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.
Our partnership was registered with ABN,GST and PAYG withholding on 16 Feb 2020,and on the same day we signed a contract with a private company to buy his only business Fish & chips on a going concern,the settlement date will be due in the coming days.The vendor will continue to operate the business until settlement.
Under this situation,who will be eligible for the cash flow boost, the vendor or the purchaser?