Fringe Benefits Tax Assessment Act 1986

PART VII - COLLECTION AND RECOVERY OF TAX  

Division 2 - Collection by instalments  

Subdivision C - Working out the amount of instalments  

SECTION 112   ESTIMATED TAX  

112(1)   [Employer may estimate tax]  

An employer may, not later than the date on which an instalment of tax in respect of a year of tax is due and payable or within such further period as the Commissioner allows:

(a) make an estimate of the amount of the tax (if any) that will be payable by the employer in respect of that year of tax; and

(b) furnish to the Commissioner a written statement, in the approved form, showing:

(i) the amount so estimated; and

(ii) the basis on which the estimate has been made;

unless the employer has previously furnished a statement under this subsection in relation to the instalment of tax.

112(2)   [Effect of estimate]  

Where an employer furnishes to the Commissioner, in relation to an instalment of tax, a statement under subsection (1), the estimated tax is, subject to subsection (3), an amount equal to the employer ' s estimate.

112(3)   [Where Commissioner may substitute estimate]  

Where, having regard to information in returns furnished by the employer and any other information in the Commissioner ' s possession, the Commissioner has reason to believe that the amount of tax that will be payable by the employer in respect of the year of tax is greater than the employer ' s estimate:

(a) the Commissioner may estimate the amount that, in the Commissioner ' s opinion, should have been the amount estimated by the employer pursuant to subsection (1) in respect of that year of tax; and

(b) the estimated tax is:

(i) an amount equal to the amount of tax so estimated by the Commissioner; or

(ii) the amount that would be the notional tax amount of the employer in respect of the year of tax if the employer had not furnished a statement under subsection (1);

whichever is the less.

112(4)    
(Repealed by No 44 of 2000)

112(4A)    
(Repealed by No 44 of 2000)

112(5)    
(Repealed by No 44 of 2000)

112(6) - (7)    
(Repealed by Act No 11 of 1999)