Lodgment of account activity statements by First home saver account providers for the year ended 30 June 2013 in accordance with the Taxation Administration Act 1953

Overview

The instrument F2013L00928, enacted in 2013, is a legislative measure introduced to provide clear guidelines to First Home Saver account providers regarding the lodgment of account activity statements for the income year ending 30 June 2013. This legislative instrument was established in accordance with section 391-5 of Schedule 1 to the Taxation Administration Act 1953 and is legally binding on the Commissioner of Taxation. The primary purpose of this instrument is to ensure that First Home Saver account providers adhere to the specified format and timing for lodging their account activity statements, with a clear statement of the due date for lodgment, and to outline the penalties for non-compliance. The instrument serves to minimise compliance costs and offers a minor administrative benefit by providing a baseline for lodgment dates, which can be adjusted by the Commissioner’s discretion under section 388-55 of Schedule 1 to the Taxation Administration Act 1953. The instrument was developed through significant consultation with industry stakeholders and aligns with the annual practice of publishing lodgment requirements for various tax returns and statements.

Scope and Application

This legislation, F2013L00928, sets out the requirements for First Home Saver account providers to lodge account activity statements for the income year ending 30 June 2013, in accordance with section 391-5 of Schedule 1 to the Taxation Administration Act 1953. It applies specifically to these providers and concerns their obligations to submit these statements in the approved form by the stated due date. The instrument is a binding legislative requirement for the Commissioner of Taxation and is effective from the day after it is registered. The purpose of this legislative instrument is to provide clarity on the form and manner of lodging these statements, including acceptable electronic media, and the potential penalties for non-compliance. It also includes a statement of compatibility with human rights, asserting that it does not engage any of the applicable rights or freedoms as it merely provides guidance on statutory obligations. The instrument does not extend its application to any exclusions, exemptions, or thresholds beyond those already established by the overarching Taxation Administration Act 1953. It operates within the Commonwealth jurisdiction, with compliance being legally binding on the Commissioner of Taxation. The legislative instrument also notes that the lodgment date and the manner of lodgment have been determined through consultation with the industry, reflecting a long-standing practice of the Commissioner to publish annual requirements for lodgment of income tax returns and other statements.

Key Provisions

The legislative instrument, F2013L00928, sets out the requirements for First Home Saver (FHS) account providers to lodge FHS account activity statements for the income year ended 30 June 2013 in accordance with section 391-5 of Schedule 1 to the Taxation Administration Act 1953 (sections 1-4). It specifies the approved form and the due date for lodgment. This instrument is legally binding on the Commissioner of Taxation and is effective from the day after it is registered (section 3). It aims to provide clear guidance on the obligation to lodge account activity statements, the manner of lodgment, and the due date (section 4). The instrument also details the penalties that may apply for failing to lodge these statements on time (section 8). FHS account providers are required to lodge their account activity statements in the approved form by the specified due date (section 1). They must use the acceptable electronic media as outlined in the instrument (section 8). The instrument sets out the baseline date for lodgment, but this date can be deferred by the exercise of the Commissioner’s discretion under section 388-55 of Schedule 1 to the Taxation Administration Act 1953 (section 4). This legislative instrument also indicates that compliance costs will be minor for both implementation and ongoing compliance (section 6). Failure to lodge FHS account activity statements on time may result in penalties as specified in the instrument (section 8). While the exact penalties are not detailed in the excerpt, it is common under Australian tax law for penalties to include fines and interest on unpaid taxes. The instrument is designed to ensure that FHS account providers are aware of their obligations and the consequences of non-compliance (section 8). The Commissioner of Taxation has the discretion to adjust the lodgment date under section 388-55 of Schedule 1 to the Taxation Administration Act 1953, providing some flexibility in enforcement (section 4). This legislative instrument is compatible with human rights as it does not engage any of the applicable rights or freedoms, simply providing guidance on the obligations of FHS account providers (section 7). The instrument does not raise any human rights issues, ensuring that its provisions align 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 (section 7). The instrument’s primary purpose is to ensure compliance with tax obligations without infringing on any human rights (section 7).