Lodgment of returns and statements
in accordance with the:
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, for the year ended 30 June 2005
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.
Commissioner of Taxation
[15 June 2005]
Overview
The legislative instrument F2005L01543, enacted in 2005, serves to formalise the process for the lodgment of annual returns and statements for superannuation funds 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. This instrument was introduced to address the need for clear and legally binding guidelines regarding the submission of required documents by superannuation funds for the financial year ended 30 June 2005. The instrument is binding on the Commissioner of Taxation, and it establishes the dates by which these documents must be lodged, the approved forms for submission, and the penalties for non-compliance. This legislative instrument aims to ensure taxpayers have precise guidance on their obligations and the consequences of failing to meet the specified deadlines, thereby enhancing compliance and regulatory oversight in the superannuation sector.
Scope and Application
The F2005L01543 instrument pertains to the lodgment of annual returns and statements for superannuation funds 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 for the financial year ending on 30 June 2005. It mandates that specific superannuation funds must lodge their returns and statements in an approved form by a designated due date. This legislative instrument is binding on the Commissioner of Taxation and establishes baseline dates for lodgment, which can be subject to deferment at the Commissioner's discretion under the associated legislation. The primary purpose of this instrument is to provide taxpayers with clear guidance on their obligations regarding the timing and manner of lodgment, as well as the penalties for non-compliance. The instrument is a machinery provision under Section 36A of the Superannuation Industry (Supervision) Act 1993, and it follows a long-standing practice of publishing due dates for lodgment of returns and statements each financial year.
Key Provisions
The operative sections of this legislation (F2005L01543) primarily establish the requirements for superannuation funds to lodge their annual returns and other relevant statements in the approved format for the financial year ended 30 June 2005 (section 2). It specifies the due dates for lodgment and the acceptable methods of submission, which include electronic media as per the Commissioner's guidelines. The instrument is legally binding on the Commissioner and is effective from the day after its registration.
This legislation imposes several obligations on the entities it governs. Firstly, it mandates that specific superannuation funds must lodge their annual returns and other required statements by the specified due date (section 3). The forms must be submitted in the approved format, which includes details on the acceptable electronic media for electronic submissions. Additionally, the Commissioner has the discretion to defer the lodgment dates if necessary, under the associated legislation.
The legislation also outlines potential penalties and consequences for non-compliance. Failure to lodge the required returns and statements by the specified due date can result in penalties. These penalties are set out in the related acts, including 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 specific penalties can vary but may include fines or other financial penalties as stipulated in these acts. The exact penalties are not detailed in this instrument but can be found in the referenced acts.
This legislative instrument serves to provide clear guidance to taxpayers regarding their obligations to lodge returns and statements and the potential consequences for failing to do so on time. It ensures that there is a structured and enforceable framework for compliance, which is crucial for the proper administration of superannuation funds. The absence of consultation on this instrument is justified as it is considered a machinery provision and a long-standing practice to publish due dates and lodgment requirements each financial year.