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 112A   CREDIT IN CERTAIN CASES WHERE AMOUNT OF INSTALMENT IS NIL  

112A(1)   [Entitlement to credit]  

If an amount worked out using the formula in subsection 111(1) is negative, the employer is entitled to claim a credit equal to that amount, expressed as a positive amount.

Note:

This will happen if the notional tax amount has reduced since the end of an earlier quarter because, for example:

• the employer has made an estimate under section 112 of its tax for the current year; or

• an assessment has been made for a more recent year of tax before the current year.

112A(2)   [Approved form to be lodged]  

A claim for a credit must be made in the approved form after the end of the quarter.

Note:

How the credit is applied is set out in Division 3 of Part IIB of the Taxation Administration Act 1953 .