Lodgment of statements in accordance with the:
The Superannuation (Government Co-contribution for Low Income Earners) Act 2003 and the Superannuation Guarantee (Administration) Act 1992 for the year ended 30 June 2006
Explanatory Statement
General outline of instrument
This instrument sets out the way in which Superannuation funds are required to lodge member contribution statements in accordance with sections 26 and 29 of the Superannuation (Government Co-contribution for Low Income Earners) Act 2003 and section 78 of the Superannuation Guarantee (Administration) Act 1992 for the year ended 30 June 2006, in the approved form, and states 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 from the 31 October 2006 and relates to the financial year ended 30 June 2006.
The superannuation providers affected by this instrument are aware of this requirement and would have put the necessary infrastructure in place to comply.
There was a media release on 3 February 2006 from the Honourable, Peter Dutton MP, stating that the reporting requirements for member contributions would continue.(PR 1 2006 issued 3 February 2006)
Further those registered for superannuation electronic updates from the ATO would have received a similar message in the June 2006 update.
ATO Practice Statement Law Administration PSLA 2006/13, which issued 11 October 2006 and is effective from 1 July 2005 states that superannuation providers having difficulty in complying with the requirements under the Superannuation Guarantee (Administration) Act 1992 will not be penalised where a genuine attempt has been made to comply with the Act.
What is this instrument about:
The principal purpose of the Instrument is to set out the form and manner in which statements are to be lodged for an income year and states the date that they are required to be lodged The Legislative Instrument states the baseline dates for lodgment of statements, which can be subject to deferment of time under the Commissioner’s 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 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 relevant legislation.
This year a legislative instrument is being made to require the lodgment of Member Contribution Statements (MCS) in accordance with:
- sections 26 and 29 of the Superannuation (Government Co-contribution for Low Income Earners) Act 2003 and
- section 78 of the Superannuation Guarantee (Administration) Act 1992;
The instrument sets out the lodgment dates of 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, but the process is essentially similar to previous years. There was a press release by the Honourable Peter Dutton MP on 3 February 2006 which advised that the previous reporting requirements by superannuation providers would continue for the year ended 30 June 2006 and later years.
Further those registered for superannuation electronic updates from the ATO would have received a similar message in the June 2006 update.
This is considered a machinery provision and a requirement of sections 26 and 29 of the Superannuation (Government Co-contribution for Low Income Earners) Act 2003 and section 78 of the Superannuation Guarantee (Administration) Act 1992 and it is a long standing practice to publish the due dates for lodgment of such statements for each financial year and who must lodge them.
The delay in issuing this statement this year is associated with amendments to the law which were passed on the 6 October 2006. We are issuing a media release accompanying this statement providing a contact for anyone experiencing difficulties.
Commissioner of Taxation
[25 October 2006]