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 2007
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 2007, 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 Act 2003 and it is legally binding on the Commissioner of Taxation.
Date of effect
The instrument applies to the financial year ended 30 June 2007 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 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 superannuation providers 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:
- section 78 of the Superannuation Guarantee (Administration) Act 1992; and
- sections 26 and 29 of the Superannuation (Government Co-contribution for Low Income Earners) Act 2003
The instrument sets out the lodgment dates of 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 the statements on time.
Consultation:
There has been no consultation in relation to this instrument. 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 information for lodgment of statements for each financial year and who must lodge them.
Michael D’Ascenzo
Commissioner of Taxation
21 June 2007
Overview
The instrument F2007L01887 is a legislative instrument under the Legislative Instruments Act 2003, specifically designed to enforce compliance with the lodgment of member contribution statements as required by the Superannuation (Government Co-contribution for Low Income Earners) Act 2003 and the Superannuation Guarantee (Administration) Act 1992 for the financial year ending 30 June 2007. This legislative instrument was enacted to ensure that superannuation funds adhere to the stipulated forms and deadlines for submitting these statements, thereby ensuring clarity and consistency in compliance obligations. Effective from the day after its registration, this instrument legally binds the Commissioner of Taxation and sets out the baseline dates for lodgment, which can be deferred by the Commissioner’s discretion as per the associated legislation. The primary objective is to provide clear guidance to superannuation providers regarding their obligations and the penalties for non-compliance, thereby promoting efficient administration and enforcement of superannuation laws.
Scope and Application
This legislative instrument governs the lodgment of statements by superannuation funds in accordance with the Superannuation (Government Co-contribution for Low Income Earners) Act 2003 and the Superannuation Guarantee (Administration) Act 1992 for the financial year ending 30 June 2007. It specifies the approved form and due date for lodgment of Member Contribution Statements (MCS) and provides clear guidance to superannuation providers regarding their obligations. The instrument is legally binding on the Commissioner of Taxation and is effective from the day after its registration. It serves as a machinery provision to facilitate the lodgment process, detailing acceptable electronic media and penalties for non-compliance. This instrument ensures that superannuation funds meet their legislative requirements for reporting and compliance within the specified timeframe.
Key Provisions
This legislative instrument (F2007L01887) provides detailed guidelines for the lodgment of 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 financial year ending 30 June 2007. It specifies the required form, manner, and due date for lodgment, ensuring clarity for superannuation providers. These provisions are legally binding on the Commissioner of Taxation and will apply from the day after it is registered. The instrument sets out baseline dates for lodgment, which can be subject to deferment at the Commissioner’s discretion under the associated legislation.
Superannuation providers are obligated to lodge their member contribution statements in the approved form by the specified due date. This requirement is essential to comply with the legislative framework governing superannuation contributions and co-contributions for low-income earners. Failure to lodge the statements on time can result in penalties, providing a clear incentive for timely compliance. The instrument also details the acceptable electronic media that can be used for lodgment, ensuring that providers have the necessary flexibility to meet their obligations efficiently.
The instrument imposes penalties on superannuation providers who fail to lodge their member contribution statements by the specified due date. These penalties are intended to enforce compliance with the legislative requirements and ensure that the reporting process is completed in a timely and accurate manner. The penalties serve as a deterrent against non-compliance and highlight the importance of adhering to the stipulated deadlines. Superannuation providers must be aware of these consequences to avoid any legal repercussions.
The instrument establishes a clear framework for the lodgment of member contribution statements, setting out the form, manner, and due date for lodgment, along with the penalties for non-compliance. This legislative provision ensures that superannuation providers have the necessary guidance to fulfill their obligations under the relevant Acts. By specifying the due date and acceptable electronic media, the instrument aims to streamline the lodgment process and facilitate accurate reporting. Additionally, the penalties outlined in the instrument underscore the importance of timely compliance and the potential consequences of failing to adhere to the prescribed guidelines.