Fringe Benefits Tax Assessment Act 1986
View history note
Hide history noteIf a nominated State or Territory body ceases to exist during a year of tax (other than because of subsection 135V(6) ), then, for the purposes of subsection 110(1) , the amount of the tax that was assessed, in respect of the immediately preceding year of tax in respect of the State or Territory that nominated the body, is taken to be an amount worked out using the following formula:
| Amount
actually assessed |
+ | Notional tax
amount of the State or Territory body |
− | Previous
instalments by the State or Territory body |
− | Previous credits of
the State or Territory body |
where:
amount actually assessed
means the amount of the tax assessed in respect of the State or Territory in respect of the immediately preceding year of tax.
notional tax amount of the State or Territory body
means the notional tax amount of the nominated State or Territory body in respect of the year of tax, as at the end of the last day of the last quarter before the body ceased to exist.
previous credits of the State or Territory body
means the total of any credits claimed under section
112A
in relation to one or more instalments of tax of the nominated State or Territory body for that year of tax.
previous instalments by the State or Territory body
means the total of any instalments of tax of the nominated State or Territory body for that year of tax that became due and payable before it ceased to exist.
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