Apr 2021

Australian accounting firm owners: the direct connection of charity to the community

By: Odyssey General
Tags: charity, community, giving, social connection, well-being

In our last blog, we touched on the lifecycle of the Australian accounting business, with the end result of the lifecycle being the change of the entity to being an investment for the Accounting firm owner.

It’s well researched that giving activates the reward centre in your brain, improves life satisfaction, and makes you feel happier. Health also improves through decreased blood pressure and removal of stress (giving makes you feel good), which leads to longer life and better health. Giving also improves employee well-being. Giving also promotes social connection and strengthens local community bonds.

For older accounting firm owners, the benefits are clearer: older adults who are involved in charity and volunteering have improved cognitive function, increased walking speed, increased ability to climb stairs, and decreased rates of television/social media/mobile phone use. All of these indicators are linked to better health in elderly individuals.

Whilst there are national safety net programs, and national charitable bodies, giving to local community organisations have been shown to have a more direct and quicker effect. Local community organisations tend to respond faster and more appropriately to the needs of the local community, and local involvement provides support for programs that enhance community well-being.

We encourage all our clients to seek out how best they can make the direct connection to their local community, and for the Australian accounting firm owners we encourage the direct involvement of the firm in your local community.

We hope you enjoyed this blog, and remember if you need assistance with your outsourced Australian tax compliance work then please drop us a line.

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