Document ID: chunk:federal_register_of_legislation:C2004A00636:clause:2_112a
Version: federal_register_of_legislation:C2004A00636
Segment Type: clause
Provision Reference: sch 2 cl 112A
Character Range: 27595–28274

112A  Credit in certain cases where amount of instalment is nil

 (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.

 (2) A claim for a credit must be made in the approved form on or before the 21st day 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.