deadlines
What do you do if you notice someone is struggling
Watch for signs: It’s not your role to diagnose a mental health problem, but you can access expert information via beyondblue to know what to look for. Signs a person could be experiencing a mental health problem can include agitation, confusion, and generally not interacting with others in their usual manner.
Find an opportunity to speak to the person in private: Respect the person’s privacy and that they might be feeling particularly sensitive and vulnerable.
Talk to them about changes in their behaviour: It is important to be clear that you are coming from a place of concern for their wellbeing, rather than their job performance.
Encourage the person to seek help: beyondblue have a range of resources on their website and you can also encourage the person to talk to their GP about how they’re feeling.
Continue to support them: Reassure your worker that their job is safe and work with them to develop a work plan they feel comfortable with. It might involve temporarily modifying duties that could be aggravating their stress or anxiety.
Managers can access free, quick e-learning modules on the following topics on beyondblue’s website. They have short video examples that show how you can start the conversation.
- What would you do? How to approach a worker who may be experiencing depression or anxiety
- Organisational leadership – provides senior leaders with information and tools to create a mentally healthy workplace
- Business in Mind – supports small to medium-sized business owners to learn how to manage mental health conditions in the workplace
For more on early action and fostering positive work relationships:
- Good work relationships in hospitals mean everyone wins
- Early identification of mental illness in the workplace
- Seven principles of effective injury management – WorkCover Queensland’s webinar with Endeavour Foundation’s Yvonne Paye discusses how to establish an early intervention culture.
SMSF Trustees – are you up to date and informed?
Are you a new SMSF trustee or is it time to update your knowledge? Are you interested in setting up an SMSF?
The ATO have a range of webinars and videos to support you.
SMSF Webinars
The ATO offer free SMSF webinars every fortnight. The webinars explain the key roles and responsibilities of a trustee, the rules for accepting contributions and managing fund investments, and when you can access your super and how benefits are taxed.
There’s no need to leave your home or office plus, if you can’t make it to a live session, the webinar recordings are also available online.
SMSF Videos
You can also get information about SMSFs by viewing the ATO’s SMSF trustee videos. These short animations cover hot topics and key responsibilities for SMSF trustees, providing information that helps you run your fund and meet your obligations.
There are 27 videos available covering a range of topics such as investments, contributions, payments and administration. You can learn a lot in just a few minutes.
Small Business Restructure Roll-Over Becomes Law
From 1 July 2016, small businesses will be able to change their legal structure without incurring any income tax liability for certain transactions. This applies when transferring active assets that are CGT assets, trading stock, revenue assets and depreciating assets. To qualify, each party to the transfer must be a small business entity, or an entity that:
- has an affiliate that is a small business entity
- is connected with an entity that is a small business entity
- is a partner in a partnership that is a small business entity
The roll-over is available when all of the following criteria are met:
- all parties to the transaction choose to apply the roll-over
- there is no change to the ultimate economic ownership
- the transfer is part of a genuine restructure
- assets transferred are eligible assets
- all parties meet the residency requirement
This roll-over applies to income tax, but does not exempt the transaction from stamp duty being applied to the transaction at a state level. If you are considering restructuring your business holdings,, contact us to arrange a review of the opportunity this new legislation provides, and ensure that you don’t get caught out by any of the pitfalls of a rushed decision.
Why Use a Trust?
Now you know what a trust is, why would you use a Trust?
Catch Part 2 of our Trust series of videos and find out some of the common and surprising uses for trusts.
As always, if you have any questions around trusts and how they might benefit you, call us at Value Beyond.