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Tax bracket changes passed

In the 2019-20 Federal Budget, the Government announced their plans to change and build on the Personal Income Tax Plan. These changes affect the low and middle-income tax brackets and were passed on 5 July 2019.

The Budget proposed that from the 2018-19 income year:

Assessments for returns that have already been lodged are expected to be issued from 12 July and into the following week, which is in line with the normal processing of refunds for the end of financial year. Individuals and tax professionals will not need to request these assessments.

Amended notices of assessment can be accessed through the ATO website. For those individuals that have linked the ATO to their myGov account, they will be notified in their myGov Inbox.

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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.