Commonwealth Consolidated Acts

FRINGE BENEFITS TAX ASSESSMENT ACT 1986 - SECT 105

  (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.

  (2)   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.

  (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 .