A New Tax System (Pay As You Go) Act 1999 (178 of 1999)
Schedule 2 Running balance accounts, general interest charge and related matters
Part 3 Fringe benefits tax
Fringe Benefits Tax Assessment Act 1986
121 Sections 103, 104 and 105
Repeal the sections, substitute:
103 When instalment of tax payable
Subject to this Division, the 4 instalments of tax payable in respect of a year of tax are due and payable as follows:
|
When instalments of tax are due and payable |
||
|---|---|---|
|
Item |
This instalment ... |
is due and payable on: |
|
1 |
first instalment |
21 July in that year of tax |
|
2 |
second instalment |
21 October in that year of tax |
|
3 |
third instalment |
21 January in that year of tax |
|
4 |
fourth instalment |
21 April in the next year of tax |
104 Notice of the amount of an instalment
An employer must notify the Commissioner, in the approved form, of the amount of an instalment on or before the day on which the instalment is due and payable.
105 Entitlement to instalment credit
(1) If:
(a) an employer is or was liable to pay an instalment of tax in respect of a year of tax; and
(b) the Commissioner makes an assessment of the tax payable, or determines that no tax is payable, by the employer in respect of that year of tax;
the employer is entitled to a credit equal to the amount of the instalment when the assessment or determination is made.
Note: How the credit is applied is set out in Division 3 of Part IIB of the Taxation Administration Act 1953.
(2) The making of the assessment or determination, and the resulting credit entitlement, do not affect the liability to pay the instalment.