Lodgment of returns and statements in accordance with the Income Tax Assessment Act 1936, the Income Tax Assessment Act 1997 and the Taxation Administration Act 1953 for the year ended 30 June 2005
Explanatory Statement
General outline of instrument
This instrument sets out who is required to lodge an annual return, in the approved form, and the due date for lodgment.
The proposed instrument will be a legislative instrument for the purposes of the Legislative Instruments Acts 2003 and it is legally binding on the Commissioner.
Date of effect
The instrument applies to the financial year ended 30 June 2005 or approved period in lieu and is effective from the day after it is registered.
What is this instrument about:
The principal purpose of the instrument is for lodgment of returns for an income year by specifying who is required to lodge and to stipulate the date they are required to lodge. In practice, the Instrument establishes baseline dates for lodgment of returns which can be deferred by the Commissioner’s discretion under s 388-55 of Schedule 1 to the Taxation Administration Act 1953 (TAA 1953) for example the deferred due date for returns lodged under the tax agent lodgment program.
What is the effect of this instrument:
The effect of this instrument is that taxpayers have clear guidance of their obligations to lodge returns in the approved form and the date by which they must be lodged and the penalty that may be applied for failure to lodge on time.
Background:
Since the commencement of the Income Tax Assessment Act 1936, section 161 of that Act refers to the requirement to lodge an annual return. Every person must, if required by the Commissioner give to the Commissioner a return for a year of income within the period specified in the notice.
Each year the Commissioner has published a notice that set out the requirements of certain taxpayers to lodge returns and the date by which they must be lodged. It also identifies classes of taxpayers who are not required to lodge a return.
The notice defines a ‘person’ and in tables set out in detail, the requirements of a ‘person’ to lodge a return, as well as supplementary information such as requirement for lodgment in the approved form and the penalties that may be applied for failing to lodge the return on time.
Consultation:
There has been no consultation in relation to this instrument. This is a machinery provision and a requirement of section 161 of the Income Tax Assessment Act 1936 and it is a long standing practice to publish the due dates for lodgment of returns for each financial year and who must lodge them.
Commissioner of Taxation
[15 June 2005]