Exemption of Eligible Community Housing Providers from Providing Third Party Reports for the 2018/19 and 2019/20 Years Determination 2019

General Outline of Instrument

1. This instrument is made under paragraph 396-70(4)(b) of Schedule 1 to the Taxation Administration Act 1953 (TAA 1953).
2. This instrument exempts eligible community housing providers from having to provide information to the Commissioner of Taxation in relation to affordable housing certificates issued before 1 July 2020.
3. The instrument is a legislative instrument for the purposes of the Legislation Act 2003. The legislative instrument is subject to disallowance under section 42 of the Legislation Act 2003.
4. Under subsection 33(3) of the Acts Interpretation Act 1901, where an Act confers a power to make, grant or issue any instrument of a legislative or administrative character (including rules, regulations or by-laws), the power shall be construed as including a power exercisable in the like manner and subject to the like conditions (if any) to repeal, rescind, revoke, amend, or vary any such instrument.

Date of effect

5.             The instrument commences on the day after it is registered on the Federal Register of Legislation.

What is this instrument about

6.             Subdivision 396-B of Schedule 1 to the TAA 1953 introduced third party reporting arrangements. Subdivision 396-B includes a requirement for an eligible community housing provider to prepare and give reports to the Commissioner of Taxation in relation to certificates (affordable housing certificates) issued by the provider under section 980-15 of the Income Tax Assessment Act 1997 (ITAA 1997).

7.             This reporting requirement is item 9A in the table in section 396-55 of Subdivision 396-B.

8.             Eligible community housing provider is defined by subsection 995-1(1) of the ITAA 1997 as having the meaning given by section 980-10 of the ITAA 1997. The details of the content required in an affordable housing certificate are outlined in section 980-15 of ITAA 1997.

9.             This instrument exempts eligible community housing providers from this reporting requirement in relation to affordable housing certificates issued before 1 July 2020.

What is the effect of this instrument

10.         Eligible community housing providers are not required to provide information to the Commissioner of Taxation in relation to affordable housing certificates issued before 1 July 2020.

Consultation

11.         Subsection 17(1) of the Legislation Act 2003 requires, before the making of a determination, that the rule-maker is satisfied that appropriate and reasonably practicable consultation has been undertaken.

12.         The consultation period for the draft legislative instrument commenced on 6 June 2019 and concluded on 20 June 2019. No submission was received.

Legislative references

Taxation Administration Act 1953

Acts Interpretation Act 1901

Income Tax Assessment Act 1997

Legislation Act 2003

Human Rights (Parliamentary Scrutiny) Act 2011

Statement of compatibility with Human Rights

Prepared in accordance with Part 3 of the Human Rights (Parliamentary Scrutiny) Act 2011.

Exemption of Eligible Community Housing Providers from Providing Third Party Reports for the 2018/19 and 2019/20 Years Determination 2019

This Legislative Instrument is compatible with the human rights and freedoms recognised or declared in the international instruments listed in section 3 of the Human Rights (Parliamentary Scrutiny) Act 2011.

Overview of the Legislative Instrument

Eligible community housing providers must prepare and lodge an annual report about the eligible community housing they manage on behalf of investors. This instrument exempts these providers from preparing and lodging this annual report for the 2019 and 2020 financial years.

Human rights implications

This Legislative Instrument does not engage any of the applicable rights or freedoms as it provides a concession of exempting eligible community housing providers from the requirement to lodge an annual report for the 2018/19 and 2019/20 financial years.

Conclusion

This Legislative Instrument is compatible with human rights as it does not raise any human rights issues.