Insights

As Australia re-opens its international borders in a return to ‘normal’ life following forced closures throughout the COVID-19 pandemic, many expatriates may be considering this as an ideal time to return home to family and friends – resettling life back Down Under.

In response to the impacts of the recent South-East Queensland rainfall and flooding, the Queensland Government has announced the release of its ‘Extraordinary Disaster Assistance Recovery Grants’, designed to support affected small businesses in their recovery.

Taxpayers can vary their pay as you go ('PAYG') instalments throughout the year if they think they will pay too much, compared with their estimated tax for the year.

To assist taxpayers who continue to be affected by COVID-19, the ATO has stated that it will not apply penalties or interest on varied instalments for the 2021/22 income year for excessive variations when the taxpayer has taken reasonable care to estimate its end of year tax.

Under newly revised legislation which took effect earlier this year, eligible small businesses can now restructure from trading discretionary trusts to trading companies, gaining access to a Stamp Duty Exemption in Queensland.

Whilst more details are still to be announced by the QLD Government in the coming days, businesses impacted by the latest lockdown restrictions in Queensland may be eligible for financial assistance and support through the 2021 COVID-19 Business Support Grant.

As confirmed in this year's Federal Budget, a reminder that from 1 July 2021, the Superannuation Guarantee (SG) base rate is set to increase to 10 per cent, rising from 9.5 per cent.