Lodgment of statements by first home saver account providers for the year ended 30 June 2009 in accordance with the Taxation Administration Act 1953
Explanatory Statement
General outline of instrument:
- This instrument sets out the way in which First home saver account providers are required to lodge First home saver account activity statements in accordance with section 391-5 of Schedule 1 of the Taxation Administration Act 1953 for the year ended 30 June 2009, in the approved form, and states the due date for lodgment.
2. 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:
3. The instrument applies to the financial year ended 30 June 2009 or approved period in lieu and is effective from the day after it is registered.
What is this instrument about:
4. The principal purpose of the Instrument is to set out the form and manner in which statements are to be lodged for the income year ending 30 June 2009, or approved period in lieu, 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 deferred by the exercise of the Commissioner’s discretion under section 388-55 of Schedule 1 to the Taxation Administration Act 1953.
What is the effect of this instrument:
5. The effect of this instrument is that First home saver account providers have clear guidance on 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.
Compliance cost impact:
6. Compliance cost impact: No change/low. An assessment of the compliance cost impact indicates that the impact will be minor for both implementation and on-going compliance costs. The new instrument is of a minor, routine nature.
Background:
7. Since June 2001 the Commissioner has published requirements for lodgment of returns and statements in accordance with relevant legislation.
8. This year a legislative instrument is being made to require the lodgment of First home saver account activity statements in accordance with:
- section 391-5 of the Taxation Administration Act 1953
9. 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:
10. There has been significant consultation in relation to this instrument, both the period of lodgment and lodgment date have been decided with industry. This is considered a machinery provision and a requirement of section 391-5 of Schedule 1 of the Taxation Administration Act 1953 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
19th June 2009
Overview
The legislative instrument F2009L02505, issued in 2009, pertains to the lodgment of First home saver account activity statements by providers for the financial year ending 30 June 2009. This instrument was introduced to address the need for clear guidelines on the form, manner, and timing of statement lodgments as stipulated by section 391-5 of the Taxation Administration Act 1953. The instrument, enacted by the Commissioner of Taxation, Michael D'Ascenzo, provides precise instructions on the approved form for lodgment and the due date, ensuring that providers are aware of their obligations and the potential penalties for non-compliance. It also sets out the baseline dates for lodgment, which can be deferred through the exercise of the Commissioner’s discretion under section 388-55 of the Taxation Administration Act 1953. This legislative instrument aims to maintain a structured and compliant approach to tax administration by providing necessary clarity and consistency in the lodgment process.
Scope and Application
This legislative instrument is a legally binding directive issued under the Legislative Instruments Act 2003 and is aimed at First home saver account providers, who are required to lodge First home saver account activity statements in accordance with section 391-5 of Schedule 1 of the Taxation Administration Act 1953 for the year ended 30 June 2009. The instrument outlines the specific form and manner in which these statements must be lodged, along with the due date for lodgment. The instrument is designed to ensure compliance and provide clarity to the providers regarding their obligations, including the penalties for non-compliance. It specifies the acceptable electronic media for lodgment and establishes baseline lodgment dates, which can be deferred by the Commissioner of Taxation under section 388-55 of Schedule 1 to the Taxation Administration Act 1953. The instrument applies to the financial year ending 30 June 2009 or any approved period in lieu, and it becomes effective the day after its registration. The instrument is a routine requirement that provides consistent guidance to providers each financial year, and it is based on long-standing practices and extensive consultation with industry.
Key Provisions
The primary sections of the instrument (section 2) specify the procedures and forms required for the lodgment of First home saver account (FHS) activity statements for the year ending 30 June 2009. This includes the prescribed format for these statements and the specified due date for their submission. According to section 391-5 of Schedule 1 of the Taxation Administration Act 1953, FHS account providers must lodge their activity statements in the approved form and by the stipulated date, which is set out in the instrument. This ensures that the financial activities related to FHS accounts are accurately reported and regulated.
The obligations imposed by this instrument on FHS account providers are clear and specific. Providers must ensure that their statements are completed in the approved format and submitted by the due date. This requirement encompasses not only the content and structure of the statements but also the means by which they are submitted, including the acceptable types of electronic media that can be used for lodgment. The instrument provides detailed instructions on these aspects, ensuring that providers have all the necessary information to comply with their obligations.
Failure to comply with the lodgment requirements can lead to significant consequences. Under the Taxation Administration Act 1953, penalties may be imposed for late or non-lodgement of the required statements. The specific penalties are not detailed in the explanatory statement but typically include fines and possibly additional interest charges on any unpaid taxes. The instrument, while not explicitly stating the maximum penalties, references the Commissioner’s discretion under section 388-55 of Schedule 1 to the Act, which allows for the imposition of penalties for non-compliance. Providers must therefore ensure timely and accurate lodgment to avoid these penalties.