Extinguishing your liability to pay a fringe benefits tax instalment if you are released
340-20 Extinguishing your liability to pay a fringe benefits tax instalment if you are released
This section applies if the Commissioner releases you from a liability to pay an instalment of fringe benefits tax.
If your liability to pay the instalment is released in whole, you are taken, for the purposes of Division 2 of Part VII of the Fringe Benefits Tax Assessment Act 1986, not to be liable to pay the instalment.
This means that for the purposes of section 105 of that Act you are not entitled to a credit for the instalment.
If your liability to pay the instalment is released in part, you are taken, for the purposes of Division 2 of Part VII of the Fringe Benefits Tax Assessment Act 1986, to be liable to pay the instalment to the extent to which your liability has not been released.
This means that for the purposes of section 105 of that Act you are entitled to a credit for the instalment to the extent to which your liability to pay the instalment has not been released.
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