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STP extension for small businesses

The ATO has released a statement in relation to transitioning to Single Touch Payroll (STP) for small employers. Parliament has passed legislation to extend STP to include employers with fewer than 20 employees from 1 July 2019. STP is payday reporting by employers to the ATO as it happens.

The initiative is designed to help keep up with advances in technology and firmly establish business reporting. As some small employers do not currently use commercial payroll software, the ATO is working with software providers to develop low and no-cost reporting solutions including simplifying payroll systems.

It has been highlighted that to further assist in the transition, the ATO is offering:

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News

Basics of SMSF investing

January 21, 2021

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:

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.