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  

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 .




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