Thursday 5 Dec 2024
Latest Accounting News
Hot Issues
ATO reveals small business hit list to combat tax debt
What are the FBT implications of Employee Christmas Parties and Gifts?
Assess a business before you buy it
Christmas Parties and Taxi Fare/Rideshare – FBT implications.
Practitioners cautioned on ATO’s top target areas for GST
ATO to target growing businesses in latest compliance blitz
Our SG compliance results are here
Top 20 Most Watched Christmas Movies ever - pre covid
A Unique Advent Calendar
Businesses ghosting the ATO targeted in debt collection blitz
Claiming the tax-free threshold: getting it right
Aussies tired of ‘dodgy tax criminals’, warns ATO
Protect your small business by following these essential steps.
Super guarantee a focus area for ATO business debt collection
Controversial ‘Airbnb tax’ set to become law
Withholding for foreign residents: an ATO focus area
1 in 3 crypto owners confused about tax, study reveals
20 Years of Silicon Valley Trends: 2004 - 2024 Insights
ATO reveals common rental property errors from data-matching program
New SMSF expense rules: what you need to know
Government releases details on luxury car tax changes
Treasurer unveils design details for payday super
6 steps to create a mentally healthy and vibrant workplace
What are the government’s intentions with negative gearing?
Small business decries ‘unfair’ payday super changes
The Leaders Who Refused to Step Down 1939 - 2024
Time for a superannuation check-up?
Scam alert: fake ASIC branding on social media
Millions of landlords the target of expanded ATO crackdown
Government urged to exempt small firms from TPB reforms
ATO warns businesses on looming TPAR deadline
How to read a Balance Sheet
Unregistered or Registered Trade Marks?
Most Popular Operating Systems 1999 - 2022
Articles archive
Quarter 3 July - September 2024
Quarter 2 April - June 2024
Quarter 1 January - March 2024
Quarter 4 October - December 2023
Quarter 3 July - September 2023
Quarter 2 April - June 2023
Quarter 1 January - March 2023
Quarter 4 October - December 2022
Quarter 3 July - September 2022
Quarter 2 April - June 2022
Quarter 1 January - March 2022
Quarter 4 October - December 2021
Quarter 3 July - September 2021
Quarter 2 April - June 2021
Quarter 1 January - March 2021
Quarter 4 October - December 2020
Quarter 3 July - September 2020
Quarter 2 April - June 2020
Quarter 1 January - March 2020
Quarter 4 October - December 2019
Quarter 3 July - September 2019
Quarter 2 April - June 2019
Quarter 1 January - March 2019
Quarter 4 October - December 2018
Quarter 3 July - September 2018
Quarter 2 April - June 2018
Quarter 1 January - March 2018
Quarter 4 October - December 2017
Quarter 3 July - September 2017
Quarter 2 April - June 2017
Quarter 1 January - March 2017
Quarter 4 October - December 2016
Quarter 3 July - September 2016
Quarter 2 April - June 2016
Quarter 1 January - March 2016
Quarter 4 October - December 2015
Quarter 3 July - September 2015
Quarter 2 April - June 2015
Quarter 1 January - March 2015
Quarter 4 October - December 2014
Quarter 3 July - September 2014
Quarter 2 April - June 2014
Quarter 1 January - March 2014
Quarter 4 October - December 2013
Quarter 3 July - September 2013
Quarter 2 April - June 2013
Quarter 1 January - March 2013
Quarter 4 October - December 2012
Quarter 3 July - September 2012
Quarter 2 April - June 2012
Quarter 1 January - March 2012
Quarter 4 October - December 2011
Quarter 3 July - September 2011
Quarter 2 April - June 2011
Quarter 1 January - March 2011
Quarter 4 October - December 2010
Quarter 3 July - September 2010
Quarter 2 April - June 2010
Quarter 1 January - March 2010
Quarter 4 October - December 2009
Quarter 3 July - September 2009
Quarter 2 April - June 2009
Quarter 1 January - March 2009
Quarter 4 October - December 2008
Quarter 3 July - September 2008
Quarter 2 April - June 2008
Quarter 1 January - March 2008
Quarter 2 April - June 2007
Quarter 2 April - June 2006
Quarter 1 January - March 2006
Quarter 3 of 2021
Articles
Lockdowns and mental health
Unemployment rate falls to 12-year low
ATO issues warning to first-time investors
World's largest armies 1816 - 2020
Extra 'super' step when hiring new employees
Pitfalls and proposed changes in the use of R&D tax incentives
Government expands SME loan scheme eligibility
COVID-19 disaster payments to be tax-free: Prime Minister Scott Morrison
‘Nowhere to hide’: New gig economy reporting regime set to debut
Hardship priority processing of tax returns
ATO Small Business Newsroom - July / August
Videos and other resources for our clients
‘Mammoth consequences’: ATO’s NALI ruling draws ire from accountants
Superannuation Guarantee Rates Reminder
NSW support measures, plus update for payroll tax.
Tax Time Checklists - Individuals; Company; Trust; Partnership; and Super Funds
Year-end tax planning
Home Office & end of 2021 tax year
ATO extends STP finalisation due date
Super transfer balance cap increase from 1 July 2021
ATO extends Division 7A COVID-19 relief
Tax implications - more than one job
Tax mix to rely more heavily on income tax as the Treasurer ducks austerity
Lockdowns and mental health

 

Victoria endures its sixth lockdown as the state's cases grow; NSW records 1,281 new local COVID-19 cases and three deaths. Lockdowns to be eased once 70% of the population is double vaccinated against COVID-19 yet today some 60% of Australians are in lockdown.

 

 



 


Depression and anxiety were already part of life for some but COVID-19, and the resultant lockdowns, have worsened, and broadened across society as a whole, these mental health issues. We have no choice in regard to lockdowns but more of us are struggling to comprehend, understand, tolerate, and manage increasing amounts of time in isolation. Also, while the pandemic and lockdowns are bad enough, it seems that increasingly people are concerned and anxious about aggressive feelings they have towards those who are causing lockdowns in the first place.


Mental health and lockdowns.


  • Depression and anxiety are three times higher during the COVID-19 lockdowns.

  • Experts say the COVID-19 pandemic is a large-scale traumatic event.

  • It has caused physical, emotional, and psychological distress, and not just for patients of the virus.


While we have been working tirelessly to keep our faces covered, wash our hands, and socially distance ourselves, even from loved ones, we may not have realized how the pandemic and lockdowns have chipped away at our mental health.


Contributing factors to depression and anxiety


There has been a large body of research now into the mental health impacts of COVID-19 and the findings mean we all have to be on guard to help ourselves, our loved ones and the wider community manage during these tough times.


Research finds that certain groups were at greater risk of depression and anxiety, groups such as those on lower incomes and those with low household savings. These groups had a 50 percent greater risk of depression and anxiety than those of higher income.


But income isn’t the only factor. Isolation and uncertainty contribute to depression and anxiety in people of all socioeconomic backgrounds.


‘The rates of depression have significantly increased during the pandemic because people are more socially isolated, have less structure and routine, and more uncertainty about the future, which leads to doubt and negative predictions.’


Beyond that there is the change in the “big picture.” “What does this do to the plans people had? What if they were about to start a job, or lost a job, and now experiencing financial hardship as a result of it? What if they lost a significant other or family member and now have to face life without that person?”


‘On top of it all, there is no way to know when it will all end. Needless to say, it is understandable why depression and anxiety are on the rise.’


How to address depression symptoms during COVID-19


There are many ways to help ease the symptoms of depression and anxiety even during a pandemic.


Depression is a common condition that affects millions of people around the world. This means there are verified and trusted methods for dealing with symptoms so that you can get back to living and enjoying your life.


“Identifying those at risk for mood symptoms — for example, those with a history of depression or anxiety, substance abuse history, those facing long-term unemployment, or those who feel a sense of isolation from others — is vital for early detection and intervention.” “Recognizing warning signs in our friends and family members, such as feelings of hopelessness and withdrawal from others, can be a way to connect individuals with the appropriate services before symptoms worsen.”


For those who may not know if they are struggling with depression and anxiety, symptoms can include:


  • low energy

  • insomnia

  • weight loss

  • low mood

  • feeling like a burden to others

  • feelings of guilt

  • suicidal ideation


“Based on the symptoms, you can decide how you want to approach it. It could be as simple as developing a semblance of structure or routine to your day, or setting a reminder to take time for yourself, even if it’s just an hour.”


There is also psychotherapy, which is one of the most valued tools when it comes to improving mental health.


“To suddenly feel like you have someone to listen and understand you and allow you to see things from a different perspective — that’s worth a lot. Especially when someone is struggling with depression.”


‘Additionally for some people medication can help.’


‘In the midst of a pandemic and recession one way to help is simply to reach out to family and friends and check in on their mental health.’


“Everyone is struggling in one way or another during COVID-19. Don’t be afraid to reach out for help or share your experiences with those close to you,” LeMonda said. “Chances are, you’ll find you’re not alone.”


 


 




27th-September-2021