Fringe Benefits Tax Assessment Act 1986

PART VII - COLLECTION AND RECOVERY OF TAX  

Division 2 - Collection by instalments  

Subdivision A - General  

SECTION 105   CREDIT FOR INSTALMENTS PAYABLE  

View history reference

105(1)   [When employer entitled]  

An employer is entitled to a credit when the Commissioner:


(a) makes an assessment of the tax payable by the employer for a year of tax; or


(b) determines that no tax is payable.

Note:

The employer ' s first return for the year of tax is treated as an assessment: see section 72 .

105(2)   [Calculation of credit]  

The credit is equal to:

  • • the total of each instalment (if any) payable by the employer for the year of tax;

    • reduced by:

  • • the total of any credits the employer has claimed under section 112A because of one or more instalments of tax for the year of tax.
    • Note:

    An employer can claim a credit under section 112A in some cases where the amount by reference to which an instalment is worked out reduces during the year of tax.

    105(3)   [Liability to pay]  

    The making of the assessment or determination, and the resulting credit entitlement, do not affect the liability to pay an instalment.

    Note:

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

     View history note

     

    Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited

    CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.

    The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.