Lodgment of returns in accordance with the Income Tax Assessment Act 1936, the Income Tax Assessment Act 1997, the Taxation Administration Act 1953 and the Superannuation Industry (Supervision) Act 1993 for the year of income ended 30 June 2008
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 Act 2003 and it is legally binding on the Commissioner of Taxation (“the Commissioner”)
Date of effect
The Instrument applies to the financial year ended 30 June 2008 or an 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 require lodgment of income tax and annual returns in accordance with section 161 of the Income Tax Assessment Act 1936 and section 35D of the Superannuation Industry (Supervision) Act 1993 for an income year by specifying who is to lodge and to stipulate the date by which they are to lodge. The Instrument establishes due dates for lodgment of returns which can be deferred by the exercise of the Commissioner’s discretion under s 388-55 of Schedule 1 to the Taxation Administration Act 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 guidance on 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.
Compliance cost impact:
An assessment of the compliance cost impact indicates that the impact will be minimal for both implementation and on-going compliance costs. The Instrument is routine in nature.
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 publishes a notice that sets out the requirements for 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 sets out in detail the requirements for a ‘person’ to lodge a return, as well as supplementary information such as the 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 section 35D of the Superannuation Industry (Supervision Act) 1993 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.
M D'Ascenzo
Commissioner of Taxation
24 June 2008
Overview
The Lodgment of Returns in Accordance with the Income Tax Assessment Act 1936, the Income Tax Assessment Act 1997, the Taxation Administration Act 1953 and the Superannuation Industry (Supervision) Act 1993 for the year of income ended 30 June 2008 was enacted to provide clear guidelines on the obligations of taxpayers in relation to the lodgment of their annual tax returns. This legislation is a legislative instrument under the Legislative Instruments Act 2003 and is legally binding on the Commissioner of Taxation. The purpose of the instrument is to specify who must lodge their returns, in the approved form, and to stipulate the due dates for lodgment, which can be deferred by the Commissioner's discretion. The instrument provides taxpayers with guidance on their obligations and the penalties for late lodgment, ensuring compliance with the tax laws and maintaining the integrity of the tax system.
The instrument was introduced to address the need for clear and consistent communication of the lodgment requirements for tax returns each financial year. It outlines the due dates for lodgment and establishes the penalties for failure to comply, thereby assisting taxpayers in fulfilling their obligations. The instrument does not require consultation as it is a routine provision based on existing legislation and established practice. The instrument applies to the financial year ended 30 June 2008 and is effective from the day after it is registered. The compliance cost impact is minimal, both for implementation and ongoing compliance.
Scope and Application
The Instrument F2008L02310 is a legislative instrument under the Legislative Instruments Act 2003, legally binding on the Commissioner of Taxation, and it applies to the financial year concluded on 30 June 2008. Its primary purpose is to outline the requirements for lodging income tax and annual returns, stipulating who must lodge and by what date, in accordance with section 161 of the Income Tax Assessment Act 1936 and section 35D of the Superannuation Industry (Supervision) Act 1993. This Instrument ensures taxpayers are informed of their obligations to submit returns in the approved form by the specified due date and informs them of the potential penalties for non-compliance. The Commissioner of Taxation has the discretion to defer due dates under specific circumstances, such as the tax agent lodgment program. The Instrument is routine and is intended to provide clear guidance to taxpayers, with minimal compliance cost implications. It is a machinery provision and a long-standing practice to publish annual due dates for lodgment of returns and identify the classes of taxpayers who are required to lodge them.
Key Provisions
The main operative sections of this legislation (sections 1-4) outline the requirements for lodging income tax and annual returns in accordance with specified Acts, namely the Income Tax Assessment Act 1936, the Taxation Administration Act 1953, and the Superannuation Industry (Supervision) Act 1993 for the year of income ended 30 June 2008. It specifies who is required to lodge these returns and the approved form and the due date for lodgment, which is effective from the day after the Instrument is registered. The Commissioner of Taxation has discretion to defer the due date under certain circumstances, such as for returns lodged under the tax agent lodgment program.
Under this legislation, taxpayers must lodge their returns in the approved form and within the specified due date. The Commissioner publishes a notice each year detailing the requirements for lodging returns, including the classes of taxpayers who are required to lodge returns, those who are not, and the penalties for failing to lodge on time. The Instrument also establishes the penalties for non-compliance and provides guidance on the obligations of taxpayers to lodge their returns on time.
The obligations imposed on taxpayers by this legislation include lodging their returns in the approved form and within the specified due date. The Commissioner may exercise discretion to defer the due date for lodgment in certain circumstances, such as for returns lodged under the tax agent lodgment program. The legislation also imposes obligations on the Commissioner to publish notices each year detailing the requirements for lodging returns, including the classes of taxpayers who are required to lodge returns, those who are not, and the penalties for failing to lodge on time.
The consequences for breach of this legislation include penalties for failing to lodge returns on time. The penalties may be financial or criminal, depending on the circumstances of the breach. The maximum penalties for failure to lodge returns on time are set out in the relevant Acts and may include fines or imprisonment. The Commissioner may also exercise discretion to defer the due date for lodgment in certain circumstances, such as for returns lodged under the tax agent lodgment program. It is important for taxpayers to be aware of their obligations under this legislation and to ensure that they lodge their returns on time to avoid any potential penalties or consequences.