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FRINGE BENEFITS TAX ASSESSMENT ACT 1986 - SECT 112A Credit in certain cases where amount of instalment is nil

FRINGE BENEFITS TAX ASSESSMENT ACT 1986 - SECT 112A

Credit in certain cases where amount of instalment is nil

  (1)   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.

  (2)   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 .

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