FRINGE BENEFITS TAX ASSESSMENT ACT 1986
The 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.
If the notional tax amount is too small, the instalment may not be payable: see subsection (2).
For the purposes of the formula in subsection (1):
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.
(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.
The Commissioner may, by notice in writing in the Gazette 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).]
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