Lodgment of account activity statements by First home saver account providers for the year ended 30 June 2014 in accordance with the Taxation Administration Act 1953
Explanatory Statement
General outline of instrument:
- This instrument sets out the way in which First home saver account providers are required to lodge First home saver account activity statements in accordance with section 391-5 of Schedule 1 to the Taxation Administration Act 1953 for the income year ended 30 June 2014, in the approved form, and states the due date for lodgment.
2. The proposed instrument will be a legislative instrument for the purposes of the Legislative Instruments Act 2003 and it is legally binding on the Commissioner of Taxation.
Date of effect:
3. The instrument applies to the income year ended 30 June 2014 and is effective from the day after it is registered.
What is this instrument about:
4. The principal purpose of the instrument is to set out the form and manner in which account activity statements are to be lodged for the income year ending 30 June 2014 and states the date by which they are required to be lodged. The legislative instrument sets the baseline date for lodgment of statements, which can be deferred by the exercise of the Commissioner’s discretion under section 388-55 of Schedule 1 to the Taxation Administration Act 1953.
What is the effect of this instrument:
5. The effect of this instrument is that First home saver account providers have clear guidance on their obligation to lodge account activity statements, the manner in which they must be lodged and the date by which they must be lodged. The instrument also details the penalty that may be applied for failure to lodge on time.
Compliance cost impact:
6. An assessment of the compliance cost impact indicates that they will be minor for both implementation and on-going compliance costs. This instrument is of a minor or machinery nature.
Background:
7. Every year the Commissioner publishes the requirements for lodgment of income tax returns, other returns and statements in accordance with relevant legislation.
8. This instrument sets out the lodgment date for account activity statements and the manner in which they have to be lodged, including details of acceptable electronic media that could be used and the penalties that may be applied for failing to lodge these statements on time.
Consultation:
9. There was significant consultation with First home saver account providers in the past in relation to this instrument, and both the period of lodgment and the lodgment date have been decided with industry. This is considered a machinery provision and a requirement of section 391-5 of Schedule 1 to the Taxation Administration Act 1953 and it is a long standing practice to publish information for lodgment of income tax returns and other statements for each income year and who must lodge them.
Christopher David Jordan AO
Commissioner of Taxation
04 June 2014
Statement of Compatibility with Human Rights
This Statement is prepared in accordance with Part 3 of the Human Rights (Parliamentary Scrutiny) Act 2011.
Lodgment of account activity statements by first home saver account providers for the year ended 30 June 2014 in accordance with the Taxation Administration Act 1953
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
This instrument sets out the way in which First Home Saver account providers are required to lodge First Home Saver account activity statements in accordance with section 391-5 of Schedule 1 to the Taxation Administration Act 1953 for the income year ended 30 June 2014, in the approved form, and states the due date for lodgment.
Human rights implications
This legislative instrument does not engage any of the applicable rights or freedoms as it simply provides guidance for First Home Saver account providers on their obligation to lodge account activity statements, the manner in which they must be lodged and the date by which they must be lodged.
Conclusion
This legislative instrument is compatible with human rights as it does not raise any human rights issues.
Christopher David Jordan AO
Commissioner of Taxation
04 June 2014
Overview
The legislative instrument, F2014L00690, was introduced to provide clear guidelines to First Home Saver account providers regarding the lodgment of account activity statements for the income year ended 30 June 2014, in accordance with the Taxation Administration Act 1953. Enacted by the Commissioner of Taxation, this instrument addresses the need for precise instructions on the form and manner of lodgment, along with the stipulated due date, ensuring compliance with relevant taxation laws. The instrument also outlines the penalties for late lodgment, reinforcing the importance of adhering to the specified timelines. This legislative instrument is legally binding under the Legislative Instruments Act 2003 and is designed to minimise compliance costs while ensuring efficient tax administration.
The instrument was developed following extensive consultation with First Home Saver account providers, aligning with the Commissioner's annual practice of publishing lodgment requirements for income tax returns and other statements. It is a machinery provision under section 391-5 of Schedule 1 to the Taxation Administration Act 1953, aimed at providing necessary guidance to the industry. Furthermore, the instrument has been assessed for compatibility with human rights, affirming that it does not engage any applicable rights or freedoms, thereby ensuring its alignment with human rights obligations under the Human Rights (Parliamentary Scrutiny) Act 2011.
Scope and Application
The F2014L00690 legislative instrument concerns the lodgment of account activity statements by First Home Saver account providers for the income year ending 30 June 2014. It is a legally binding instrument under the Taxation Administration Act 1953 and sets the requirements for the form and manner in which these statements must be lodged, including the due date for lodgment. This instrument applies specifically to First Home Saver account providers and is effective from the day after its registration. It serves to provide these providers with clear guidance on their obligations, the acceptable methods for lodgment, and the penalties for non-compliance. The instrument was developed following consultation with industry stakeholders and is considered a machinery provision to ensure compliance with existing legislative requirements. It does not introduce any new obligations but rather clarifies existing duties, with compliance costs assessed as minor. The instrument does not engage any human rights issues as it merely outlines procedural requirements for the lodgment of statements.
Key Provisions
The instrument in question, F2014L00690, provides specific guidance for First Home Saver account providers on how to lodge their account activity statements for the income year ending 30 June 2014. Under section 391-5 of Schedule 1 to the Taxation Administration Act 1953, these providers must lodge their statements in an approved form and adhere to the stated due date. This legislation ensures that First Home Saver account providers have a clear understanding of their reporting obligations, which includes the format and timing of their submissions.
First Home Saver account providers have distinct obligations under this legislation. They must ensure that their account activity statements are lodged in the approved form and by the specified due date, which is outlined in the instrument. This includes complying with any requirements regarding the electronic media that can be used for lodgment, as well as adhering to any instructions or formats provided by the Commissioner of Taxation. These obligations are designed to maintain the integrity and efficiency of the tax reporting system.
Failure to comply with the obligations set forth in the instrument can result in penalties. The instrument details the potential penalties that may be applied for late lodgment of account activity statements. While the specific penalties are not enumerated in the provided text, it is clear that penalties are intended to encourage timely and accurate reporting. This aligns with the overarching purpose of the Taxation Administration Act 1953 to ensure that tax obligations are met in a timely and efficient manner.
The instrument is legally binding on the Commissioner of Taxation, and it applies specifically to the income year ending 30 June 2014. It is effective from the day after it is registered, making it a timely guide for providers during that particular financial year. Additionally, the instrument is compatible with human rights, as it does not impose any restrictions that would infringe upon the rights or freedoms recognised in international human rights instruments. This compatibility is further underscored by the Statement of Compatibility with Human Rights, which confirms that the legislative instrument does not raise any human rights issues.