Fringe Benefits Tax Assessment Act 1986
View history note
Hide history noteThe amount of an instalment of tax of an employer for a year of tax that becomes due and payable after the end of a quarter is the amount worked out using this formula, if the amount is positive:
Otherwise, the amount of the instalment is nil.
Note:
If the notional tax amount is too small, the instalment may not be payable: see subsection (2).
111(1A)
For the purposes of the formula in subsection (1):
notional tax amount
means the employer
'
s notional tax amount for the year of tax, as at the end of the last day of that quarter.
previous credits
means the total of any credits the employer has claimed under section
112A
because of one or more instalments of tax for the same year of tax that became due and payable before that day.
previous instalments
means the total of any instalments of tax for the same year of tax that became due and payable by the employer before that day.
111(2)
An instalment of tax in respect of a year of tax that would otherwise become due and payable by an employer after the end of a quarter is not payable if:
(a) the instalment is calculated by reference to a notional tax amount ascertained under subsection 110(1) ; and
(b) the notional tax amount by reference to which the instalment was calculated is less than:
(i) if a determination of an amount is in force under subsection (3) in respect of the year of tax - that amount; or
(ii) in any other case - $1,000; and
(c) unless that quarter is the first quarter in the year of tax - because of one or more previous applications of this subsection, the instalment that would otherwise have become due and payable by the employer after the end of the previous quarter is not payable.
111(3)
The Commissioner may, by legislative instrument determine an amount other than $1,000 as the amount applicable for the purposes of subsection (2) in respect of a year or years of tax specified in the determination.
[ CCH Note: The amount applicable for the purposes of s 111(2) for 1991/92 and subsequent years is $3,000 ( Gazette No GN 5, 6 February 1991).]
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.
