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.
8 January 202108:33 PM - edited 8 January 202108:36 PM
The information online about partnerships with non-resident partners seems to be scarce and I wasn't sure how it worked after researching online. My friend (who is a resident of Vietnam and resides there) and I (resident of Australia who resides here) wanted to start a partnership in Australia selling clothing. She handles all the business necessary in Vietnam and I handle all the business necessary here with a 50/50 agreement. My question is, how do tax deductions work with a non-resident partner?
For example, if she spent the equivalent (after conversion) of $100aud in Vietnam on stock for the business, would I be able to claim a deduction for $50 of that in my tax return since we have a 50/50 partnership?
To complicate things more, say for example, she had to drive to the factory to collect the stock, I'm assuming we wouldn't be able to deduct 68c per kilometer that she travelled as the cost of petrol there would be significantly cheaper than here. Then the question is, what can I actually claim as a deduction from her side of dealing with the business? Or can I not claim anything from her side?