Document ID: chunk:federal_register_of_legislation:C2025C00120:section:112a
Version: federal_register_of_legislation:C2025C00120
Segment Type: section
Provision Reference: s 112A
Character Range: 386493–387269

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; 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.