Wellbeing programs that don’t create tax pain

I recently heard a great podcast. The theme was the seismic shift in learning and productivity being driven by AI – we hear this constantly. The interesting part was the idea that successful businesses will increasingly focus on essential aspects of being human: mindfulness, health and longevity, wellbeing and connection to others. What’s more, 40% of the largest companies in the world are already on the path of promoting these essential facets of wellbeing for their employees. This was referred to as “remuneration more valuable than cash” and it’s so true. Yet a relentless focus work is often the very thing that impairs health and a quiet mind.

That got me thinking about the FBT consequences for Australian employers of promoting wellbeing in more impactful ways. As well as big ticket items such as on-premises gyms, there are exemptions to cover work-related preventative health care and counselling. This covers certain health care provided by a qualified medical practitioner to employees with similar duties and can be much broader than many employers realise. For example, the services of certain providers of health checks, health coaching and health seminars have been approved by the ATO as exempt from FBT.

For many employers, it can be daunting to think of taking on a role in helping employees to manage their health, but the reward at both a personal and business level can be massive. We can draw on FBT principles to build in the key criteria to make employee assistance on matters of health tax effective. Plus we can help design and deliver coaching and wellbeing support.

For more information on setting up an effective wellbeing program, contact trj@andanteconsulting.com.au

Link to podcast (Vishen Lakhiani on Tom Bilyeu’s Mindset Playbook)