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'm new to the ATO community and I would like to seek help regarding a research that I need to conduct for work. I am working for a fund management firm and I am trying to come up with a summary of the changes or revisions that is to be implemented in the Trust Tax Return 2021 (both for MIT and AMIT), as compared to prior year 2020.
Also, I would like to seek help on Thin Capitalisation rules summary and illustration. Now, I see that there is a section here that is devoted to discussing Thin Cap, but there is not much given for illustrative examples, specifically on the computation and thin cap application. Also a summary of any changes or revision in the 2021 thin cap guidelines.
Hoping for your support on my concern. Thank you so much, ATO community!