Document ID: chunk:federal_register_of_legislation:C2010C00715:clause:2_105
Version: federal_register_of_legislation:C2010C00715
Segment Type: clause
Provision Reference: sch 2 cl 105
Character Range: 236877–237543

105  Entitlement to instalment credit

 (1) If:
 (a) an employer is or was liable to pay an instalment of tax in respect of a year of tax; and
 (b) the Commissioner makes an assessment of the tax payable, or determines that no tax is payable, by the employer in respect of that year of tax;
the employer is entitled to a credit equal to the amount of the instalment when the assessment or determination is made.

Note: How the credit is applied is set out in Division 3 of Part IIB of the Taxation Administration Act 1953.

 (2) The making of the assessment or determination, and the resulting credit entitlement, do not affect the liability to pay the instalment.