The ATO has introduced the Business Portal to allow small business owners to manage their tax affairs online at their convenience.
Connect your ABN to your myGov account or a compatible AUSkey so you can access the business portal. The portal is accessible 24 hours a day, seven days a week.
The portal can be used for the following services:
Registering for GST or PAYG withholding
Lodging, revising or viewing activity statements
Requesting refunds or transfers between accounts
Updating your business details
Tracking the progress of refunds or transfer requests
Communicating with us through a secure mailbox
Refer to the ATO for direct links that will step you through how to use these services successfully. If you still have trouble with technology it may be worth consulting a registered tax agent to help you fulfil the ATO’s compliance requirements.
Setting up an SMSF fund is the simplest step. Establishing a fund which delivers you consistent returns from your investments is much more difficult.
Investing successfully involves determining precise goals and picking investments which will effectively achieve those goals. The advantage of SMSFs is that you can build a portfolio which reflects your short-term and long-term goals in response to changing market conditions.
In an SMSF fund, your investment options are:
Australian and international shares (listed and unlisted)
Residential or commercial property
Cash and term deposits
Fixed income products
Physical commodities
Property
Collectibles
Before you begin investing, consider what might be the best way to diversify your portfolio. How you portion your investments will depend on your funds, the market, and your goals. Regardless of what your plan is, diversification should be a priority.
Choosing an SMSF as opposed to an industry or retail super fund provides you with more flexibility, but also with more responsibility. Researching before investing is key if you want the best out of your SMSF.
