Commonwealth Consolidated Acts

FRINGE BENEFITS TAX ASSESSMENT ACT 1986 - SECT 112A

  (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 .