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.
Hi, I have a registered company in Australia with a partner and we have an e-commerce business. From the business activities we have earned a certain profit. The company has paid the 27% flat tax on it. I am a 50% partner in the business and I want to take my share of the profits after tax out of Australia. Would I have to pay a tax on taking my share of profits overseas?