Lodgment of returns and statements for the year ended 30 June 2005 - Superannuation

Explanatory Statement

General outline of instrument

This instrument sets out which Superannuation funds are required to lodge an annual return and other statements, 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 and statements for an income year by specifying which funds are required to lodge, the manner in which the forms are to be lodged and when they are required to lodge.  In practice, the Legislative Instrument establishes baseline dates for lodgment of returns and statements, which can be subject to deferment of time under the Commissioner discretion provided for in the associated legislation.

What is the effect of this instrument:

The effect of this instrument is that taxpayers have clear guidance of their obligations to lodge returns and statements, and the date by which they must be lodged and the penalty that may be applied for failure to lodge on time.

Background:

 Since June 2001 the Commissioner has published requirements for lodgment of returns and statements in accordance with:

• The Superannuation Industry (Supervision) Act 1993
• The Superannuation Contributions Tax (Assessment and Collection) Act 1997; and
• The Superannuation Contributions Tax (Members of Constitutionally Protected Superannuation Funds) Assessment and Collection Act 1997

The notice sets out the lodgment dates of returns and statements and the manner in which they had to be lodged, including details of acceptable electronic media that could be used 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 considered a machinery provision and a requirement of the Section 36A of the Superannuation Industry (Supervision Act) 1993  sections 13 and  14 of the Superannuation Contributions Tax (Assessment and Collection) Act 1997 and sections 12 and 13 of the Superannuation Contributions Tax (Members of Constitutionally Protected Superannuation Funds) Assessment and Collection Act 1997 and it is a long standing practice to publish the due dates for lodgment of returns and statements for each financial year and who must lodge them.