Worried you’re missing part of your refund? Remember, the low and middle income tax offset isn’t a refund on its own – it’s used to offset (or reduce) the amount of tax you pay. The offset amount you may be entitled to is automatically applied and could range between $255-$1080, depending on things like your taxable income and how much tax you’ve paid.
I have 4 business consultants who each use their family trust/unit trust to trade under the same business name and share the same office, this is obviousy deemed to be a general law partnership even though there is no formal partnership agreement in place. Each family trust/unit trust are doing their own quarterly BAS lodgement at moment.
After a lengthy discussion among consultants, a new company (A) was set up recently as agent to invoice their clients on behalf of 4 entities, a formal agency agreement is in place and subdivision 153B was stipulated as an option of GST reporting.
I've read through GSTR 2000/37 yet it is still very confusing on what i should do in term of GST reporting, does each family/unit trust is still required to lodge GST via BAS, or Is company A (agent) the only entity who is required to report GST in this case?
Your support and guidance on this would be much appreciated.