FRINGE BENEFITS TAX ASSESSMENT ACT 1986 - SECT 105 Credit for instalments payable
FRINGE BENEFITS TAX ASSESSMENT ACT 1986 - SECT 105
Credit for instalments payable(1) 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.
• the total of each instalment (if any) payable by the employer for the year of tax;
• 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.
(3) 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 .