Commonwealth Numbered Acts

FRINGE BENEFITS TAX ASSESSMENT ACT 1986 No. 39 of 1986 - SECT 111

111. (1) Subject to sub-section (2), the amount payable by an employer as an
instalment of tax (in this sub-section referred to as the "current
instalment") in respect of a standard year of tax, being an instalment that
becomes due and payable on the twenty-eighth day after the end of a quarter,
is the amount ascertained in accordance with the formula AB-C, where-
A is the amount that, on the last day of the quarter, is the notional tax
amount of the employer in respect of the year of tax;
B is the relevant fraction; and
C is the amount, or the sum of the amounts, of any instalments of tax in
respect of that year of tax that have become due and payable before the date
on which the current instalment is due and payable.

(2) An instalment of tax in respect of a standard year of tax is not payable
if-

   (a)  the instalment is calculated by reference to a notional tax amount
        ascertained under sub-section 110 (1) or (2); 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 sub-section
               (3) in respect of the year of tax-that amount; or

        (ii)   in any other case-$1,000.

(3) 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
sub-section (2) in respect of a year or years of tax specified in the
determination.